A pension remains one of the most tax efficient ways of saving for retirement – they offer up to 50% tax relief on contributions with no capital gains tax or futher income tax to pay. The tax benefits depend on individual circumstances and the rules are often changed by the government.
When Can I Retire?
At Mike Smith IFA Ltd, we can help you to prepare for retirement by calculating how big your retirement fund needs to be. Most people need two-thirds of their annual income when they were working to live on when they are retired in order to maintain their lifestyle. This may seem unachievable, however we can work with you to determine how much you need to save per month to reach your goals.
Could You Retire Earlier?
If you start retirement planning early, you might be able to retire earlier than you thought. Subject to the minimum age of 55 there is no set retirement age and many people are uncertain about when they have enough money in their pension to be able to retire comfortably. If you have a target age you want to retire, we can create a plan to help you to achieve this.
Need Help To Reach Your Retirement Goals?
Planning your retirement alone can be overwhelming, at Mike Smith IFA Ltd. we work with you to define your goals for your retirement and define the best steps to help you achieve these.
Let the Govenment Boost Your Pension
When you make a pension contribution, 20% basic rate tax relief is automatically applied by the government. For instance, if you wanted to invest £8,000, the government adds £2,000 (20%) tax relief, increasing your total contribution to £10,000, when it only cost you £8,000 of your money.
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With the government making pension funding a compulsory requirement when they introduced National Employment Savings Trust (NEST), you should always aim to stay in the loop with your pension arrangements.
Compulsory Employer and Employee contributions can cause financial strain on both parties, so it is vital to find the correct approach to make any transitional phases as easily and financially painless as possible.
With large fines from the pensions regulator for non-compliance, you cannot ignore NEST legislation.
Check out our testimonials page to see reviews from our company pension schemes.
How We Can Help You
- Help to achieve your retirement goals
- Free initial consultation to assess your needs
- Full review of any existing arrangements to ensure they meet legislation requirements
- Ensure your contract is still competitive on charges and functionality
- Guide you through the entire set up and protectionary measures if a new pension scheme is required
- Help and guide your employees
- Minimise your administration burden
- Provide a complete solutions package tailored to your individual needs
Get a quote today and find out how we can help you invest for the future: