Show Notes
If you’re planning to retire before State Pension age, how do you fund the years in between?
In this episode of Retire Well, Matthew and Joe explore how to bridge the retirement income gap by making the most of the different assets available to you. They discuss why retirement planning shouldn’t just focus on pensions, and how cash savings, ISAs, defined contribution pensions and defined benefit pensions can all play a role in creating a sustainable and tax-efficient income.
They also look at using your Personal Allowance before the State Pension kicks in, whether it can make sense to take a defined benefit pension early, and why being tax efficient shouldn’t come at the expense of enjoying the retirement you’ve worked for. Plus, they explore how your financial plan may need to change once the State Pension starts, from investment decisions and gifting to inheritance and estate planning.
Finally, Matthew and Joe discuss how potential inheritances should fit into a retirement plan and why regular reviews are so important as your goals, tax rules and circumstances change.
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CHAPTERS 00:00 - Intro 02:49 - What do you have available to fill the gap? 06:28 - Role of cash in retirement 08:11 - What tax-efficient sources you can use? 12:30 - How defined benefit pensions change your income need 18:40 - What changes at State Pension Age? 23:00 - Importance of Ongoing Advice 26:55 - Summary, Listeners Question and Outro
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Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909. Past performance is no guide to future returns. Your investments can go down as well as up, so you may get back less than you originally invested. This video is for educational purposes only and is not personal financial advice.
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