[vc_row equal_height=”yes” content_placement=”middle” lg_spacing=”margin_top:30″ gutter=”lg:0″][vc_column md_spacing=”padding_top:500″][vc_row_inner background_color=”custom” lg_spacing=”margin_right:0;margin_left:0;padding_top:20;padding_right:0;padding_bottom:20;padding_left:0″ xs_spacing=”padding_right:35;padding_left:35″][vc_column_inner][tm_heading tag=”div” custom_google_font=”” text=”It is always a good idea to be prepared for retirement as early as possible. It is advisable to think about your financial well being around two years prior to retirement as there are several choices to make and many things to think about. It is always advisable to get some financial advice when making these decisions as they could affect your income for the rest of your life and keep you financially secure for the rest of your retirement.<\/p>\n
A pension is a way of saving for your retirement. For each payslip you receive throughout your working life you can put money into your pension each month and in return, you get a regular income once you’ve retired. Tax is not paid on pension contributions, meaning it can be more cost effective than saving for your retirement in other ways.
\n” css=”.vc_custom_1557325937448{border-bottom-width: 1px !important;padding-top: 25px !important;padding-bottom: 27px !important;border-bottom-color: #d4d2d2 !important;border-bottom-style: dashed !important;}”][tm_spacer size=”lg:30″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row equal_height=”yes” content_placement=”middle” gutter=”lg:0″][vc_column custom_border_color=”#dddddd” md_spacing=”border_top:1″][vc_row_inner background_color=”custom” lg_spacing=”margin_right:0;margin_left:0;padding_top:20;padding_right:0;padding_bottom:20;padding_left:0″ xs_spacing=”padding_right:35;padding_left:35″][vc_column_inner][vc_column_text]There are three types of pension:<\/p>\n
When you reach state pension age (which changes frequently but is currently 63 for women and 65 for men), you will receive an income from the state, called the state pension.<\/p>\n
It is unlikely that the state pension will be able to provide your total retirement income, so most people take out a workplace pension via their employer to top it up. Workplace pensions take regular contributions from you, your employer and the government, and put them towards a pension when you retire.<\/p>\n
Your contributions will make up a percentage taken from your salary each month, and a percentage from your employers also. These contributions will be invested in order to increase the amount you have to retire on.<\/p>\n
Personal pensions are pension schemes that you pay money into every month. They are run by a pension scheme provider (selected by you) and upon retirement you receive a sum with which to buy an annuity or arrange a monthly income. Personal pension schemes have become more flexible since April 2015. (Annuity is a type of financial product that gives you retirement income for life). Like workplace pensions, personal pensions invest your money with the intention of increasing it.<\/p>\n
Personal pensions are particularly suitable for the self-employed or people who do not work a regular job, who don’t have access to workplace pensions. However, anyone can open a personal pension plan.<\/p>\n
All three types of pension are available to everyone, as long as you are in employment.
\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row equal_height=”yes” content_placement=”middle” gutter=”lg:0″][vc_column custom_border_color=”#dddddd” md_spacing=”border_top:1″][vc_row_inner background_color=”custom” lg_spacing=”margin_right:0;margin_left:0;padding_top:20;padding_right:0;padding_bottom:20;padding_left:0″ xs_spacing=”padding_right:35;padding_left:35″][vc_column_inner][vc_column_text]<\/p>\n
You need to work out how much you are likely to need to live on in retirement before you can begin planning how much to save and where.<\/p>\n
We suggest you:<\/p>\n
Clear your debts before retirement<\/strong>. You should try and start your retirement as debt free as possible as it is likely that your income will be significantly less than before. Calculate how much you owe to whom, check the interest rate on each debt and If at all possible, pay off the debt with the highest interest rate first. This is the most efficient way to clear your debts and plan for a comfortable retirement.<\/p>\n [\/vc_column_text][tm_spacer size=”lg:40″][vc_column_text]<\/p>\n If you\u2019re nearing retirement and the pension you are due to receive is less than you had hoped, the amount of change possible, to boost your pension significantly, is limited. However, there are still things you can try, to make the most of the remaining time you do have.<\/p>\n There are two ways of increasing your pension before you retire: the first is to pay more into it and the second is to put back the date at which you begin to draw it, although neither might be desirable as the time nears. You need to decide on a date when you wish to begin drawing your pension and there are several factors to take into account when doing so. Also, don\u2019t forget, you don\u2019t have to stop working to draw your pension, but you do have to be at least 55 or over. If you suffer disabilities or ill health, this might be an option for you.<\/p>\n You will need to communicate with your pension scheme provider about when to when to start drawing your pension. The kind of pension you have will also make a difference as to how you claim and for how much.<\/p>\n Here is what we advise you do:<\/p>\nBoost Your Pension<\/h3>\n
\n[\/vc_column_text][tm_spacer size=”lg:40″][vc_column_text]<\/p>\nWhen should I start drawing my pension?<\/h3>\n
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