2019 Guide to Retirement Planning

Planning ahead for the financial future you want

Guide to Retirement Planning 2019

Living for another 30 years after work isn’t just a possibility. Whether retirement is many years away or just around the corner, unless you start planning for retirement now, there is a great danger that you could outlive your savings.

As the UK’s population is living longer, planning in advance for retirement is becoming even more important. For most of us, the State Pension will not provide adequate funding in retirement to maintain the lifestyles we have become accustomed to during our working lives. Putting in place the right provision will ensure that you enjoy a comfortable retirement, free of money worries and with peace of mind that you will not outlive our funds.

It’s never too early – or too late – to think about your retirement. For many people, the savings that are accumulated during their working lives are directed at helping them to become financially secure in retirement. But, too often, some people continue to save without a clear view of how much money they will need to live the life they desire for the entirety of their retirement. This can create uncertainty around when they can retire in alignment with their financial goals.

2019 Guide to Retirement Planning: Start planning early
2019 Guide to Retirement Planning:
Start planning early

The future may seem far away, but you need to start planning early. Regardless of your goals, there are things you can do to… Read More »

2019 Guide to Retirement Planning: Tax relief and pensions
2019 Guide to Retirement Planning:
Tax relief and pensions

When it comes to managing money, one of the things some people find most difficult to understand is the tax relief they receive… Read More »

2019 Guide to Retirement Planning: Tax relief and pensions
2019 Guide to Retirement Planning:
Pension freedoms

A revolution in pensions transformed the retirement prospects for millions following the passing of the Pension Schemes Act 2015… Read More »

2019 Guide to Retirement Planning: Pension lifetime allowance
2019 Guide to Retirement Planning:
Pension lifetime allowance

The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement… Read More »

2019 Guide to Retirement Planning: State Pension
2019 Guide to Retirement Planning:
State Pension

The State Pension is a regular payment from the Government that is claimed when you reach your State Pension age. The State… Read More »

2019 Guide to Retirement Planning: Defined contribution pension schemes
2019 Guide to Retirement Planning:
Defined contribution pension schemes

With a defined contribution pension, you build up a pot of money that you can then use to provide an income in retirement… Read More »

2019 Guide to Retirement Planning: Defined benefit pension schemes
2019 Guide to Retirement Planning:
Defined benefit pension schemes

A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve… Read More »

2019 Guide to Retirement Planning: Personal pensions
2019 Guide to Retirement Planning:
Personal pensions

A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your… Read More »

2019 Guide to Retirement Planning: Self-invested personal pensions
2019 Guide to Retirement Planning:
Self-invested personal pensions (SIPPs)

A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to… Read More »

2019 Guide to Retirement Planning: Pension consolidation
2019 Guide to Retirement Planning:
Pension consolidation

By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans… Read More »

2019 Guide to Retirement Planning: Turning pensions into money you can use
2019 Guide to Retirement Planning:
Turning pensions into money you can use

Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire… Read More »

2019 Guide to Retirement Planning: Delaying taking your pension
2019 Guide to Retirement Planning:
Delaying taking your pension

You might be able to delay taking your pension until a later date if your scheme or provider permits this. If you want… Read More »

2019 Guide to Retirement Planning: Purchase an annuity
2019 Guide to Retirement Planning:
Purchase an annuity

You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum, then convert the rest into… Read More »

2019 Guide to Retirement Planning: Flexible retirement income
2019 Guide to Retirement Planning:
Flexible retirement income

With this flexible retirement income option known as ‘flexi-access drawdown’, you can normally take up to 25% (a quarter)… Read More »

2019 Guide to Retirement Planning: Small cash sums from your pot
2019 Guide to Retirement Planning:
Small cash sums from your pot

You can use your existing pension pot to take cash as and when you need it and leave the rest untouched where it can continue… Read More »

2019 Guide to Retirement Planning: Cashing in your entire pension pot
2019 Guide to Retirement Planning:
Cashing in your entire pension pot

You could close your pension pot and take the entire amount as cash in one go if you wish. Normally, the first 25% (quarter)… Read More »

2019 Guide to Retirement Planning: Blending your retirement options
2019 Guide to Retirement Planning:
Blending your retirement options

If you are looking for a balance of flexibility and security to suit your circumstances, you could consider blending your… Read More »

2019 Guide to Retirement Planning: Managing risk
2019 Guide to Retirement Planning:
Managing risk

Many retirees are at risk of overlooking their pension finances by falling into an avoidable trap, according to new… Read More »

 

Start planning for your future today

Retirement planning is a long-term commitment, so it’s essential to incorporate regular reviews of your arrangements to make sure that they remain on track and meeting your needs. To find out more or to discuss how to maximise your retirement opportunities, please contact Mercier Allen today.

To download the full guide please click here.

A PENSION IS A LONG-TERM INVESTMENT.

THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.

PENSIONS ARE NOT NORMALLY ACCESSIBLE UNTIL AGE 55. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS. THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION, WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.

THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

This guide is for your general information and use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.