hiya bucks in Bourne End, Flackwell Heath, Marlow, Wycombe, Wooburn March 2014 | Page 42

Ask Paul Your local Independent Financial Advisor Paul, retire in 6 months I am due to pension and I have various t up over ve buil schemes which I ha the years. s? What are my option Hi, Congratulations on your pending retirement. From my experience this is certainly a time when it pays to undertake an appraisal of your situation and consider what kind of retirement lifestyle you want and that which you can realistically afford. Would you like the option of having some liquid accessible savings available, to spend on that dream holiday or that new car? What level of income do you need to pay those household bills which sadly never go away? How much would you like to spend on dining with friends or on the local golf course? The other considerations are also things like repayment of debts. Do you have a mortgage or any expensive credit card balances which are outstanding? Before you decide what your pension options are you need to consider all of the above things to establish whether you would like or need to take any lump sum available from your pension arrangements. Once you have established this then consideration can turn to what type of arrangements would be suitable for you with regards to drawing your pension income. You may be fortunate enough to have a final salary pension scheme provided by your employer which typically offers you a lump sum and a guaranteed income which will often rise in line with inflation. Alternatively you may have a mixture of occupational and personal pension schemes which you have built up during different periods of your working life. It may be that you have a collection of different personal pension plans or even one personal pension plan that you have saved through all of your working life. Whatever pension arrangements you have it is always sensible to seek advice from an independent financial adviser who can assess your needs, consider the pension arrangements you have and provide a suitable plan which will provide you with a way of taking your income and lump sum in the most suitable and effective way for you. There are many different ways in which you can now take your income from your pension arrangements in retirement and this is becoming an increasingly complex area. Some options will allow you to take a level of income which can be varied from time to time to meet your ever changing needs whilst others will simply provide you with a guaranteed fixed amount of income for the remainder of your life. Some options will enable your spouse to continuing drawing an income and then pass on part of your pension fund to loved ones later on. There are many considerations to make at this extremely important time of your life and it is very important that you make the right decisions to ensure you can enjoy this well-deserved period of your life. If you wish to discuss these areas or indeed any other financial planning needs please contact me on : Email: [email protected] Office number: 01494 616029 One Vision Wealth Management Limited is an appointed representative of Vision Independent Financial Planning Ltd who are authorised and Regulated by the Financial Conduct Authority (FCA). 42 To advertise in Hiya Bucks text or call 07947 349134