Retirement Planning - Take Control of Your Financial Future
Retirement planning is crucial—don’t ignore it! The earlier you take control and establish a coherent financial plan, the better positioned you'll be to enjoy a secure retirement.
Saving for Your Retirement
At P J McIlroy & Son, we believe saving for retirement is an ongoing process that should be tailored to your unique circumstances. Gone are the days of rigid pension rules. Today, you have more flexibility and control over how you manage your pension, but with that freedom comes responsibility.
Flexibility and Freedom in Pensions
Since the pension reforms of April 2015, the landscape has changed dramatically. You are no longer required to purchase an annuity or stick to income limits. You have the flexibility to withdraw as much or as little from your pension pot as needed, when needed.
- 25% Tax-Free: The first 25% of your pension can still be taken tax-free, while the remainder is taxed at your marginal rate.
- Personalised Decisions: This freedom allows you to make financial decisions that suit your specific goals, whether it's paying off debt, improving your lifestyle, or continuing to invest for future income.
The Importance of Strategic Planning
With newfound flexibility comes a greater need for careful planning. How much should you spend now versus save for later? How do you balance enjoying life today with securing income for the future?
We understand that pensions can seem confusing and filled with jargon, leading many to neglect retirement planning altogether. However, in today’s world of increased life expectancy, it’s more important than ever to take responsibility for your financial security in retirement.
How We Can Help
We offer expert advice to help you make the most of your pension, including:
1. Reviewing Your Pension Funds: Ensure that your current funds are performing well and suited to your long-term goals.
2. Consolidating Pensions: If you have multiple pensions, combining them may make management easier and more efficient.
3. Maximising Contributions: Assess whether you’re contributing enough to achieve your retirement income goals.
4. Ongoing Advice: Retirement planning doesn’t stop once you retire. We provide ongoing tax and investment advice to help you maintain a reliable source of income throughout your retirement.
Why It’s Important to Act Now
With life expectancy on the rise, it’s essential to start saving and regularly reviewing your retirement plan as soon as possible. Doing so can give you more options for early retirement and reduce your reliance on the state pension scheme, which is under increasing pressure.
Contact Us for Clarity
With the flexibility to access large sums of cash, there are more opportunities, but also more risks. New products and potential pitfalls abound. To navigate these complexities and make informed decisions, reach out to us for an initial consultation at no cost.
Call us at 02820762353 or email ifa@pjmcilroy.co.uk to discuss how we can help you with your retirement planning.
