Sibbalds Financial Services (our sister company to Sibbalds Chartered Accountants) are today turning their attention to Pensions, and have come up with five simple ways for you to maximise your pension return:
1 Start early. Soon-to-be pensioners should start thinking about how they wish to draw an income from their pension well in advance of retirement. An initial meeting with Sibbalds Financial Services, 3 to 6 months before your planned retirement is recommended. This initial meeting is always without any obligation to you, and we bear the costs.
2 Scour the market. DO NOT take the annuity on offer from your pension provider before first having a look elsewhere. This is without doubt the most crucial step! The majority of people will be able to get more pension income than from their existing provider if you consult an Independent Adviser who has access to all annuity providers.
3 Choose the option that fits your circumstances. Are you happy to take a risk and leave your money invested, or do you prefer the certainty an annuity would give? Will your spouse be relying on your retirement income too? And do you prefer your money to keep pace with inflation? Theses are all questions you need to ask yourself.
4 Check if you are eligible for an enhanced annuity. If you are a smoker, overweight, like your daily tipple, or suffer from any health problems past or present, you could be eligible for an enhanced annuity that will pay out a higher income.
5 How to take your pension. Should you take the Tax Free Cash available at pension commencement? Knowing the best, most tax efficient way to draw an income in retirement can be difficult. So if in any doubt, seek the advice of an independent retirement expert like ourselves. We are always here to help.
6 Seek Advice. Retiring is one of the most crucial, life changing decisions you will ever make. Can you afford to retire? What would you like to do in retirement? Have you any existing financial commitments? Without expert advice there is a danger of taking irreversible decisions with your pension funds that can affect your retirement income forever.
Please contact Sibbalds Financial Services on 01332 242257 or email us at firstname.lastname@example.org for anymore information.