Planning for your retirement may seem complicated, but with the help of Endeavour Financial Planning, saving for retirement can be straightforward. Contact us today so that we can assist you in planning a financially comfortable retirement, ensuring you can enjoy a stress-free life in the beautiful Wirral after you finish work.
The state pension
Every British worker is entitled to a state pension when they retire. Although this rises in line with inflation each year, most people find that it does not provide enough money to live off. This is why you need pension savings.
Auto-enrolment
The rise of auto-enrolment in a workplace pension schemes means that the employee contributes a fixed percentage of their salary into the scheme, with the employer also making a contribution.
Any contributions that you make are tax free, meaning that you will not pay tax on the portion of your salary used for pension savings contributions.
Flexible
When you retire, the whole or part of your workplace pension savings can be drawn down as cash, or you can choose to receive the money as income. This flexibility of how to access the savings was introduced by the government in 2015.
Making pensions flexible has been hailed by pensions experts as a success, but it has also increased the risks. With standard savings accounts at low interest rates, many retirees have been looking for investment opportunities that offer greater returns. This, unfortunately, has meant a rise in the number of scammers offering high return investments. These might appear generous, but are not genuine.
Why pension financial advice is needed
Though you may have a workplace pension, a financial advisor can make sure that it is performing well. You may have changed jobs many times, resulting in being enrolled in a number of workplace pension schemes. With the help of a financial advisor, these schemes can be consolidated.
Expert financial advice is needed to make choices about what to do with your pension lump sum when you retire.
If you are self-employed, you might not be auto-enrolled in a pension schemes and will need advice on setting up a private pension scheme.
Many workplace pension schemes provide an income of half or less of your final salary. This may not be enough for your lifestyle, so a financial advisor can recommend other investment products to supplement your pension income.
Your first step for wise pension planning is to talk to Endeavour Financial Planning. We will explore all your pensions options with you.
A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interests rates and tax legislation
Auto Enrolment advice is not regulated by the Financial Conduct Authority.
