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Retirement Planning and Pension Options
Hamblin-Martin Financial Ltd provide retirement planning advice for our clients in two areas:
Saving for retirement
People are living longer. Life expectancy at birth in the UK in 2016 to 2018 was 79.3 years for males and 82.9 years for females*. The number of centenarians who will receive their telegram from The Queen, increases year on year. The basic state pension is worth just £175.20 a week for a single person in 2020/21 – 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 02/12/19
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 (FCA).
Hamblin-Martin Financial Ltd FCA No: 711323. Registered Office: 5 East Park, Crawley, RH10 5AN.
Hamblin-Martin Financial Ltd. Registered in England and Wales No. 9630529.
The Financial Ombudsman Service (FOS) is available to sort out individual complaints that financial services businesses and their clients are unable to resolve.
To contact FOS please visit: www.financial-ombudsman.org.uk.