Retirement is your time. It is the start of a new and exciting chapter of your life and you have the chance to enjoy the freedom it presents. You can control what you want to do and when you want to do it.
It’s important that when you choose a pension plan that you review it every year to assess your financial goals.
During a financial review we would go through the following:
- Fact Find (up dating your current financial and personal situations to help make a more informed decision)
- Risk Assessment Questionnaire
- Market analysis and how your investment fund is performing.
As you are approaching your normal retirement age you should have a clear financial goal in sight.
When you retire, you will need to make sure that you use this retirement fund wisely. You want to give yourself financial security, so that you can get on with enjoying a very fulfilling retirement. The most important decision you will have to make is what to do with your retirement fund.
You can usually take a part of your pension fund as a retirement lump sum. You may be able to take some or all of this retirement lump sum tax-free. Then, if you meet certain conditions, you may be able to choose what you want to do with the rest of your fund. You can:
a) use it to buy a pension for life (also known as an annuity, a regular income for the rest of your life);
b) re-invest it in an Approved Minimum Retirement Fund (AMRF) or Approved Retirement Fund (ARF); or
c) take the rest of the fund as taxable cash.
Each person has different retirement goals therefore each retirement plan is tailored to your individuals financial needs.
If you are nearing retirement age or would like to arrange a financial review contact me or one of the team today. We will work with you to help choose the best retirement plan for you.
Hegarty Financial Management 40 years caring for our clients financial wellbeing.