SJP Your retirement options

This next stage of your life can be full of opportunities and choice. It can be a time to rethink and reassess your priorities, and what you want to get out of life.

And like any great adventure, robust planning can make the difference between a good retirement and a great one.

However, along with all the opportunities that retirement brings, the responsibility to make the right choices, and ensure your money lasts as long as you do, is now with you.

It’s also important to remember that your financial circumstances will continue to change throughout your retirement. You will need to make ongoing choices, and review your strategy regularly to make sure everything stays on track.

There is a lot to consider when you access your retirement benefits, and it’s important to remember that you don’t have to make all of your decisions in one go.

Your retirement options explained

There is a lot to consider when you decide to access the assets, pensions, investments and savings that you have accumulated for your retirement.

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Importance of advice in retirement

As the idea of retirement has fundamentally changed, including what people want out of older life, it is crucial to review your financial situation and choices on an ongoing basis, especially in retirement.

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Understanding risks in retirement

Pound cost averaging, Sequencing risk, Inflation and Longevity are all terms that relate to risks in retirement. Find out what they mean and the impact they can have if left unchecked.

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Tax planning considerations

There are many tax aspects to consider when accessing your retirement savings. The following section covers a few areas of tax planning, to highlight some of the things to think about alongside your retirement options.

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Your pension tax free lump sum

The tax free cash lump sum is often the first part of accessing a pension that many people will think about. Find out how to calculate your pension lump sum and what your options are.

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Learn how to plan your retirement

We believe that retirement is more than just planning for the future; it’s about making the most of the here and now.

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Understanding basic of pensions
Understanding the basics of pensions

A pension is a long-term saving plan that you build up across your working life in order to create enough income for later life.

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Reviewing your retirement plans

As your working and family life evolves over time, it’s worth taking a moment to make sure that your retirement plans are still on track.

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Securing your legacy

Preparing financially for what happens when you reach much older age, and what happens with your pensions and assets when you die is as important as all of your other financial planning. 

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SJP Approved 05/04/2024