A happy and contented retirement should be your reward for decades of hard work and sacrifice. If you don’t have the right plans in place, however, you might struggle to make the most of the opportunities in front of you.
All being well, your career in the education profession should result in a solid pension during retirement. Yet if you’re still a few years away from completely finishing work, there might be more you could be doing to prepare. By taking the time to talk through what you want to do in retirement; you can consider if you have the right plans in place towards achieving your objectives.
We can help you to look beyond the present and develop a clearer picture of how you want to spend retirement, the ambitions you want to accomplish and other important considerations you might want to factor in.
Your local adviser can recommend ways of using your savings and investments to support you, with recommendations tailored to your circumstances and aspirations.
It could really pay off to invest into another pension
The 2015 pension freedoms offer up more ways to shape your retirement. Defined contribution pension holders were previously restricted over how they could access their pot of money, but that’s no longer the case. You can use your pension however you like, subject to important tax considerations.
This makes investing into a pension an even more attractive option for building up your money. Existing tax relief rules mean that for every £80 you pay in, the government will top it up to £100. If you’re a higher rate tax payer and claim for it, you could receive £100 in your pension at a cost of £60.
We can advise you on the benefits and drawbacks of investing into a pension to support your long-term objectives. Even if you have a pot of money that isn’t specifically ear-marked for supporting your retirement, placing it into a pension might be the right route for your circumstances.
Supporting your family
If, beyond your own needs, there are important people in your life you want to be able to support, we can also build this into your plans. This can be a complicated area and – without this help – you could unknowingly make decisions that see your family lose out financially.
No pressure to act on our advice
By getting to know you to understand your retirement aspirations and to review your savings, pensions and investments – the advice you receive could help make sure retirement is truly something to look forward to.
Our recommendations are likely to include stock market-linked investments. These aren’t like building society savings accounts, as your capital is at risk and you may get back less than you invest. The value of your investments and any income from them may fall as well as rise. The tax treatment of your investments depends on your individual circumstances and may change in the future.