You have finally managed to save a nest egg, either from a pension pot, hard savings over many years or have received an inheritance. You have some choices, do you leave it in the bank and see it erode just because of inflation and further still because you keep finding excuses to spend it? Or do you invest it and get it growing more than inflation and secure your future spending needs or a bit of both?
- How much income do you need and do you need it level or increasing and how long for?
- Do you have anything you need to buy now or in the next few years or can some be invested for longer?
You may be lucky enough to have a company pension scheme (Final Salary Scheme or Money Purchase scheme) or are saving into a Personal Pension Scheme yourself. Over the next few years the government is making it mandatory for your company to enrol you in a workplace pension. Amazingly they have also allowed you complete flexibility in how you take you pension at retirement, making it one of the most attractive savings schemes available depending on your age.
So while you are still at work what is best pension for you, what has happened to all of your old frozen schemes, should you tie everything to your company or save separately as well, what are your options now when you retire? What if you want to move abroad (QROPS)? Should you take your money and buy a property to rent out or buy an annuity or invest your money for income and growth.
Here at Heron Global we have an extensive range of IFA’s that we can put you in touch with to help you make the most of your future plans.