Generally speaking people are living longer which means that many will either need to continue to be in work, or have enough money to enable them to retire early, so saving into a pension remains one of the most appropriate vehicles to accumulate retirement funds due to the tax relief you will receive on contributions.
When it comes to taking money from your pension, it is important to understand the best way to do this, especially as people’s needs are so diverse. You may want to gradually retire and still work but need to supplement your income to fully retire but have other sources of income to draw on, or you might want a secure income, vary it year to year, or take ad-hoc lump sums - so being able to plan effectively is increasingly important.
Following the introduction of the ‘Pension Freedoms’ in April 2015, these options are all possible now, but care is required to ensure that you make the right decisions, don’t run out of money, or become locked into an income stream you no longer need if your circumstances change.
There is no substitute for professional advice of course, and our Financial Planning Consultants are well equipped to help you with all aspects of your financial planning.