Making the right choices

If you are coming up to retirement, or are already in retirement, you will need to take a number of important financial decisions which can have a significant bearing on the standard of living you will be able to enjoy.

Some key things you should consider include:

• whether you need to take all your pension as a guaranteed income as soon as you retire
• taking your pension savings and shopping around for a better annuity income by using the Open Market Option
• whether you want to use your home to provide more money for your retirement

Getting financial advice

As some of these decisions can be complex and, particularly with annuities, you only get one chance to make them, Just retirement strongly encourages you to speak to an Independent Financial Adviser (IFA) who can talk you through the options available and help you to achieve the right solutions.

An IFA can assess your circumstances and needs and access a broad range of product providers and shop around on your behalf for the most suitable deal. They can also advise you on ways to help you get the maximum possible returns from pension and property assets and discuss other issues like minimising Inheritance Tax liabilities and safeguarding against the costs of needing care in old age.

Before you get started

There is plenty of independently written information available about retirement options and the decisions you will have to make. Organisations such as Age Concern and industry regulator the Financial Services Authority (FSA) provide a wide selection of customer information sheets.

If you do not have a financial adviser, IFA Promotion will be able to put you in touch with suitable IFAs in your area.

For our guides ...

Finding out more about your annuity options