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Dedicated UK Customer Services Retirement planning can be divided into two distinct areas. Firstly, saving for your retirement. Put simply, the income you receive in your retirement pretty much depends upon how much money you have accumulated in your pension pot. Clearly the larger the pot of money accumulated equates to a greater income for the rest of your life.
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The charges that are taken from the fund and security measures to protect your fund value as you approach retirement.
We call this the GROWTH PHASE. Important factors that help you achieve a higher pension pot at retirement include:
Where your money is invested and the returns derived from the funds.
By undertaking a pension review with My Pension Expert we will establish whether your current retirement planning strategy is on target to achieve the desired level of income in your retirement.
Your pension fund could be one of the biggest investments you make during your life time, yet despite this some people pay very little attention to where the money is invested and how it is managed during the important growth phase. Clearly while it is important to shop around for things like cheaper car insurance, cash ISA's etc; your pension could be the major source of income in your retirement therefore a higher level of awareness needs to be brought into your pension planning.
The value of investments and income from them can fall as well as rise and you may not get back the full amount invested.
Access Phase
Hopefully due to good planning and investment growth you have built up a sufficient pot of money with which to use in your retirement. Also depending on the type of pension arrangement, generally 25% of the fund can be taken as tax free cash, however taking tax free cash will mean that there is less money available to purchase an annuity and this may lead to a lower level of investment income. The rest can now be used to provide you with your income in retirement.
At My Pension Expert there is no such thing as one size fits all, by taking a more tailored approach to your requirements we endeavour to get you the maximum income for your pension pot.
How do we do this?
- We look at your lifestyle and health factors which could potentially increase your income through an enhanced or impaired annuity (pension companies pay more income to people with health and lifestyle problems).
- Finally for those who want the maximum possible income there is a third way. This is where you can take your tax free cash but still leave your pension pot with an investment element with the potential for greater income. Click here to find out more.
We shop around in the market place with your pot of money.
