Retirement on your terms is likely to be one of the key elements of your financial plan.
So, as you approach or reach retirement, now is the time for you to start thinking about enjoying a comfortable life when you stop working.
Many people see retirement as the start of their âsecond lifeâ â the time when you have the chance to do all the things you want to do. You may have been planning this moment for many decades and have grand plans for what you might like to do in the years ahead.
If you havenât already done so, now is also the time to start thinking about your income in retirement, and how long it may need to last.
Aside from taking all your fund in one go â or not taking it at all and leaving it to pass to your heirs â there are four main options:
- Buy an income for a fixed period or for life, known as an âannuityâ.
- Take an adjustable income, known as âflexi-access drawdownâ (or sometimes just âdrawdownâ).
- Take lump sums from your pension fund, sometimes known as âuncrystallised funds pension lump sumsâ (UFPLS).
- Mix and match different options.
This useful guide explains the advantages and disadvantages of each option, as well as some other areas you might want to consider when planning for retirement.
Download your copy of âYour retirement choices: How to generate an income in later lifeâ to find out more now.
If youâd like to talk about your retirement plan, please contact us to arrange a meeting.
