Whether you're retired or not, no matter what age you are now, check out the fabulous Retirement Income Options Tool from The Money Advice Service by clicking the blue button below.
Discover How To Maximise Your Retirement Income Wherever You Are On Life's Journey To Stopping Work
An Introduction To Your Retirement Income Options
Nowadays, you have far more choice and flexibility in how you provide you and your family with a retirement income. Many of us are living longer, so the chances are you’ll be retired a long time. It’s therefore important to make sure you have enough secure retirement income to enable you to properly enjoy life’s longest holiday.
Retirement can last for 30 years or more depending on when you retire and how long you live. As a result, estimating how long your retirement will be is difficult, as few of us know how long we're going to live. You need to bear this in mind when deciding what to do with your retirement savings: they may have to generate a retirement income for much longer than you think.
You may also want to make provision for any family or dependants you have, so they receive an income and inherit any unused money from your pension funds when you die.
Once you’re 55, you have complete freedom over how you use the money in your pension funds, assuming of course your provider is willing to give you access to the full range of pension freedoms. But you still need to ensure you have enough secure retirement income throughout the whole of your retired life to enjoy all the things you want to do. And that means planning early, because if you leave it until the last minute, there may not be much you’ll be able to do about it.
The Retirement Income Options Tool Is Easy To Use
The Retirement Income Options Tool is broken down into the following sections, to make it easy to get to grips with every aspect of what you need to think about.
What Should I Consider?
Security And Flexibility
What Have You Got?
How Much Will You Need?
Health And Longevity
Inflation And Risk
Your Sources Of Income
Savings And Investments
Pension Pot Options
Leave Pension Pot Untouched
Guaranteed Income - Annuity
Flexible Income - Drawdown
Take Small Cash Sums
Take Whole Pot As Cash
Mix Your Options
Think About Your Retirement Income Now
Depending on whether your retirement is years away, you're about to retire or you're in retirement, there are a number of further steps you can take, which are clearly set out at the end of the Retirement Income Options Tool. It also provides you with many useful links to other websites where you can learn about a wide range of pension and tax related subjects, including free guidance. What’s more, if you want to discuss your position with one of their advisers, there’s both a phone number and web chat service available.
We’re all pretty quick to criticise Government sponsored initiatives, but this one focusing on retirement income is really worth taking a look. I’m pretty sure you’ll be pleasantly surprised.
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