Thank you for all the help and advice. Very friendly staff and easy to talk to. It would never have been possible without their support.
Today’s retirees often need to piece together income from multiple sources, while navigating changing rules and longer life expectancy. We will consider what you have got and what you need to create a financial plan that remains tailored to you throughout retirement.
As an established financial advice firm specialising in pensions, we will work with you to create a better retirement plan. Our service is by phone, video calls, email and post, so you can access it from anywhere in the UK.
The first thing to understand is what money you will have coming in. This will be the foundation of our strategy and help you to make realistic and achievable decisions around how you want to live your life. Your sources of income could be:
We will look at your State Pension provision, savings in workplace and private defined contribution schemes, and any defined benefit pensions you may have.
This includes ISAs, where tax-free withdrawals can complement taxable pension income, and any cash reserves you may have built up in standard savings accounts.
Working part-time is increasingly common in early retirement. You may have an inheritance due at some point in the future. Or you might be receiving income from other investments such as buy-to-let properties.
Any income you receive from the State Pension is based on decisions made by government. And if you are lucky enough to have a defined benefit pension, you will receive a guaranteed income for life. Yet, when it comes to taking an income from your defined contribution pensions, you have an important initial decision to make: do you buy an annuity or opt for pension drawdown?
When you buy an annuity, you are selling part or all your defined contribution pot to an insurance company in return for a guaranteed income, either for life or a fixed term.
You take an income from your pot whilst keeping the rest of your savings invested so they have the potential to grow. However, your income is not guaranteed.
You could even mix and match these two options. We will work with you to find the right balance, both now and throughout your retirement.
Pension sense is supporting you at every stage – before and during retirement.
The first 25% of your defined contribution pension pot is usually tax free. After that, withdrawals are taxed as income. So, what you take and when you take it will determine how much tax you pay to HMRC. There are several ways to manage this, including using ISAs and personal allowances.
Your retirement could last 30 or more years. The goals you have and the income you need will most likely change as you get older, from travel plans and social commitments to healthcare and family support. A good retirement plan should be flexible enough to adapt.
We will take all this into account when creating your initial plan. And through our ongoing management service, we will work with you to make sure your retirement income is sustainable and tax efficient.
While online tools and general guidance can be useful, retirement income planning is complex. Good old-fashioned human interaction is usually the best way to find the right solution. Our financial advice team will help you:
At Pension Sense, we believe financial advice should be clear, tailored and accessible. We aim to help you retire with confidence, knowing your decisions are grounded in a strategy designed for you.
It could be the start of your journey towards a more secure retirement
