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If you're thinking of the steps you need to take to ensure
you have a successful retirement plan, you're not on your
own.
Many of us put off
thinking about how we are going to deal with our finances during
our retirement, but it pays to look at what income you will have
once you stop working and you're reliant on your accumulated
pension pots.
Starting
point
Guidance
and support are essential when planning for retirement. Whether you
carry out your own research, or you seek the assistance of an
independent financial adviser, it is important to determine your
current position, because you need a starting point from which to
put a plan together.
The number of years
you have until retirement will determine the flexibility of the
action plan that can be put into place, and the suitability of
products and investments you can and should consider.
The earlier you plan
the better off you will be, and you may have the opportunity to use
the flexibility of a self-invested personal pension (SIPP) to
consolidate, accumulate and diversify your approach to help achieve
your ultimate retirement goals.
Consider
flexibility
If you are
close to your retirement, you need to consider the flexibility you
want when you're no longer working. If you have already accrued
a reasonable size pension pot you may which to draw down from that
and again a SIPP may give you the flexibility you are seeking.
However, you may just want certainty until the day you die and
while rates are great, an annuity purchase may be something for you
to consider.
The question is, do
you know what you want? If the answer is 'no', then start
your investigation into your options today so you are at least
prepared and in control of your destiny.
Carey Pensions UK is
an independent pensions provider, both onshore and offshore, and
can provide administration and trustee services for pensions for
individuals, partners, families, groups or companies.
Originally published by Business Reporter on 23 September
2012.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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