Let BSN Help Guide You with Your Pensions
September 15, 2017
September 15, 2017
2017 has been quite the year for pension changes. Following on from our recent blogs, Pension Awareness Day was on the 15th of September, so we’ve put together a list of vital information that you should know about your pension scheme:
What Options Are Available to You at Retirement?
Estimating how long your retirement will be can be difficult as none of us know how long we are going to live for. However, you are going to need to bear this in mind when deciding what you’re doing with your retirement savings, they may need to last longer than you think.
Of course, when it comes to retirement, many of us will have multiple sources of income. One being when you reach a certain age, you become eligible for state pension which is a monthly source of income. If you are currently saving into a work pension, you will also receive this. These are all forms of secure income and are guaranteed to last your whole retirement.
However, there are some incomes that you wish to receive but it is not guaranteed to last your whole retirement. Flexible income includes things such as; savings and investments, paid work and any rental property you own.
Which Pension Wrapper Do You Currently Have?
A pension wrapper is a system, that holds investments until you retire and start to claim retirement income. It’s a type of personal pension, with this, it allows you more flexibility with the investments you can choose which means you can manage them yourself. Another option is to pay an investment manager who will make a decision for you based on your circumstances. Please note, it is only recommended that you choose a personal pension if you have large funds to invest or you are already experienced in investing.
What Can We Do?
You’re going to want to prepare as much as possible for your retirement so you are able to live comfortably. There are still many questions that need to be asked, such as: What is the risk exposure to your holdings? Do you have a retirement age set? Is your pension managed?
Get in touch with the Bespoke Support Network today to help you identify the answers to these questions and help you to get the most out of your retirement.