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Income in Retirement Planning

Income in Retirement Planning is the one area people talk about the most, but plan for the least ! There are a number of reasons for this:

  • No one has shown them the different ways of saving for retirement
  • No one has shown them projections of potential retirement benefits at selected retirement ages, growth rates (inclusive of state benefits).

There has been no formal strategy put in place to achieve Retirement goals

Worry that the dream will not become a reality.

With careful planning, it is possible to envision and prepare for that special day in the future — whether it involves a yacht in the Caribbean or a move to the countryside to get away from city life. A strategy needs to be devised, executed, and, above all, monitored to ensure that the financial goals are met.

Retirement Strategies

At MAC Financial, our MAC Club Membership services will provide discussion, planning and recommendations surrounding Income in Retirement strategies.

As a typical example, we find the beginning of formalising a retirement strategy always starts with understanding a client’s current position. We will always endeavour to understand the following:

  • Current active schemes whether they be an employer or personal schemes.
  • Schemes that are inactive, paid up or left with a previous employer
  • Other investments are being made towards retirement provisions
  • Assess current schemes with a view to possible amalgamation of benefits, if appropriate

Whilst not the only option, a pension plan of one form or another is the most popular vehicle to provide for Income in Retirement Planning, but there are many different types of schemes. It is impossible to provide advice on a ‘one plan fits all’ basis. MAC Financial can provide advice on the following products on both an Individual or Corporate basis:

  • Personal Pensions (PPP)
  • Group Personal Pensions (GPP)
  • Stakeholder Pension (SHP)
  • Self Invested Personal Pensions (SIPP)
  • Small Self Administered Schemes (SSAS)
  • Auto Enrolment & Workplace Pensions
  • Salary Sacrifice

For more information on preparing and reviewing for your retirement contact us

Please note: The level of income you receive from your pension plan will depend upon a number of factors including the value of the plan when you decide to take your pension, which is not guaranteed and can go down as well as up. Please also note auto-enrolment and workplace pensions are not regulated by the FCA.