At Retirement – How to retire…
How to Retire on your terms…..
Once the hard toil of saving for years is finished, unfortunately, the choices on how to retire do not get any easier….
Choices brought in with the new Pension Freedom reforms starting on the 6th April 2015 mean that Pension Annuity, Capped Drawdown and Flexi Access Drawdown, giving you unlimited access to your pension fund are available to you. There have never been more options to help assist you in your retirement years.
Even taking all of your pension as a taxable lump sum can be done if you wish! (though unlikely to be suitable due to the likely high tax charges)
There are a raft of options open to the client each one with it’s own particular niche or appeal, for instance will you require maximum tax free cash and if so, what will you use it for? Most people can take up to 25% of the accumulated pension as tax free cash but some lucky few can take more. We will obviously investigate your current plans to ensure these valuable benefits are noted.
This is where Reynolds Wealth really adds value to clients as we will assess your income requirements against the stated objectives you discussed at the discovery meeting. We base all of our retirement income decisions on a clients Attitude to Risk and personal circumstances taking into account not just the retiree, but his family/spouse too. We will also note any health issues that may be present in both the client and his/her spouse as this can greatly increase any retirement income offered.
We will be with you every step of the way to ensure that the process is completed as seamlessly as possible and that you understand exactly what you are receiving and any risks involved. All recommendations will be summarised in an easy to follow Suitability Letter ensuring that a record of all advice is at hand.
To see how this process is dealt with in a client scenario, see our client case study below