Retirement Planning

Top Tips

  1. Always check your annual pension statement and if you don't get one, ask for one.

  2. You should pay as much as you can reasonably afford to your pension funds.

  3. Receive higher income by deferring retirement, but this is not guaranteed, as annuity rates and market conditions may change.

  4. When buying an annuity, always shop around for the best deal.

  5. You can continue to work in retirement and your tax-free personal allowance increases from the age of 65.

  6. Check your state pension age now

Are you on track for a comfortable retirement?

The UK state pension alone won't be enough to ensure a comfortable retirement so it's worth reviewing your options as soon as you can to make sure you can afford life's little pleasures once you retire.


When it comes to planning for retirement, time is your friend. The earlier you start, the longer your money has the potential to grow. A man who started saving at age 40 would need to put aside £290 a month to get a pension of £10,000 at age 68. The monthly figure would be just £149 if he had started saving at 30, and would go up to £661 if he started at age 50.

So how can you make sure you’re not left out of pocket for decades in retirement? Simple answer: plan effectively

A PENSION IS A LONG TERM INVESTMENT THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

 

Platinum Financial Planning offers a friendly and personal service that combines professional independent advice with a no-nonsense dialogue. I felt enlightened after my meeting with my adviser - I wish I had visited him sooner!

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