You are now in the process of retiring. You are less likely than in the past to stop working at a set date. You may go part-time and take some income from your pension pot; stop working completely and draw your income from your pension pot or you might leave your pension pot intact and continue to work longer through choice or need. Again the choices you make now will have an impact on your future income so in many cases it is worth taking advice from a suitably qualified adviser.
Your choices will be influenced by your health and how you want to spend your time. Nowadays some people are moving to work part-time so they can spend time helping look after their grandchildren.
You may need help to think through:
- Whether to take some tax free cash or not
- The implications of part-time work or keep working
- Starting to take income from pension pot tax efficiently
- Building in flexibility around future income levels
- Maximising death benefits and provision for ill-health
- Ensuring your money will not run out
- Minimising the risk of your investments
- Maximising tax efficiency around passing wealth to the next generation
- Making provision for later life
You are seeing your plan come to life in terms of being able to have more choice around what you spend your time doing. We will continue to work with you to ensure your plan flexes to suit your needs and you will be familiar with the benefits of seeing your cash flow planning in action. If you feel you would like this type of control over your finances please contact us on 01785 715567.