If you’re considering retirement or want to know more about the retirement options that are available in the UK, then this is the video for you!

Pensions in the UK can be complicated, and there are a lot of different ways to take your pension income when you retire. Most of us have never had pensions explained to us properly, and a lot of people rely on their employer to explain the options available – Matthew is a Chartered Financial Planner, meaning he is in one of the best possible positions to discuss retirement planning and the options that are available in the UK.

After watching this video, you should have a better understanding of what you can do with your pension and an idea of which retirement income option could be right for you!

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CHAPTERS:
00:00 – Retirement Options Overview
00:50 – What is an annuity?
01:39 – What is Income Drawdown?
02:15 – What is UFPLS?
02:55 – Annuity Example
03:37 – Income Drawdown Example
04:35 – UFPLS Example
05:30 – Which retirement option is best for me?
06:34 – Blending your retirement options

IMPORTANT: Matthew is a Chartered Financial Planner at Wealth of Advice, who are authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Conduct Authority register, with the reference number 563909.

This material is provided for general information available from sources generally available to the public. It is not a personal recommendation. Past performance is no guide to future returns, and the value of your investments can go down as well as up, so you may get back less than you originally invested.

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What are your retirement options? Planning for retirement in the UK

Retirement is a phase of life that many of us look forward to. It is a time to relax, enjoy hobbies, spend quality time with loved ones, and most importantly, reap the benefits of years of hard work. However, to make the most of your retirement, it is crucial to plan ahead and understand your options. In the UK, there are several retirement options available for individuals to consider.

State Pension:

The first and perhaps most well-known retirement option in the UK is the State Pension. This is a regular payment that is provided by the government to eligible individuals who have reached the State Pension age. The amount you receive depends on several factors, including your National Insurance contributions. To qualify for the full State Pension, you usually need a minimum of 35 qualifying years.

Workplace Pensions:

Many employees in the UK are enrolled in a workplace pension scheme. These pensions are a valuable resource for retirement, as they are often contributed to by both the employer and the employee. The amount contributed is typically a percentage of the employee’s salary, with the option to increase these contributions voluntarily. It is important to regularly review and consider the growth of your workplace pension to ensure it is aligned with your retirement goals.

Personal Pensions:

If you are not eligible for a workplace pension, or if you want to supplement your workplace pension with additional savings, you may opt for a personal pension. Personal pensions are investment plans that allow you to build your own retirement fund. There are several types of personal pensions available, including stakeholder pensions and self-invested personal pensions (SIPPs). It is essential to seek advice from a financial advisor before choosing a personal pension, as they can guide you in selecting the option that best suits your circumstances.

Annuities:

An annuity is a retirement product that you can purchase with your pension savings. It provides a regular income in retirement and guarantees a certain level of income for the rest of your life. The income you receive from an annuity depends on factors such as your age, health, and the market rates at the time of purchase. There are different types of annuities available, including fixed-term and variable annuities, and it is advisable to explore these options before making a decision.

Drawdown:

Another popular retirement option is drawdown, also known as flexible access drawdown. With drawdown, you can access your pension savings while keeping the remaining funds invested. This allows for greater flexibility and control over your retirement income. However, it is important to manage your drawdown carefully to ensure your savings last throughout your retirement.

Property:

Property can be a significant asset for retirement planning. Downsizing to a smaller, more manageable property can free up additional funds to support your retirement lifestyle. Alternatively, some individuals choose to release equity from their property through either a lifetime mortgage or home reversion plan. These options can provide a lump sum or regular income during retirement.

When planning for retirement, it is crucial to consider multiple options and seek professional advice. Everyone’s circumstances are unique, and what works for one person may not be suitable for another. By understanding your retirement options and seeking expert guidance, you can make informed decisions that will help you achieve financial security and enjoy a comfortable retirement in the UK.