NORWICH FINANCIAL ADVICE

PENSION ADVICE and RETIREMENT PLANNING

 

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   Retirement Options - Introduction and Overview


      Not just one option - but many aspects need consideration.

 

 

As each person's situation is individual there is no such thing as the retirement option. Rather, there are a number of options available to most people reaching retirement age.

 

The exact number of options will largely depend on the size of the retirement pot available (generally speaking, the larger the accumulated sum, the more options will be available) - but even with relatively small retirement funds important choices still have to be made.

 

In the following it is assumed that you have made some provisions for your retirement either in the form of savings, investments, personal pension plans, work-related pension arrangements. AVCs etc.   

 

When you reach retirement, or decide to cut down on working hours and semi-retire you will most likely need to rearrange at least some of your pension fund(s) in such a way that they start to provide you with an ongoing income (in replacement of your previous salary or business income).

 

On these pages you will find a brief description of some of the main options which you will need to consider.  

 

However, by outlining some of the available options in brief may be deceptive and give the impression that 'sorting out your pension' is just a trivial matter of making a few simple choices.

 

You need to be aware that the choices you make now, in many cases will determine your situation for the next 10, 20, 30 or more years. So, if the wrong choice is made now, there will be a very long time in which to regret it!

 

It is a long-held view by NFA that retaining flexibility and room for manoeuvre as long as possible is very desirable - but that this of course should never jeopardize the security of future provisions.

 

Two points which can be easy to overlook in the retirement decision making process are related to how a future income stream will interact with current tax-legislation and how they interact with means-tested state benefits.

 

There seem little point in having saved up over a life-time and/or contributed to pension arrangements if the extra income this provides in retirement is passed directly on to the taxman or is used to subsidize benefits which you would otherwise be entitled to.

 

Only by taking a 'holistic' approach and analyzing your overall situation can the optimal combination of approaches be identified which will help to ensure a long and hopefully happy retirement without too many financial worries.           

 

 

    

       

          YOUR PENSION IS ONE OF YOUR MOST          IMPORTANT ASSETS - LOOK AFTER IT!

 

The value of investment-based pensions, and the income they produce, can fall as well as rise. You may get back less than you invested.

 
 

Topical Issues

 
 

I don't want to retire right

now - maybe next year, or

the year after...

But, can I afford to cut down

on my work hours already?

     find out more 
 

Is it a good idea to buy an

Annuity now or is it better

to wait?

Should it be a single or a

joint annuity?

     find out more 

 
retired couple

What is the right

way to arrange

your Investments?

How much risk can

you afford to take?

How much income

will you get?

find out more 
   
 

 

Missing some pieces

for the Pension Puzzle?

Let NFA help you find them

 

    Specialist Advice Areas


     Regulatory and Legal changes

    LONG TERM CARE -  

  BE PREPARED...

Long Term Care is an issue that most of us would rather not think about. But should you, or your loved ones, need it later it can be VERY expensive if you have not prepared.

      Read More...

WHAT WILL I GET

FROM THE STATE?

Although you may be entitled to a full or partial State Pension it is important that you also get to know what other benefits and support you may be entitled to in your later years.  Read More...►

WHAT ARE POWERS OF ATTORNEY?

Not very many people are aware of what Powers of Attorney really are or How they Work? You need to know that they In many cases can be of critical importance in a difficult situation.  Read More...►

 

 PENSION CHANGES 2014

 
 

New rules allow increased flexibility for pension drawdown arrangements. But there are important aspects which need consideration.

   

   Read More...►

 

 PENSION CHANGES 2014

 
 

Is Income Drawdown a ticking time bomb?

Law changes and low Gilt yields can have a large impact on drawdown Portfolios.

 
 

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2 3 4 5 6

   Read More...►

 

You are always Welcome

to contact NFA for a free discussion

of your Pension arrangements

 

Phone: 01603 452686

 

 

e-mail: info@norwichpensions.co.uk

 
     

 

 

 

 

 

Norwich Financial Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No. 706645

Norwich Financial Advice Ltd. is registered in England and Wales; Company No. 8533929.  

Registered office: 74 Muriel Road, Norwich NR2 3NZ, Norfolk, England.