Retirement Planning
Whatever age you are at its never too early, or too late, to start planning for the lifestyle you would like when you retire. In an environment of frequently changing legislation organising your retirement expectations can be a confusing and complex task, we are here to guide you every step of the way.
We provide help and advice on all aspects of building towards retirement, including personal pensions, stakeholder pensions, SIPP’s and work place pensions.
Once you get to your chosen retirement age, we can help you plan and maximise your income using flexi-access drawdown, guaranteed annuities or a combination of these.
Pension Planning
With the recent emphasis that has been placed on pensions and automatic enrolment, it is a particularly important time to consider and understand measures you and your employer can put in place. Here at The Money Map, we can provide professional advice on pensions, and can translate any complicated technicalities into plain English to ensure you make the right financial choices. Having the right pension plan in place will significantly improve the enjoyment of your retirement, and our experienced financial advisers can provide you with impartial advice on all types of pensions.
Automatic Enrolment
Due to the savings gap and the lack of sufficient retirement planning, the government has recently introduced a scheme that will ensure at least 8% of an employee’s salary is put towards their retirement pension plan. This is funded primarily by the employee, and partially by the employer.
Workplace pensions are arranged by your employer and help you to save for your retirement. Employers place a percentage of your salary into a pension scheme every time you are paid, and it is now a legal requirement for employers and employees to contribute to pension schemes if:
– Employees work in the UK
– Are aged between 22 and state pension age
– Earn over £10,000 a year
With the recent legislation, it is also possible for any individual of pension age to take as much – or as little – from their defined contribution pension savings as they like, with 25% tax free, and the balance being taxed as income at the individuals marginal rate, in the year it’s taken. Our experienced pensions advisers can provide further information on a number of retirement planning options.
For more information on your investment options, book your free consultation with one of our experienced advisers.