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Archive for the ‘Retiring Now’ Category
Monday, October 17th, 2011
If you are thinking of Retiring Now you need to be considering which of the available pension income options is right for you it is important to gain as much information as you possibly can so that you can make an informed decision.
The decisions you make at the time you wish to take pension income could significantly impact upon your quality of life in retirement.
You have a number of options when you reach retirement. Currently the earliest legal retirement age, for all but those in specific occupations like sports people, is 55. You need to understand the benefits as well as the pitfalls of each of your options. Each option has good points and bad points depending on what you are looking to achieve.
The most common would be a type of annuity or an unsecured pension/drawdown plan.
Annuities are the traditional way to take benefits BUT it is claimed that in the last 5 years pensioners missed out on £7bn of income because they could not be bothered or were put off from getting the right annuity advice. This is simply crazy but the numbers quoted equate to 40% of the people with pension funds under £40,000 who took the first offer of an annuity from their existing pension provider rather than search the market for the best deal.
The good point, for the 60% of people in this example who used their Open Market Option to get the best value deal for them, is that the pension income could have been as much as 40% greater for the rest of their lives. There is no good point for the 40% of people who did not bother unless you class getting a poor income as a good point.
An increasingly popular way to take pension benefits is by an unsecured pension or drawdown plan. Don’t let the word ‘unsecured’ put you off. This type of facility can enable you to take cash and income now BUT not be locked in for life. This could give you time to allow your fund to recover in value from the recession or to in the hope that annuity rates may increase.
In addition, the government has announced a number of important changes to the rules for converting pension pots into income and cash.
The new rules for those over 55 include:
Flexible drawdown – those with secure incomes over £20,000 per year will have no limits on the income they can take.
Funds can be inherited without IHT.
Capped drawdown – an option to draw an income for life, with an annual limit, without having to purchase an annuity
More flexibility to defer taking a pension and tax free cash payments past age 75
Ending the effective compulsion to buy an annuity by age 75
For expert independent retirement advice contact Pensionlite who will provide you with a Free, Independent and No Obligation Review and Recommendation Report on your Pensions and what options best suit you.
Your report will be posted to you so you can consider the recommendations made in your own time without pressure. Pensionlite will be on hand to explain, discuss and guide you through the desired process.
www.pensionlite.co.uk e mail support@pensionlite.co.uk tel. 01952 279 379
Tags: retirement review, Retiring Now, retiring now options
Posted in Retirement Review, Retiring Now
Thursday, May 19th, 2011
Retiring should be the one time that you are able to sit back, relax and enjoy life, so make sure that you don’t let financial worries take over.
By ensuring that your pension and future income is settled, you can carry on with retirement.
 thinking of retiring now There are a number of options available to you if you are retiring now, in fact, there’s even more than ever before.
I’m retiring now but I don’t know if I can afford it?
Does this sound like you? Unfortunately, too many people ask themselves this question when it’s too late, and don’t take any action.
By working with an Independent Financial Advisor, you can establish what your pension pot is worth, and what you can expect to receive in annual income throughout retirement.
Once you know this information, you can adjust your retirement plans accordingly, and ensure a stable future. You don’t want to decide to retire now and end up with a shock when you find out that your investment is not what you thought it was.
What are my options if I am retiring now?
There are a number of options available to you, and what you choose will depend solely on your personal circumstances. It is absolutely essential that you seek independent financial advice when considering your future.
A pension expert can provide guidance on the most suitable option for you, but here’s an idea what is available.
Conventional annuity
This is what you buy with your pension fund to guarantees you an annual income for the rest of your life.
Although this might sound like all your birthdays have come at once, it is actually quite restrictive, compared to other options, and although you can sleep easy knowing that you will always have an income each year, it could be a much lower income than you thought as annuity rates at the moment are very low indeed.
It is most likely that the income on offer at the time of your annuity purchase is the income that you will have forever.
