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Retirement Options

Retirement Options

Understanding your Retirement Options

Your retirement options as you approach the point you chose to retire, or crystallise (cash in) each of your pension plans can be as important as your choices as to which plans to use to save towards retirement.  As the secured income levels provided by annuities have continued to fall over recent years and are uncertain for the future, more options have emerged, each with their own benefits and tax implications.

Connect Financial Services are familiar and qualified to consider and evaluate all of the options as you retire and understand the complexities of all the relevant Retirement Products and retirement options, that may be available to you.

Retirement OptionsThe changes over the last decade have meant that people are less inclined to simply retire at retirement age and the decision as to which of the following options to select can be a very complex one.

 

 Your Options

  • Stop Working and Cash in all of your pensions

  • Stop Working and Cash in part of your pensions

  • Work Part Time and Cash in all of your pensions

  • Work Part Time and Cash in part of your pensions

  • Keep Working and Cash in all of your pensions

  • Keep Working and Cash in part of your pensions

We can discuss your Retirement Options both at retirement and as you save towards retirement. Part of the decision process is affected by the fact that for most people the final years of their employment are when they earn the most, however the vast majority of people look forward to retiring and seek to do this earlier rather than later if their financial situation can maintain a comfortable level.

Lump Sumps, Income and reinvestment into Pensions

There are complex rules as to how much can be contributed into pensions, however the rules as to how much can be invested in a year when a lump sum or income is received from a pension can be considerably more complex.  To ensure you utilise your best options and don’t accidentally trigger an unnecessary tax charge, please seek financial advice.

Connect Financial Services are experienced and familiar with the options available to you and have systems to analyse which of your options can provide you with the highest income or lump sums as you reduce or finish your working hours.  Please contact us for impartial advice on which options are likely to provide the most comfortable retirement.