Most of us are entitled to a Basic State Pension but for the majority this falls some way short of the income we desire.
At The Orchard Practice we will help you plan for your retirement to help ensure you have the money you need to be able to live your dreams.
It is important to have a plan for retirement so that you are in control of your future. However, sometimes we may be forced to stop working earlier than we would like e.g. due to redundancy or ill health of ourselves or our loved ones.
The most common way to plan for retirement is through a pension.
The decision you make now is one of the most important financial choices you will ever make. It’s very hard to change your mind once it’s done, so get it wrong and you may lose out year after year
At The Orchard Practice we will help you maximise your pension or any other retirement fund aiming to ensure you have the money you need to be able to live your dreams.
What are my options?
Everybody’s circumstances are unique and your options will vary. We can help you chose which one or combination is right for you.
Broadly speaking, they are likely to include:
Delay taking your benefits
If you have enough income from another source, you may not need any cash or income from your pension fund immediately when you retire. You can decide to delay taking any benefits.
Buying an Annuity
If you need a regular income when you retire, you could buy an annuity. How much you receive depends on your age and the interest rates when you buy your annuity. Your health may also impact on the income you receive so we will check whether you are eligible for an Enhanced Annuity or an Impaired Life Annuity. You may also like to consider an Investment Linked Annuity
As an alternative to buying an annuity, you can take your tax-free cash sum and leave the remainder invested to withdraw capital from to provide income. While you’re making withdrawals from pension fund, the remainder of your fund continues to be invested, giving it the potential for growth, free of UK income and capital gains tax.
The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested.
Our Promises To You
As part of our ongoing service to you, we will:
- Get to know you, your circumstances and your financial position, listening to when you want to retire and how much income you want in retirement.
- Help you understand your attitude to risk to make sure you do not take more or less risk than would suit you.
- Set up an appropriate retirement plan to for you aiming to meet and hopefully exceed your objectives in the most efficient manner.
- Regularly review your retirement plan with you and make the necessary changes to ensure it is still on track to meet your goals.
- Complete all paperwork.
- Always be there for you to keep you up-to-date and answer your queries.