Getting Ready For Retirement

Freedom of choice can help you plan and construct your retirement income but only with the right preparation and advice.

You may be retired a long time

The average retirement age in the UK is 65 years for men and 64 years for women.
Approximately 40% of the British population is now over 50 years old, with 20% over 65.
Women usually give up work earlier than men, despite needing a larger pension pot due to a longer life expectancy.
A significant number of workers living in London can expect to be working into their 70s.
One in 10 workers in the East Midlands usually give up work before they hit 60.

Source: https://www.fool.co.uk/personal-finance/research/average-retirement-age-in-the-uk/

Don’t pay any more tax than you have to

Having spent a long time carefully building your retirement fund the last thing you will want to do is give a big chunk of it to the tax man. This is another reason why you need to plan carefully how you use your retirement fund. Take too much out too quickly and instead of being a basic rate taxpayer, overnight you can become a higher rate taxpayer.

By carefully planning with your Quilter adviser you will work out how best to use your tax-free cash entitlement so you maximise your personal allowance. And if you must draw a large sum from your retirement fund you can at least do so in full knowledge of the tax implications, so you do not get a nasty tax shock.

Guide to Retirement Download