Plan for retirement
We’re all going to need money when we stop working, so that we can keep on enjoying life. Most people want to have more than just the state pension when they retire – and many want to stop working or cut back hours before they reach state pension age anyway.
One way to get more money when you retire is to contribute to a pension while you’re working. The earlier you start, the less you have to pay in overall.
There’s tax relief available – meaning that some of the money that would normally go to the taxman goes into your pension instead. And many people can also benefit from employer contributions too – money you couldn’t get any other way from your employer.
We can help you work out how much you need to be saving each month in order to achieve the level of income you want in retirement.
You may have built up a number of pots over the years. We can review these and consolidate them if we agree that’s a good idea. Doing this helps us make a clear plan together that keeps you on track.
When you retire, you can use the pension pot you’ve built up in a number of ways. The first 25% can usually be taken as a tax-free lump sum. You can then buy an annuity that gives you a guaranteed income for life. You can draw down an income and leave the rest invested. You can take it as cash – or even a mixture of all three. Each choice comes with pros and cons. We’ll help you understand these options - as well as the impact your health, your property and your other assets could have - and find a plan that means you can really enjoy life after work.
“ Antony and the Providus team have helped me to plan an early retirement from the NHS, enabling me to become self-employed and work part-time. ”