Retirement is the most important time for most people to get their financial planning as efficient as it can be. And the difference in great financial planning, as opposed to second rate planning, can be huge. Every penny extra you have from getting your plans right is a penny in your future pocket. Planning for retirement, and the period of retirement itself, are often measured over many decades. Therefore, the small differences in monies saved and the returns achieved on pensions and investments can add up to significant amounts over these periods. This video explains more, outlining these differences and how you can go about preparing for your retirement in the most effective fashion.
If you have any money in a pension, which is invested, there's a description in this video of a valuable point that may seem obvious, but still needs to be made. Whatever value you have in the pension today, the future rate of return makes a difference to how much you will have when you come to retire. If you can eke out a bit more return, each year between now and when you retire, the difference at the 'end' can be very large. That's because small extra differences per year compound to create the larger sum. The video details this and makes a compelling case for striving to ensure your pension is optimised. It not only explains why this works but how you can make it work and the outcome? More money for you in your retirement - if you achieve this.
Most people have a life assurance policy or a pension plan. Yet very few people make the potential pay-out from these types of policies/plans subject to a trust arrangement. This might seem like a fancy idea or complicated. But it is not, and the potential benefits of pursuing this simple action can be enormous. If you wish to make sure the value of any pay-out is properly protected against common threats, and the money stays in the family bloodline, then putting a trust in place to receive the pay-out can be said to be 'great financial planning' This easy to view video explains more and illustrates how and why this sense.
It is all too common for people to have lots of old pensions scattered around from past jobs and employment positions. This ragbag of different pension schemes can make it difficult for an individual to best manage their position and optimise their future retirement figure. This is the idea behind pension consolidation, where you would bring some or all of your old pensions together into one place, for potentially better management purposes. But there are reasons why this may not work in individual circumstances, as much as there are reasons why it might. This video explores this and looks at the pros and cons and outlines how you can take this forward and make an assessment of your best option, for your situation.
Pension Freedom or Pension Flexibility describes the landscape of legislation which relates to how individuals can take certain types of pension when they come to retirement age, which in this case is currently (2020) age 55. The options available to retirees are considerable, and as the title suggests there is a lot of flexibility. But for all the opportunities this presents there are also threats. This video explains more about how Pension Freedom works when it applies, how investors should approach this, and will take through all the important factors you need to weigh up before making any decisions.
When you come to retire and start drawing on any pension you have, Income Drawdown is likely to be an option for you. An attractive option. But be aware this is not as simple a subject as it may seem. There are significant risks with Income Drawdown. Ensuring you use this facility well is a key part of any good retirement strategy. This video explores everything you will need to know to start looking at how Drawdown works, who can use it, what to look out for, and the key steps to take to move forward with.
This page is for information purposes only and should not be used to make any decisions on your pension provisions
A PENSION IS A LONG TERM INVESTMENT AND THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AND RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION