Planning for your retirement

Although it may not currently seem your most important financial goal, it is essential to put in place sufficient measures now to ensure that you will be able to enjoy your future retirement without any financial worries.

 In our experience, too many individuals are still heading towards retirement without adequate savings, and personal debt is also a significant problem in the UK. Meanwhile, life expectancy is continuing to rise, contributing to a general shortage in the state pension pot.

 Investing in a pension scheme, whether a company or a personal scheme, allows you to enjoy tax breaks on your pension savings. These are tax reliefs as you invest, and a partially tax-free regime for your savings. Your employer can also contribute and obtain tax relief.

 Scheme managers can provide pension forecasts to help you judge whether you are saving enough, and what additional savings you might have to make in order to generate the income you will need in retirement.

 Pension contributions based on 2007/08 earnings must be paid by 5 April 2008. Tax relief is available on annual contributions limited to the greater of £3,600 or the amount of UK relevant earnings, but subject also to the annual allowance.

 While you are waiting for your pension forecast from your pension provider, why not begin to put together a forecast of your spending needs, post-retirement - starting by looking at what you are really spending now?

 We can help you to plan for a financially secure retirement. Call us for further advice and assistance.

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Year End Strategies 2007/08

Disclaimer:
This guide is prepared as a general guide only. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the author or publisher. Always seek professional advice before acting.