Financial Futures

Top 10 tips if you’re retiring in 2019

The New Year is a great opportunity to take a good look at your finances and make financial plans for the coming year. Individuals who are facing retirement and have a defined contribution (DC) pension will have a number of decisions to make, given the freedom and choice in pensions.

To help with this, we have created a list of top 10 tips for those who are thinking about retiring in 2019.  

How to minimise tax at retirement

People could end up paying 200 times more tax, depending on how they decide to access their retirement income, according to research by the Pension Policy Institute (PPI).

The findings were based on the tax that someone would pay if they fully withdrew their defined contrition (DC) pension, compared with annuity purchase.

Top 10 tips to cut costs and boost savings

The majority of employers believe their staff are not saving enough for retirement. This is usually due to affordability or lack of understanding, but what many individuals don’t realise is the huge difference small changes to their spending habits could make to their savings levels overall.

Here are top 10 tips for individuals wanting to cut their costs and boost their savings: