Futura Independent Financial Advisers

Planning for your retirement isn't easy and you may think you will be financially secure by getting a state pension, but I'm sure you know of somebody or have heard from somebody that being a pensioner is not a time of great wealth, unless you have something more than a state pension to look forward to.

At retirement age your pension will come from one or a combination of:

• State Pension
• Pensions from current and/or former employer or self employed
• Investment income generated from savings and accumulated wealth

The basic state pension will not give you the home comforts that you may want or need at a time when you have worked all your life and want a bit of 'me time'. It's never too late to plan for retirement but obviously the earlier you do put plans into action the better off you will be at retirement age.

There are different ways in which you can plan ahead and having a Personal Pension plan is one where you can determine how much you want to pay into the scheme. This will provide you with an income at retirement age and an optional lump sum to do something you have always wanted to do but kept putting it on hold.

With the new allowances you can pay in up to one year's income into a pension and still receive tax relief at your highest tax banding i.e. £0.40p in the pound, if you are a high rate tax payer, so maybe it is time to look at switching your savings into a pension to give you a better income at retirement.

A Personal Pension plan allows you to move providers, if required. However it would likely be associated with a cost and it also permits you to change the monthly payments so that it is always manageable.

There are other options to plan for your future retirement besides a pension plan which could involve you being in charge of your investments or maybe you could use your business assets towards your retirement planning.

Let us at Futura Independent Financial Advisers help you to put your retirement plan into action.