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Never Too Late: Tips for ‘Last Minute’ Pension PlanningCreated by Verity in Retirement and pensions
click here Everyone knows that starting to save as early as possible is one of the best ways to build a retirement nest egg. Unfortunately, not everyone has that luxury.
خيار ثنائي الروبوت التابعة لها The good news is that it really is never too late to save for retirement, whether you’re a decade away, or in your last year before you stop working.
الفوركس الإلكتروني A decade to go – Assess your nest egg
http://dinoprojektet.se/?kapitanse=jobba-hemifr%C3%A5n-chalmers&829=17 If retirement is 10 years away, you’ll need to take the same initial steps that everyone planning for retirement should take: determine how much you’ll need to survive in retirement, and see how much you need to save to make this goal a reality.
follow link Do this by taking into account how much you will make from the state pension, which is currently just above £107 a week for people with a full employment record that won’t receive any top-ups. If you’re set to retire after 2017, it’s likely that you will fall under the new ‘flat-rate’ state pension plans, in which case you should plan for £144 a week in today’s money.
http://www.tyromar.at/?yuwlja=%D8%A7%D8%B4%D8%AA%D8%B1%D8%A7%D9%83-%D8%A7%D9%84%D8%A7%D8%B3%D9%87%D9%85-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%A7%D9%84%D9%8A%D9%88%D9%85&234=6e If you’re not sure how much you are entitled to, you can go to www.gov.uk and get a state pension statement.
You can also ask your pension provider to give you a projection of how much your fund will be worth at retirement – they do this kind of thing all of the time, and will easily fulfil that request. Then, you can take that sum to see how much it will buy you in an annuity. However, be aware that annuity rates could go up or down by the time you retire, so these are just projections for your benefit and not set in stone.
Experts also suggest that which higher-rate taxpayers get a great deal on pensions (40 or 50 percent tax relief), basic rate taxpayers may want to use Individual Savings Accounts (ISAs) in addition to pensions. ISAs do not tie up your money for any length of time and therefore offer flexibility. One option is a stocks and shares ISA from http://stevensgroup.org/?alibaba=%D9%81%D9%8A%D9%87-%D9%85%D9%86%D8%B5%D9%87-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D9%87-%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%88%D8%A7%D9%84%D9%86%D9%81%D8%B7&7df=72 Shepherd’s Friendly, though if you are very close to retirement you may want to consider a less risky cash ISA.
http://parts.powercut.co.uk/?risep=%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-%D8%B3%D9%8A%D8%B5%D8%B1%D9%81-%D8%A2%D9%84%D8%A9-%D8%AD%D8%A7%D8%B3%D8%A8%D8%A9&5f1=ad 5 years or less – Decisions, Decisions
Once you are 5 years or less from retirement, it’s important to start thinking about how you will secure income in retirement. You may want to speak to a financial adviser at this point, to ensure that you’re making the right choice for your circumstance.
One option is income drawdown, which allows you to keep your pension pot invested and draw money from it to live. This can be risky, especially for people without a lot of finance experience, because your pension pot is finite and withdrawing too much could see you running out of money later in retirement.
If you want to buy an annuity instead, this means trading in your entire pension pot in exchange for guaranteed, regular income. Again, it can be wise to speak to a financial adviser at this point because they can scour the annuities market for the best rate for you, and can advise you on what kind of annuity will be best.
No matter what annuity you choose, however, experts suggest sheltering your pension pot from risk in the few years leading up to your retirement and annuity purchase. 5 years or less is not enough time to ride out the effects of a volatile stock market, so keeping your money invested in risky shares at this time could devastate your pension pot and significantly lower your annuity income.