Retirement In Cheltenham
Looking for retirement advice in Cheltenham?
Our team of Chartered Financial Planners, located in Cheltenham, are here to help you, plan for your retirement.
At Howard Wright we have helped many people in and around the Cheltenham and Gloucestershire area, plan for and achieve a successful retirement.
We believe that to have the most successful retirement possible, sound financial planning is required to help achieve your objectives, as the decisions taken today will impact not only the rest of your life but also your families.
Many of the options available and the terms used to describe them, may be new and confusing to you. When working with one of our Chartered Financial Planner’s they will clearly explain the options and how hey may be suitable for you with consideration to the following areas:
- The amount of income you require to maintain your lifestyle in retirement.
- The amount of guaranteed income you will require in retirement.
- How yours or your spouses income position is affected if either of you pass away.
- The effect of inflation on your retirement income
- Your state of health today and how this will affect the level of income you could receive.
Howard Wright Retirement Options Report
To help further simplify your retirement further, at Howard Wright we have created our very own retirement options report. Your Financial Planner will use this document to provide illustrations personalised to you and your circumstances and work with you to select the option or options that meet your objectives.
There are two main ways in which most of our clients draw their retirement income.
A Pension Annuity provides you with a guaranteed income for the rest of your life or for a fixed period of time and can include numerous different options and guarantees to suit your circumstances.
If, following the presentation of the retirement options report, you decide you would like to purchase an Annuity, we will then explain the benefits and drawbacks to the additional options such as increasing or level incomes, or if you would like an income to remain payable to a dependant should you pass away before them.
Once we have established what type of Annuity is the most suitable for you, your Financial Planner will then source the market to find you the best income available income.
The income you receive from your Annuity is linked to your life expectancy and as such, any health issues should be considered as this could increase the level of income you receive.
The second option for clients to take their retirement income, is to utilise a pension drawdown. A pension drawdown involves keeping your pension funds invested and drawing either a regular or adhoc income tailored to meet your requirements, in the most tax efficient way
Some clients may prefer the pension drawdown due to the greater flexibility and control they have over the retirement plan, compared to a specific fixed income. It also provides the possibility for additional growth within your Pension beyond retirement, allowing you to potentially have a greater lifestyle rather than a continuous guaranteed income.
It’s important to bear in mind however, that a pension drawdown approach is not without risks and unlike an Annuity, if the income you draw is too high and unsustainable the fund could be exhausted whilst you are still reliant on the money.
What to do next?
Our Chartered status is the gold standard of our industry, is an assurance we operate to the highest standards and provide the best advice possible.
To start your retirement planning today, with one our Cheltenham based Charted financial planners, you can call us on 0345 688 4939 or email us at [email protected] we will be more than happy to help you in any way possible and look forward to hearing from you.