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When you’re coming up to retirement you have lots of decisions to make, not least how to convert your pension pot into retirement income. For most people there is no longer the ability to build further wealth or retirement provision, so when considering retiring, you will need professional independent financial advice to help you decide which option is best for you. Even if you’ve never taken financial advice before, this is probably the time to do it; unless you’re very sure about what you want to do and know what the best option for you is, taking advice could be the soundest financial decision you’ll ever make.
Unless you’re in a pension scheme that pays you an income based on your salary once you retire known commonly as a ‘Final Salary’ pension, you’re most likely to be saving in a scheme that provides you with a sum of money (known as your pension pot). If that’s the case, you’ll have to decide how you are going to use your pension pot to provide an income when you retire. There are lots of options available, some more complex than others, but deciding which is right for you is not straightforward. Blue Sky Financial can help cut through the complexity and find the right solutions to help you build a prosperous retirement.
Even before you get to that stage though, there are questions you might need help with, such as can you afford to retire? Should you bring all your pension pots together? How much will your state pension be?
In addition the options for how you can use your pension pot have changed; in the past you had to use most of the money in your pot to buy an annuity that would give you a guaranteed income for the rest of your life. However, now, if you’re aged 55 or over, you’re able to use your pension pot in any way you wish.