Could you live on approximately £148 per week? That’s the anticipated simplified New State Pension and that’s only if you qualify for it at age 68. Have you considered:
- Is this enough to survive on?
- How much do you need to maintain a reasonable standard of living?
- What if you want to retire earlier?
- How would you fund retiring earlier?
- Do you have any other retirement savings?
- How do these fit with your retirement objectives?
Our advisers can help you plan for your retirement. However, the journey doesn’t simply stop when you take your benefits. You pension funds need to last for at least your lifetime and not forgetting the lifetime of your husband or wife.
Be it pre or post retirement planning, JFP Financial Services Ltd have specialists in Defined Benefit (i.e. Final Salary) and Defined Contribution (i.e. Personal Pension) schemes, as well as the NHS Pension Scheme through our association with Josolyne Medical Services.
In 2006, the government introduced Pension Simplification. What this meant for new savers was – the greater the value of your pot, the greater the value of the pension benefits you will enjoy in retirement. However, since then, the rules have become more complex with the introduction and reduction in Lifetime and Annual Allowances, not to mention the effects this had on previous regimes and Defined Benefit scheme, such as the NHS Pension scheme and other Final Salary benefits.
There are many different ways by which you can plan for retirement and take your retirement benefits. However, the strategy is only as complicated as the underlying investment solution and so our specialists can provide further advice and guidance to suit your needs. More information can be found on the links below.
To discuss this further, please contact us.