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Retirement Income

Looking for an Edinburgh Financial Adviser for Advice on Your Retirement Income?

Do you need advice on planning a steady income for a long and happy retirement? Speak to Torphin Financial Planning, Edinburgh-based, Independent Financial Advisers.

What are Your Options When it Comes to Creating a Steady Retirement Income?

Retirement income advice - Torphin Financial PlanningYour retirement is looming. You’ve spent most of your working life saving for retirement and now is the time to convert this sum into a monthly income to fund your retirement for the next 20 to 30 years. So, what are your options?

  • Take income only from your pension without the tax free cash to provide the highest income available.
  • Take 25% of your pension fund as tax free cash and invest it in ISAs, rental property or just enjoy it, taking an expensive holiday, upgrading your home or changing the car.
  • Transfer the remaining 75% to a Life Assurance Company who will exchange it for a guaranteed income for life. This is called an annuity.
  • Or, put the remaining 75% into a pension drawdown plan. This is where the funds continue to be invested and you draw an income of 3% to 5% from the sum invested which will be liable to income tax at your own rate. You can take lump sums as and when required. This option allows you to transfer the fund to your spouse or children on your death.

Most pension providers would like you to keep your funds with them and at retirement invest in more of their products.

However, the pension products on offer may not be what you really need to deliver a secure and enjoyable retirement. It’s therefore important to seek independent advice before making a decision which could affect your income for the rest of your life. See more on Retirement Planning.

Torphin Financial Planning, Edinburgh, for Retirement Income Advice

Torphin Financial Planning, Independent Financial Advisers based in South Edinburgh, are experts in retirement income planning. We get to know our clients and will always work in your best interests to make sure that the advice you receive is the most appropriate for your needs.

Contact us now for a free initial meeting and let’s talk through some options.

Please note

Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.