When it comes to providing for our retirement, too many of us are doing too little, too late.
Putting away even a small sum early on can make a big difference to the lifestyle you will enjoy when you retire.
The golden rule for most people is not to reply on the State alone. Modern pensions benefit from some significant tax breaks. You can even contribute to your pension if you are not working!
There are limits to how much you can save into a pension over the course of a year and during your lifetime. There are a number of changes that are likely to be made to these limits in the coming years and it is best to check with your adviser in order to ensure you will not breach any of these limits.
Pension legislation is continually being reviewed by the government and a Milecross Financial Solutions Adviser will help you to ensure you have the latest information.
Our qualified pension advisors are here to help and advise clients on stakeholder pensions, group personal pensions and SIPPs.
They can also bring some clarity to clients who are about to retire and are uncertain about the options open to them.
These might include single or joint life annuity, annuity or income drawdown, open market options and impaired health annuities.
Client’s money will be tied up until they take their retirement benefits. The earliest they can normally take these is at age 55. The value of pension funds may fall as well as rise and is not guaranteed. It is particularly important to remember this if clients are close to taking their benefits.