People can have very different retirement needs and goals, but enjoying a secure and reliable income as part of planning finances in retirement is a priority for most.
Just Retirement Limited is committed to providing concise, clear and easy to access information on your retirement choices, particularly for annuities and equity release.
What financial decisions will you have to make?
There are a number of financial decisions you will need to make and, as some of the options can be complex, you should consider taking professional financial advice before finalising any decisions.
You don’t, for example, have to commit all the money in your pension fund to buying an annuity immediately when you retire. Additionally you could, for example, choose to draw an income from your pension fund whilst remaining invested in shares and other assets until you are 75.
An annuity has the benefit of allowing you to plan with certainty as your income will be guaranteed and will not depend on how stock markets and other investments perform. Delaying purchasing an annuity could also be a costly decision so it is important to be aware of all the options that are available to you.
Enhancing your retirement income
There are other things you will also need to talk through with your financial adviser including:
- help with your right to take your pension fund and shop around for the best annuity using the Open Market Option
- whether you qualify for an enhanced annuity, which could pay a higher income to those with health and related lifestyle conditions
- whether you want an annuity that ceases on your death or continues to pay an income to a spouse or dependant after you have died
- if you are considering unlocking money from the family home via equity release a financial adviser will be able to explain all the features and risks, as well as discussing whether this is appropriate for you
- a range of important financial planning areas such as inheritance tax and long term care needs