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Retirement Planning
We may not all want to retire to a villa in Spain, for most, lazing around or simply enjoying the things we simply never had the time to do during our working lives will suffice. Simply put, retirement should be seen as a time to enjoy ourselves, but how can you be sure you will have sufficient income to ensure this?
Due to the complexities of the pension market, few understand (or even have the time to find out about) changes and forces within the industry which shape all of our futures. However, those who are simply hoping to rely on the state may be in for a rude awakening. The basic state retirement pension or ‘old age pension’ as it is commonly known is not sufficient to provide a comfortable retirement.
The value of state pensions will reduce even further in the future as the proportion of retired people increases and the proportion of working taxpayers reduces. It is therefore essential that you save for your retirement in the most tax efficient manner possible and new legislation in the last few years has greatly increased the options and choices available, both before and after retirement. Take a look at the different areas above.
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