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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?

If you would like to read our guidance on taking tax free cash, please click here.

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?

For advice or to arrange a consultation Click Here

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.