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How to potentially maximise your retirement fund

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Smith Eliot (2294575)
Smith Eliot (2294575)

As life expectancy increases, more of us than ever before are looking forward to a longer retirement – hopefully remaining in good health long enough to enjoy plenty of years after giving up work.

But a longer retirement means making pension income go further, and that can be challenging. Expert financial advice is vital in ensuring that the money invested in your pension is used wisely, and the maximum financial benefits are achieved through careful planning.

There are some practical steps you can take, and a personal wealth check can help you consider the following options and understand if they are suitable for you:

Keep your tax bills to a minimum – how you take benefits from your pension can affect the amount of tax you pay.

Consider deferring your State Pension – retirees can defer their State Pension and then get a higher income when they claim it later on.

Advice is need though, as extra payment from deferring could be subject to tax.

Top up your pension – boost pension savings so that you can benefit from current rates of tax relief. This can be through topping up your State Pension, or an existing workplace or personal pension pot, or even starting a new one. The closer you are to retirement, the more inadvisable it is to boost a pension pot with risky high-yield investments, so financial advice is essential.

See if you qualify for higher annuity income – if you have health problems, you may qualify for an impaired life annuity, which offers much more income than a standard annuity.

Combine your pension pots – if you have several pension pots with different providers, it may be a good idea to combine them. Look at charges for drawing down payments, for instance. It might be better to draw one amount from a combined pension pot rather than paying charges on each withdrawal from a number of smaller pots.

It is always advisable to seek professional advice before making changes to your pension.

Smith Eliot (2294579)
Smith Eliot (2294579)

To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax planning, contact Smith Eliot Financial Management Ltd at either their Oakham office on 01572 759759 or Stamford 01780 437 500 or email simone.harley@sjpp.co.uk

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