Retirement planning with Parker Kelly
There are numerous options available to you when accessing your pension. Our page for retirement planning in the North West gives you details on the options. A lot of the uncertainty can be taken away by ensuring you have a retirement plan in place.
There are many other factors that are important when you’re considering your retirement planning in the North West. Understanding what you have got and what you will need are key, however understanding how tax, inflation and risk play a part are also extremely important.
This is were getting financial advice can be useful to help you understand the advantages and disadvantages of all the options available to you.
Your Retirement Journey with Parker Kelly
At Parker Kelly Financial Services, we’re your trusted navigator. Whether you’re starting out, adjusting your plans, or already retired, we provide advice and planning. Our retiring planning team are available to help wherever you are on this journey.
We can provide advice on:
Building your pension
Consolidating pensions
Getting Ready for retirement
Taking a retirement income
Managing investments whilst retired
Pension Options
Our retirement planning service can be tailored to your specific needs. We explore all options as a fully independent financial adviser. We can provide a one-off retirement planning report or help you manage your plans in retirement.
Leave your pension pot untouched
- Your money could grow
- You can continue to make payments
- Pension are normally outside of your estate for IHT
- Pass on to relatives as part of their inheritance
Buy a guaranteed income for life – An annuity
- Your income can be guaranteed
- Your retirement income is stable
- You can choose options so your income increases
- You are locked into an annuity
Take a Flexible retirement income – Drawdown
- Take as much income as you need from your pension
- Fill gaps in your earnings
- Take a combination of taxable and tax-free income
- Risk of you pension running out
Take small cash sums – Phased Retirement
- Don’t take a regular income
- Access lump sums as and when you need them
- Mix taxable and tax-free income
- Risk of your pension running out
Mix your options
- Combine options to match your needs
- Take a regular income and lump sums
- Purchase an annuity later in retirement
- This can make decisions complex
Take the whole cash pot
- 25% will be tax-free
- 75% taxable at your marginal rate
- There are likely to be tax implications
- The funds will be part of your estate for IHT
Please note
None of the information contained in this website constitutes financial or other professional advice in any way.
If you require additional information on financial planning, you should contact one of our qualified advisers. There are many facets to retirement planning, and we recommend you seek advice before making decisions.
The above lists are only some of the options and there are possible tax implications..
Interested in Retirement Planning in the North West?
Contact us today for a free consultation on where to get started, or check out our social media for more information our advisors can give you the best guidance on where to start.
We cover the following areas in the North West: