Do you know the tax implications of taking your pension? Do you know what kind of income is right for your retirement? Do you know what happens to your pension when you die?
Our new client Peter didn't until we reviewed his retirement plans!
Peter is 50 years of age, married & currently has 400,000 in a personal pension. Here is how we helped him understand his concerns!
If you don't already have a relationship with an adviser who truly understands your retirement goals, and you would like someone to nudge you into a better retirement. You may want to read on.
You are probably like most of our clients who join us, the good news is they are now in control of their retirement goals.
What does working with Reeves mean?
Reeves Independent are authorised by the Financial Conduct Authority (FCA), in other words we provide authorised and regulated advice on your retirement options, which is protected by the Financial Conduct Authority (FCA).
We offer a dynamic Retirement Advice Service, our quality team of experts always go the extra mile for our clients to help build financial security for both the present and the future. Our most recent transact survey shows we do 3X more transactions a year for our clients than the average Independent Financial Adviser, with no extra fee.
We are genuinely committed to providing honest & reliable independent retirement advice.
Tax Allowances- Your 2018 Guide
Tax rates and rules are constantly changing. Tax Allowances- Your 2018 Guide, will help you navigate and recap on the most important tax allowances.
Savings and Investments
Cash ISAs are available to online savers over the age of 16, you can save a maximum of £20,000 with any interest earned being tax-free. The threshold remains the same in the 2018/19 tax year.
Equity ISAs are available to online savers over 18, they are investment based products so are riskier than cash ISAs. You can invest in shares of companies, or in funds, or in investment trusts. Again, the 2018/19 tax year the saving limit is £20,000.
The lifetime allowance is a limit on the value of payouts from your pension schemes- whether lump sums or retirement income- that can be made without triggering extra tax charge.
More people are affected by the charge as the pension lifetime allowance decreases.
The lifetime allowance for most people is £1million in the tax year 2017-18
It applies to the total amount of pensions you have, excluding State Pension
It pays to be prepared as retirement nears.
One of the critical aspects of retirement planning is how you structure your financial affairs to make sure you have sufficient money when you retire.
We will help you to understand your personal circumstances, only then you can start to talk about your retirement plan. This will help you identify how close you are to achieving your retirement goals.
You should always consider getting financial advice, as these decisions can shape your income for the rest of your life.
We offer detailed retirement plans which will provide you with clear advice on how you can maximise your income in retirement, given your individual needs.
The main sources our clients tend to receive their income from when they retire are: the state pension, private individual or workplace pensions, and savings such as ISA's.
Ensure you know how much you will receive from State Pension, and what age. Not everybody will get the full state pension.
Most of our clients will have several different pension schemes, as they have worked for various employers. Therefore, it is best to know how much they are worth and when they will start paying out.
