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When approaching retirement there are many things to consider. It is important to think about your future income. For most this includes considering your pension options. There are many retirement option and products available and it's beneficial to contact an Independent Financial Adviser (IFA) to discuss your pension options in more detail.
As you approach your retirement date, your pension provider will provide you with an information pack with annuity options. It is not always financially beneficial to draw your annuity with your current provider.
Your insurance company will make you aware that you have an 'Open market Option' allowing you to choose an alternative provider. Let DM Pension & Investment Solutions Ltd shop around for you to get the best annuity rate. In addition we will also discuss more flexible retirement options such as drawdown and recommend the most suitable solution for you.
Some of the key factors to consider when retiring are:
- How much pension income do you require.
- What effect will inflation have on your pension.
- Do you need flexibility.
- Do you have a spouse or dependants that you wish to provide for.
If you have a substantial pension fund or wish flexibility, you may wiah to consider a drawdown pension.
An income drawdown pension (or unsecured pension) gives you control how and when you receive an income from your pension, giving you the flexibility if your circumstances change.
An income drawdown pension allows you to take income from your pension fund while the fund remains invested and continues to benefit from any fund growth. Similarly your fund could also decrease in value meaning a lower income in the future, so finding the right balance of risk and reward for you is essential.
To find out how DM Pension & Investment Solutions Ltd can help or to arrange a home visit please contact us on
01698 815 006 or REQUEST A CALL BACK HERE
