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Retirement Options

What are my Retirement Options?

Retirement

It’s best to discuss the options available to you with a financial adviser as many of the choices offered with pensions are irreversible. An adviser can also analyse your current financials; your income, assets and outgoings and help formulate a plan for your retirement.

With life expectancy increasing all the time your retirement is likely to last a long time and sound financial advice will greatly help you make the best plans. An adviser can assist you with drawing up a financial plan to ensure your retirement plans stand the test of time.

A sound retirement plan to enjoy your financial security in Truro or in fact anywhere in Cornwall is in essence what you’ve been working, and hopefully saving, all your life for.

Probably the biggest thing to have happened in recent years is the ability to take your entire pension pot, subject to tax, as a lump sum. Pension freedom is an option but needs to be carefully considered as your savings need to provide finances for your retirement years.

An adviser in Truro can help you create a financial plan to make the best of your retirement provisions.

Old-couple-on-beach

Advice on the myriad of options available in Truro from an advisor who can help you decide over the best way forward financially.

To start with you will likely qualify for a state pension which can help provide the basics of a retirement income although it’s unlikely to be sufficient. A Truro adviser can draw up a financial plan evaluating your needs and requirements.

In today’s flexible pension world you can leave your pension where it is, carry on contributing, take all of it as an income, take some of it as an income, take all of it as cash, take some of it as cash or utilise a combination of these, the catch phrase of the moment is blended retirement plan. A financial advisor based in Truro can help you implement the right plan that’s suits your financial needs.

Retirement Options

Here’s an overview of some of the choices available:-

Annuity

You use your pension funds to buy a guaranteed income for life (the income is treated as taxable income based on current tax laws as of April 2016). These come with lots of options such as providing for a spouse, dependant or beneficiary which a Truro adviser can help explain to help build your financial retirement plan.

Flexible Retirement Income

You use your pension funds to buy funds with the aim of providing you a regular income (the income is treated as taxable income based on current tax laws as of April 2016). The income from these is not guaranteed and therefore needs to be reviewed regularly. A financial adviser in Truro can explain the pros and cons and evaluate whether this suits your requirements.

Take Pension

You can either take regular small cash sums from your pot, leaving the remainder of your pot invested or you could take your whole pension fund and take the whole amount as cash. There are a lot of things to consider when opting for this route and there are likely to be tax implications to take into account. A Truro based adviser specialising in financial retirement options should be able to help you.
The Money Advice Service provides useful tools and information.

Pensions and investments are risk-based products. This means that the value of your initial investment and any income generated can fall as well as rise. If you are in any doubt we highly recommend that you seek financial advice when deciding which options are the best for you.

 

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This site, Financial-advisortruro.co.uk, has been created and provided by Liquid Lava. We are an independent marketing website and are not authorised to give advice. We are not liable for any advice provided by, or obtained through a third party. The information published on this website is for information purposes only.

Care has been taken to ensure that the information is correct, but we neither warrant, represent nor guarantee the contents of information, nor do we accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. We do not give personal advice and the information provided is only to provide an overview of the areas of finance. Anyone considering taking any action may wish to seek advice from a Financial Adviser registered with the Financial Conduct Authority. We cannot be held liable for any losses incurred.

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