Retirement options

The Mechanics of Retirement - What are my options?

Towry offers retirement planning advice and advice on your options at retirement so that you are prepared for the decisions that lie ahead. When you decide to retire, some of the decisions you have to make are irrevocable and so you must get them right first time. A person retiring at 60 may live for another 40 years. During this time, income needs may change, as may your and your dependant's health.

You may wish to reduce gradually your work commitments and supplement income from your savings. We can advise you on the most effective and tax efficient way to do this.

Many people have the opportunity to take a 'tax free' cash sum from one or more of their pension schemes. For some, to take this is the right course of action, for others it is not. Once this decision has been made it cannot be changed.

Historically, retirement may have been funded from the income generated from an annuity purchased at the time of retirement. For many, this remains a good solution, but for others, particularly those with a mixture of other savings and investments, there is now greater choice. However, having more control over your retirement income entails more risk. We are able to advise you on the options available to you. Purchasing an annuity is an irrevocable decision, so advice is needed in order to get the best deal and the right features. Different types of annuities are now available; there are specific products available for individuals with a medical condition, for example.

Pension legislation is complicated and we offer independent financial advice so you know your options when you retire.

As an endorsement of our retirement planning advice, we have been awarded the prestigious "Best Retirement Adviser" award in the Moneyfacts' Good Advice Awards 2009.

Important Notice

The way in which tax charges (or tax relief, if appropriate) are applied depends on individual circumstances and may be subject to change.