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As healthcare and living standards improve, so does our longevity. A male aged 65 is now expected to live to almost 84† and a female even longer. This, along with the attraction of early retirement, means some of us could be looking forward to a happy retirement lasting perhaps more than 30 years. At the same time, however, birth rates have been falling. Fewer couples are having children – and those who do are having fewer and leaving it later. As a result, a thriving workforce that was once more than able to support our elder population is becoming far less able to do so. In April 2015 the most fundamental reform to pensions in almost a century came into effect by giving people much greater freedom over how they access their pension savings.
So if you want to unlock your pension to pay off the mortgage, help the grandkids or retire early you will have those options – however taking your pension early or as a cash lump sum could mean that you have less income in the future. We can advise you on the various options on how to take your benefits.
Those with limited savings and pensions have been given the opportunity to get their hands on quite possibly the largest sum of money they will ever have. This makes the need for advice greater than ever as we can help you minimise the tax paid and maximise the benefits both in terms of amount and how long they may last you in your retirement.
So whilst we may be looking forward to long and carefree days, finally free of the rat race, questions need to be asked:
Our bespoke retirement planning solutions are developed to meet your risk profile and goals, helping you build and subsequently take your retirement fund.
We provide advice on starting new pensions and consolidating existing pensions, including personal pensions, stakeholders, SIPPs, EPPs and SSASs.
†Source ONS National Life Tables, United Kingdom, 2013-2015 | 29 September 2016