Retirement planning

No matter how you plan to provide for your pension income, you need to save enough money while you are working to ensure you have a sufficient level of income for when you stop working.

If you're wondering how much you need to save, consider if your working life is 45 years and your retirement is approximetly 20-25 years, to ensure you receive the income you want during those 20-25 years you are going to need to save a lot of money! You need to start thinking about the level of income you want in retirement and how much you can afford to set aside from now on to achieve this.

Our pension specialists will help you through the complicated process of retirement planning by assessing your entire financial circumstances, from saving for your retirement to investing your retirement savings when you come to stop working.

Before any meeting to discuss retirement you should be considering what age you would like to retire at and how much income you would like when you retire.

Pension Plans

While any form of savings can be a source of pension income a 'pension plan' can be used to build up money, which can be converted into an income in retirement.

Pensions are amongst the most tax efficient and effective ways to save for retirement. However, a poor performing pension can significantly reduce your pension income. Therefore, it is important to receive expert advice to ensure you have a well funded and properly maintained pension fund to benefit from when you choose to stop working.

At HK Financial Services Limited our pension specialists can guide you through various options based on your individual circumstances and identify the most appropriate retirement savings vehicle for you.

Annuities

To receive an income in retirement for the rest of your life, you will use your pension fund to buy an annuity from an insurance company

Purchasing the right annuity can make a considerable difference to the amount of income you receive. It is important that you make the right choice, as you cannot change your mind once you have chosen the annuity.So it is essential that you obtain professional advice to help you choose the option best suited to your personal and financial circumstances.

HK Financial Services Limited aim to provide a detailed and clear explanation of the choices available and how they affect you or your beneficiaries in the event of your death. We will guide you through the technical jargon and government legislation.

Income Drawdown

Under new pension legislation it is no longer mandatory that you buy an annuity with your pension fund. Income drawdown offers you the facility to withdraw cash from your fund and / or receive and income from your fund without buying an annuity. Please ask us to discuss this option with us when you meet us.

SIPPS

Our specialists are able to advise you on Self Invested Pension Plans - SIPP's although these are not pension options for everybody but in many cases they can offer a far more flexible solutions.