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Retirement Planning Advice in Cambridge
These days it’s common for retirement to last more than 20 years. Therefore, achieving the dream of a secure, comfortable retirement requires planning.
our retirement planning video
Life expectancy today is far greater than it was 50 years ago
Life expectancy today is far greater than it was 50 years ago and, therefore, retirement planning is not a luxury, it is an absolute necessity. Here is a short video that you may find helpful.
retirement
These days retirement can lasts over 20 years
The State Pension provides some basic financial security. Retirees who receive the full new state pension will see their payments rise to £11,502.40 for the 2024-25 tax year, up from £10,600.20 in 2023-24. This is for those who reached state pension age after April 2016, with 35 qualifying years of National Insurance contributions.
However, the amount you receive may be less if you have not paid or been credited with 35 years contributions. Even if you receive the full amount, is unlikely to be enough to enjoy a comfortable retirement in the UK today.
That’s why the government introduced automatic enrolment which means all employers now have to provide a workplace pension to help people save towards their retirement rather than depend on the State pension.
However, the benefits from a workplace pension depend on a number of factors and if started later in life may not be sufficient to fund the lifestyle you want in retirement.
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Getting professional retirement advice is not a luxury, it’s a necessity
Pensions Freedom rules introduced in April 2015 means that those aged 55 and over can draw from their defined contribution pension fund, exercising a range of flexible options to suit their circumstances, which provides far greater flexibility than before.
However, there are other important implications including death benefits, Inheritance Tax, entitlements to state benefits and long term care planning, to name a few.
Therefore, everyone with a pension should regularly review their retirement planning and if you’re thinking of taking or transferring a pension pot worth £30,000 or more you should get professional advice from an independent financial adviser.
