If you retire completely and have not made sufficient retirement provision it could leave you without the income you need for many years. One option you could consider is to switch to working part-time and stagger your retirement.
Although some people delay retirement for financial reasons, a significant proportion keep working because they want to stay active and be productive.
Maximise your investments
This means you can keep your pension fully invested to maximise your investments for a few extra years while drawing on other savings and investments. Alternatively, you could draw out your payments over several decades instead.
If you are in a position to carry on saving, you will continue to receive tax relief on pension contributions at your marginal rate of income tax, until you reach the age of 75.
Annual pension withdrawals
One important thing to keep in mind before choosing a staggered retirement is that there may be penalties involved depending on how much you decide to withdraw each year from your pension.
If you do choose to stagger your retirement, it is important that you create a budget to see how much money you will have left over each month after all expenses.
- Children’s pensions
- Defined benefit (or final salary) pensions
- Defined contribution pensions
- Personal pensions
- Self-Invested Personal Pensions (SIPPs)
- The state pension
- Annual allowance and lifetime allowance limits
- Busting myths about pensions
- Increases to pension age and new normal minimum pension age
- Pension freedoms
- Pension withdrawal methods
- The lifetime allowance
- Delaying retirement
- Generating income from investments throughout your retirement years
- Importance of a retirement wealth check
- Retirement goal setting
- Retirement planning
- Reviewing your retirement plan
- Staggered retirement
- Taking control of your retirement plans
- What can I do with my pension?
- What happens to my pension on death?
- Discretionary Fund Managers
- Market timing
- Minimising risk
- Multiple asset classes
- Portfolio insulation
- Pound cost averaging
- Principles of investing
Growing your wealth
Goals based investing
- Cash flow modelling
- Creating a financial roadmap
- Investment objectives
- Timescales and market activity and the impact of losses
- ‘What if’ scenarios
- Discussing legacy planning with your loved ones
- Inheritance Tax (IHT)
- Inheritance Tax Residence Nil Rate Band (RNRB)
- Lasting power of attorney
- Lifetime transfers
- Making a Will
- Preserving wealth for future generations
- Protecting your assets for the next generation
- Slicing up your wealth pie