Independent Financial Life Planners Bishop's Stortford: Planning your retirement

Tuesday, 10 January 2017

Planning your retirement

Enable’s IFAs in Bishop’s Stortford know that worries about pension provision can keep people awake at night but the best way is to face the situation and find out where you stand with your pension.

Before you worry too much or doing anything radical you need to take stock and see what provision you already have. Many people have a mixture of entitlements to the three main types of pension: one provided by the state which is based on your NI records. Under the new system which came into force in April 2016 the full state pension is worth £155 a week, which amounts to just over £8,000 a year. To receive this full amount you will need to have 35 years of NI payments, but you can top-up missing years and buy extra income. Some will also have a “final salary” plan (which is a guaranteed income based on your salary and length of service with a company) and then there is the “defined contribution” (which is a simple pot of savings but with no guarantees attached).

If you don’t know about all your possible pensions make a list of all the companies you have worked for to date and if you don’t know what the pension provisions were you can use the Government’s free Pension Tracing Service . Once you know what you have your investment strategy really depends on what you plan to do with your pension, you might want take the entire pot as cash, buy an annuity, or go into “drawdown” which drip feeds you cash leaving the lump sums to grow. Pension companies can tend to make broad assumptions, based on your age and other factors that might be at odds with your goals so make sure you get some good advice. Enables IFA’s in Bishops Stortford are always happy to talk through your pension plans with you.

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

http://www.telegraph.co.uk/pensions-retirement/financial-planning/five-steps-pension-perfection-2017/

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.