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Retirement Planning and Pension Options
Hamblin-Martin Financial provide retirement planning advice for our clients in two areas:
Saving for retirement
People are living longer. On average, people aged 55 today will live to their mid-to-late 80s. Around 1 in 10 men and 1 in 5 women this age will live to 100 – and receive their telegram from The Queen.* The basic state pension is worth just £115.95 a week for a single person in 2015/16 (£6,029 a year) – hardly sufficient for what many consider a good standard of living. It is therefore more necessary than ever to save additional funds for retirement.
*source: Office for National Statistics 27/3/15
Common questions you might ask about saving for retirement include:-
- What methods are there to save for retirement?
- How do work place pension benefits and Auto Enrolment fit into my retirement planning?
- How much do I need to save to ensure I will have enough to live on when I stop work?
- What’s the impact of delay in starting to save for retirement?
- What are the benefits of tax relief on savings made for retirement?
- Should I be reviewing my current and previous retirement arrangements?
Withdrawing or taking retirement benefits
These days retirement for many people is not the same ‘black & white’ event it may have been for previous generations. Indeed, there is no set retirement age any more and employment law prohibits a forced retirement age. Many individuals today want or need to continue working into older age. Conversely, early retirement – voluntary or enforced through ill health – or being in a position to choose to no longer work full time, perhaps reducing hours gradually, presents a different but equally important financial planning requirement – how do I best start to take my retirement benefits?
Common questions you might ask about taking your retirement benefits:-
- Can I defer my pension benefits to a later age, or when is the earliest I can draw them?
- Annuities – how to get the best from them and the various alternatives
- Income Drawdown – Flexi Access Drawdown, Uncrystallised Pension Lump Sum or both?
- How do I save tax?
- Should I draw pension benefits or income from other savings and investments?
- How do I ensure continuing benefits for my spouse should I die?
Hamblin-Martin Financial Ltd is an appointed representative of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority.
Hamblin-Martin Financial is entered on the FCA register under reference 711323.
Hamblin-Martin Financial Ltd. Registered in England No. 9630529.
Best Practice IFA Group Ltd. Registered in England No. 0449063.