We all know it’s important to plan for retirement, but many of us are still not planning well enough. Despite all the media headlines and Government initiatives, many of us still have a ‘tomorrow will do’ attitude. This is worrying for one simple reason – we are going to live longer than most of us think. This article explains further.
Pension Planning
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
On 6 April 2015 new pension rules came into force, giving you much greater flexibility over how you use your money purchase pension savings and the options you have in retirement.
Annuities are historically the most popular option in retirement, with a great many looking for the security that they provide. However, it's unlikely that they will continue to account for as high a proportion of retirement income products as they have in the past. This document will explain further.
With pensions being most people’s second-largest asset, they can become a major consideration in any divorce settlement.
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