RETIREMENT PLANNING
Are you saving for Retirement? Are you about to retire?
The rules around pensions are ever changing and this makes it essential that you get correct and ongoing advice on how you build up and invest your pension, then how you use what you have accumulated in retirement.
Saving for your Retirement
We are all living longer and the increase in the State Pension age means relying more on our own resources should we wish to retire earlier, reduce our working hours, or have more income in retirement than the state pension can offer.
Having enough money in retirement to enable you to spend your time doing the things you want is at the heart of retirement planning.
When would you prefer to retire? What level of income will you need in retirement?
Creating a sensible, flexible retirement plan will give you the peace of mind to know that you will have choices when the time comes.
Building up a pension should be at the heart of your retirement planning because of the attractive tax benefits but retirement planning is not just about pensions. ISA’s, investments, property can all play a part in your retirement plan. We can help you evaluate your current situation, identify how close or not you are to achieving your goals based on your current planning and the financial products and assets you own. We can then identify what you need to do and what to prioritise in the required time frame.
There are many types of pension arrangements that you may have already contributed to in the past. Some work better in certain circumstances, some are no longer available and some may no longer be the best place for your accumulated benefits. We can help you to evaluate what you already hold and how your existing arrangements fit into your overall retirement plan.
Legislation surrounding the tax implications of how much you can contribute to your pension each year and the ‘lifetime allowance’ changes means that you need to keep updated about how these new regulations will affect you. In some cases there are reasons why you should not contribute to your pension, or there may be new options that could give you a better outcome.
Our regular reviews will ensure that you are continually making the most appropriate decisions in your retirement planning journey.
At Retirement
Pension Changes and the new Pension Freedoms
Are you about to retire? Pensions have been transformed by the arrival of freedom reforms on 6 April 2015 which now give far greater flexibility over what you can do with your pension pot when you reach retirement. The new freedoms mean you can enjoy far greater choice on how you spend and generate an income from your pensions, but the rules can be complex and the best option will be personal to your circumstances and preferences.
Which option is best for you will depend on numerous factors and making a mistake can be costly and irreversible.
We believe advice is essential in this complex but important area. Using our many years of experience in the pensions field, we will guide you through the terminology, explain all the options available to you and make recommendations as to the appropriate solution for your circumstances.
In this period of unprecedented global economic uncertainty, financial decision making is like walking through a minefield. Drawing on their many years of accumulated expertise, Barker Owen have enabled me to chart my way through the complexities to make informed choices. I have found the company extremely professional in all respects
Joanne Owen provides a unique service of personal and professional excellence with an ethical attention to detail whilst at the same time building strong relationships of trust and confidence in all aspects of her financial advice.
Joanne helped us enormously and guided us through the new pension regulations advising us on the best, most tax efficient way to structure our pension benefits. She explains everything clearly and patiently and is always ready to answer questions. She is very professional, but most of all we have been struck by the time she is willing to take to make sure we understand the options and are happy with our decisions.