Cornwall LivingIssue #81

Planning for your retirement

Retirement is a time for you to do the things you’ve always wanted. Thinking about these things early could help when deciding the best way to take your pension savings.

The very concept of retirement has changed. ‘Phased retirement’ is becoming more common; the way we access our pension is now much more flexible, and in the UK we’re living longer than ever before. A longer retirement and more choice over how you take your pension require planning ahead to ensure you’re on track to a financially secure future.

Although you may have retired from full-time employment, you may wish to earn money from part-time work. Besides the State Pension, consider any other income sources you’ll have when you finish working full-time and find out when they commence.

Perhaps you have children or grandchildren that you plan to help through further education, or onto the property ladder. How will you provide this financial support in retirement?

Leading a healthy lifestyle can help ensure you’ll be fighting fit during your retirement. However, ill health can strike at any time. It’s important to factor things like medical costs into your financial planning. Later, you may also need to pay for residential care for yourself, your partner or parents.

The amount you have in savings may influence what you’ll need from your pension, too. Is this enough to live on? If you own a home, you may decide to sell it and move somewhere that better suits your lifestyle needs. You’ll also need to think about how you would pay for a new property, factoring in any repair costs to a new or existing home.

The way you choose to take your pension can impact things like your tax position or pension allowances. If you choose to move provider, you may lose any guarantees that you may have with your existing pension provider. You should also think about the impact that taking any tax-free cash, income or lump sums may have on any means-tested benefits you currently receive.

The effects of inflation may reduce the buying power of your savings and investments in the future, so think about how you’ll maintain your lifestyle if your money doesn’t stretch as far.

The ways that you can take your pension savings changed in April 2015, giving you greater choice over how you can access and use the money you’ve saved up. Deciding what to do with your pension is a big decision. If you’re looking for further information or want to review your options, Harris Begley can help. Please contact financial advisors Matt Begley or Steve Rusga.


Information is based on Harris Begley’s current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. Although endeavours have been made to provide accurate and timely information, Harris Begley cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. Harris Begley cannot accept responsibility for any loss as a result of acts or omissions.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate Tax Planning.