Planning for your retirement is arguably the most crucial financial decision you will ever make.
With life expectancy increasing year on year, as well as the rise in state pension age, we are now seeing the potential to spend almost as many years enjoying retirement as we spend saving for it.
Starting early and managing your pension smartly can ensure you have a comfortable retirement, and can choose to work less sooner rather than later.
From how much you invest during your working life to the manner in which you access your pension on retirement, there are many options and routes to follow, the choice of which could dramatically impact whether your pension will be sufficient to see you through the entirety of your later years.
Pension planning is essential to securing a good standard of living during retirement. The vast majority of people benefit in later life from having a private pension provision in place; allowing them to maintain a lifestyle similar to that enjoyed whilst working, whilst perhaps also being able to provide for children and grandchildren.
Choosing the right vehicle in which to save will vary from person to person, depending on their individual circumstances. Taking advice from an expert financial adviser in this area can make all the difference. The types of pension scheme on which Fowler Wealth Management can advise upon are:
- Stakeholder Pension
- Personal Pension
- Self Invested Personal Pension (SIPP)
- Small Self Administered Scheme (SSAS)
- Executive Pension Plans
- Previous Employer Pension Schemes
Accessing your Pension
Since major legislative changes were brought into the area of pensions in 2015, there are now more options for retirees in terms of how they access their pension funds. Again, taking advice from an expert can be essential in making the most of the funds you have available.
Smart pension planning can even allow you to use your pension as a tax efficient vehicle for which to cascade wealth to the next generation, provided other sources from which to draw income have been put in place.
We can help with all types of pensions, whether you’re looking to review your current or potential contributions – or considering your well earned retirement options.
The value of pensions can fall as well as rise, you may get back less than you invested.