Managing your finances in retirement
You’ve worked hard – now it’s time to enjoy retirement.
You’ve made it to retirement. Finally, you have the freedom to do the things you’ve always wanted—travel the world, spend time with family, take up a new hobby.
Our specialist financial advisers can help you create a plan that aims to ensure you feel financially confident in retirement, so you can live life on your terms while being prepared for whatever the future holds.
Schroders Personal Wealth has been excellent in helping with my various pension pots and retirement financial planning. Simon was excellent in explaining everything and at no point pushed products. The ongoing meetings and support annually is reassuring too.
How we can help
We offer various options for managing your life in retirement. Everyone’s needs are different. We’re here to help you find the right approach for your specific circumstances.
Investing for income in retirement
If you want to generate as much income as possible from investments, while making sure enough remains in your pension pot there are various income-producing products we can recommend.
Annuities
An annuity, pays you a regular income. We can advise you on how often to receive payments and whether they should be fixed or increase over time.
SIPPs
Self-Invested Personal Pensions (SIPPs) offer a flexible, tax-efficient way to keep your money invested (and hopefully growing), while also allowing you to withdraw an income to support your lifestyle. Our advisers can help you structure your SIPP to best suit your needs.
Other investments
If you have money saved in your Individual Savings Accounts (ISAs) or General Investment Accounts (GIAs), you can use them to potentially generate income or take a lump sum when you retire. We’ll help you make the most tax-efficient choices for your situation.
Onshore and offshore bonds
Both onshore and offshore bonds - which are essentially investments in the form of insurance contracts - offer valuable tax advantages. We can advise if these are suitable for your circumstances.
Long-term care
If planning for later life care is a priority, a Long-Term Care (LTC) Annuity might be worth considering. This provides regular payments to a care home in exchange for a lump sum, which could help protect your estate. If the client is in a Care Quality Commission approved care home, income from the long-term care plan will be tax-free. If receiving care at home, it’s taxable. Income from LTC annuities are paid tax-free if care is provided by a registered care home. Our advisers can guide you on whether this is the right option for you.
Don’t forget!
You can’t guarantee how much income your pension will provide in retirement. It will depend on factors such as the value of your pot when you start taking benefits–which can go up and down, like any investments –and how much tax you’ll need to pay, which can change over time.
Taking professional advice and having a plan in place can help you navigate these uncertainties.
Have you considered how you’ll pass on your wealth?
Whether you’re leaving an inheritance or sharing your wealth while you’re still here, we can help you ensure it’s done tax-efficiently.
You’ve worked hard to build your wealth – now take steps to make sure it’s passed on the way you want.
Quick reads: Discover more about income in retirement
Want to speak to one of our advisers about your future?
It starts with a conversation. No obligation and pay nothing until you’re happy with your plan.