Pension drawdown
This is a far more flexible alternative to your traditional annuity, you are able to release 25% of your pension fund in a cash lump sum if you are retiring now, but the remaining balance can stay invested, still provide income but delay a lock in to an annuity until the circumstances of that decision are more favourable to you.
You are not required to draw an income if you have another source of money and if you choose to, you can take anything from 0% to 100% of what is available.
Can Pensionlite help me consider my retirement options ?
Yes. Our Free, Independent, No Obligation Pension Reviews are designed to put you in a position of knowledge before you make any decisions.
It will not cost you a single 1p to accept a pension review and recommendation report tailored to you, your circumstances and aspirations.
What have you got to lose?
Pensionlite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understanding of our client’s needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
For more information on retiring now click here!
Tags: pensions, retire, retirement, retiring
Posted in Retiring Now
Tuesday, March 29th, 2011
Working 9-5 isn’t for everyone, and every person has their own preferences about the type of employment they want, and the sort of lifestyle they want to achieve, but we all work for the same reasons – to sustain our lives and save money for the future.
 If you are considering retiring soon, or retiring now, have you thought about the options available to you?
The current economic climate and its instability over recent months have led to a dramatic increase in the number of people considering alternative options to the traditional lifetime annuity.
Have I left it too late? I’m considering retiring now.
Although it is easier if you still have some time before you retire to come to a decision about your finances for the future, it’s never really too late. By discussing the options available with an experienced pensions specialist, you should be able to opt for the most appropriate solution for your retirement.
Similarly to our working lives, we all have different aspirations for our retirement, and the standard of living we desire will largely depend on our personal circumstances, so there is no use in reading countless pages on ‘off the shelf’ financial advice. If you’re retiring now, you need impartial financial advice tailored specifically to you.
How can Pensionlite help?
Pension&Investor Lite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
Pension & Investor Lite, is an Independent Financial Adviser firm, Directly Authorised and Regulated by the Financial Services Authority, specialising in Pensions & Investment.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understand our clients needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action?
What options are available to me?
 If you’re retiring now, you need to consider what you are going to do with your pension fund. Traditionally, you would purchase a lifetime annuity which provides a regular annual income for the rest of your life.
However, the rates have dropped to an all time low, which combined with the want for greater flexibility, has led to more people choosing alternative retirement options.
One particularly popular choice for those retiring now is a flexible annuity, which involves your pension fund being transferred to a plan that allows for early release of equity.
This would mean that you have access to up to 25% of your pension fund in the form of a tax free cash lump sum, but the remaining balance is reinvested into a 5 year annuity. This provides people with far greater freedom and flexibility with their finances, making it a preferred option for many.
As your opinions and feelings about retirement are your own you might prefer a traditional annuity over this flexible option. To establish the right course for your retirement, discuss your retirement with an expert.
Pensionlite look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk for more information on retiring now
Tags: pension fund, retire now, want to retire
Posted in Retirement Pension Plans, Retiring Now
Thursday, December 9th, 2010
Retirement is one of the most important financial decisions you will ever make, and so receiving sound expert advice is highly recommended. At Pensionlite we have fully qualified pension specialists available to offer free advice with absolutely no obligation.
Pensionlite will use all the information from your current pension plan, your opinions and retirement review to provide you with guidance on retiring now.
A major positive about retiring now is that there are more options available to you, and it is far easier to come to an arrangement that is in line with your circumstances. You must ensure that you are completely aware of the financial implications involved in retiring now, and be aware of what the best course of action is.
It has been the norm for a long time, for people to purchase an annuity upon retirement, meaning that certain terms and conditions have been agreed, so this is not a decision to be taken lightly.
It has been found that the majority of people who have chosen this route, have not received what they expected, or the full potential of their pension. In 2007, over 90% of people lost a total of £1 billion in pension income which could have been prevented if they had sought professional advice.
If you are retiring now, there are some options available, including unsecured pensions which allow for tax free cash to be available, but still draw an income whilst it is invested. At Pensionlite, all these options will be discussed during a retirement review, we want you to make the right decision and ensure that your retirement is as simple as possible.
