Pension advice for the over 50’s
How to plan your retirement income - where to start
It can be difficult knowing where to start when trying to plan your retirement income. Here are three simple questions to help you get underway:
- What kind of retirement do I want? Have a think about what kind of lifestyle you want in retirement and when you’d like to stop working. To get an idea of how much you might need, consider your regular outgoings, how much state pension you might get and how long you could be retired for.
- How much do I currently have saved? Review your current pensions, savings and investments to see if they’re likely to provide enough income for your retirement.
- Do I need to adjust my retirement income plan? If you don’t think your retirement income plans are on track, consider speaking to a specialist retirement income adviser, such as Age Partnership, who can help you adjust your strategy to boost your savings.
Find out how much income you could get from your pension by using our quick and easy calculator.
Try the pension income calculator
Do I need retirement income advice?
Whether or not you should seek advice usually depends on the type of pension you have and how complicated your requirements may be.
For example, if you have a defined contribution scheme with a guaranteed annuity rate such as a final salary pension, the law insists you take financial advice should you want to transfer out or cash your pension in, to ensure you don’t lose out on valuable benefits.
The same rule applies if you have a defined benefit pension worth over £30,000 and are thinking of transferring to a defined contribution scheme.
Whatever your situation, deciding how best to generate an income from your pension pots takes careful thought, especially as the decisions you make now may remain in place for the rest of your life.
This is one reason why, after careful consideration, we’ve joined forces with Age Partnership, the award-winning retirement specialists, to help you weigh up your pension income options and enter your retirement with confidence.
Expert pension and annuity advice to suit you
Age Partnership offer two levels of pension income advice, depending on the amount of help you’d like or need.
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Guidance |
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You’ll be given tailored advice and recommendations.
All your assets and income needs will be considered as part of a personal financial plan designed around you.
Your financial planner will help you understand all your pension income options such as pension drawdown, annuities or a combination of the two.
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You’ll be given straightforward guidance and information to help you make your own decisions.
Your retirement specialist will explain how different options work and complete all the paperwork for you, but won’t offer advice or recommendations on how to proceed.
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Get pension advice or guidance from a retirement income specialist
Speak to an Age Partnership specialist financial adviser to decide whether advice or guidance is right for you.
They will ask about your current pension arrangements, attitude to risk and your retirement plans before researching leading pension and annuity providers on your behalf.
Age Partnership is so confident of finding you the best deal, they’ll give you £100 should you manage to find a better like-for-like quote elsewhere.
Use the pension income calculator to get started
