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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

In its report Retirement Income Uncovered, Old Mutual Wealth discovered some interesting facts from the people it interviewed.

On average men retire at 64.3 and women at 63.1. At these ages men can expect to live until 84.3 and women until 84.7 (Source: Old Mutual Wealth – Retirement Income Uncovered.) Being retired for 20 years or more means you need to plan for an income that funds retirement for this long.

Looking at it another way, at 65 you have a one-in-four chance of living to 94, and almost a one-in-ten chance of living to 100.

To make your money last this long you need to plan carefully and as early as possible. Your Quilter adviser will help you prepare so that you avoid the risk of ruin.

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