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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.
retirement
These days retirement can lasts over 20 years
From April 2025, the basic State Pension will increase to £176.45 per week, while the full new State Pension will rise to £230.25 per week, reflecting a 4.1% increase in line with the “triple lock”. This is for everyone 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 Automatic Enrolment into workplace pensions was introduced in October 2012, phased in by employer size, and made mandatory for all employers by February 2018. However, the benefits from a workplace pension depend on a number of factors and the minimum contributions are unlikely to be sufficient to fund the lifestyle you want in retirement.
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Getting professional retirement advice.
Pensions Freedom rules introduced in April 2015 means that those aged 55 and over can draw from their pension, 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 consider.
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 independent professional advice.