The idea of a conventional annuity is to provide you with a regular income for the rest of your life, no matter what. Enhanced rate annuities are available with larger amounts of income, but your medical condition and other factors are taken into consideration.
Another option is a flexible annuity, meaning that you can receive an income for a certain amount of time but with a balance being invested. There are many options available, and it is easy to get confused – so why not let us provide you with some expert advice.
Should you be considering retiring now, it’s highly recommended to receive advice from a pension specialist. Here at Pensionlite we can provide you with a tailored retirement review, including recommendations for your best plan of action.
It is very easy for people to make the wrong choice when choosing an annuity, so being well advised on your options is very desirable. As this decision will decide your guaranteed income for the rest of your life, and decide what lifestyle you are able to achieve in retirement, it is wise to contact a financial adviser.
You might have other ideas for your pension fund, and it’s possible you may want to keep it invested and growing, but this is another option that should be discussed thoroughly with a pension specialist.
Pensionlite are an independent financial adviser firm specialising in retirement and pensions, so who better to discuss your options with? We are dedicated to providing a professional but friendly and easy to understand service, allowing you to make the most out of your retirement.
Contact us today to receive your retirement review completely free of charge.
Tags: adviser, annuities, investor, lite, now, pension, pensions, retire, retirement, review, specialist
Posted in Retiring Now 1 Comment »
Thursday, November 4th, 2010
If so, the situation is, in some ways, more complicated than in the past. This has its up-side and its down-side. On the down-side, it could mean it’s harder to decide just how to proceed with your pension arrangements.
However, a big positive is that there are more options available to choose from, meaning that the likelihood of you coming to an arrangement that suits your personal circumstances and preferences more closely is increased.
 One thing for certain is that if you are considering retiring now, this is a major life decision, and you will need to be completely up to speed with the financial implications, and confident of what the best course of action for you is.
In the past, it has been fairly standard for people to simply go down the route of purchasing an annuity upon retirement. However, in recent years, the vast majority of people who have done this have not received anywhere near their potential pension income as a result of purchasing annuities that fall some way short of the value for money that they could have got.
The main cause of this is as innocuous as customers simply not being well-informed on the topic. However, if you do commit yourself to an annuity that is poor value for money, it could be a fairly serious mistake, as once you have agreed its terms, you are bound by them, so the traditional annuity option leaves you little room for manoeuvre or changing your mind.
Also, it is currently not the most opportune time for arranging an annuity, due to the ongoing effects of recession. You may not be able to afford a particularly generous income, and might be able to get a far better annuity by waiting a few years.
However, all of this is not to say that you definitely shouldn’t go for the annuity choice upon retirement; it’s merely to point out the import of being well-advised on your options. Annuities can have many attractions for people, too.
They provide a guaranteed income for the rest of your life that you don’t need to particularly worry about. They are simple; you know what you’re getting, and when, and you don’t have to keep up to date with the stock market, or keep an eye on how well your annuity is doing.
An annuity allows you to get on with other things, and even if this means a considerably lower income, the pay-off may still be worth it in many people’s eyes.
But, if you do have aspirations for your pension fund—such as keeping it invested and, hopefully, growing—then it is definitely worth your while to discuss possible strategies with an expert independent financial adviser.
Indeed, if the markets do experience the expected recovery soon, then now would be a great time to have your pension fund invested. There are also options that provide you with aspects of both investment and conventional annuities, should it turn out that a combination would suit you best.
If you are thinking of retiring now, we can give you a free, impartial, and no-obligation pension review to clearly explain what your current situation is, what the options open to you are, and what your best plan of action would be
Tags: investing, investorlite, pension, pensions, release, retire, retirement, review, specialist
Posted in Retiring Now
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Pension & Investor Lite, Pensionlite, Investorlite and ISAlite are the trading styles of Advicelite Ltd, which is Authorised and Regulated by The Financial Services Authority.
Registered office Summit House, Wanstead, London E11 2AA. Registration number 05217472
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