Retirement options

Retirement’s a great prospect to do all those things you’ve dreamt of. Arranging an appropriate pension plan will help make sure you’re on track to turn those dreams into a reality.

You may have accrued pension provision from one or multiple sources, pension benefit is generally accrued either through a personal arrangement or occupational arrangement different rules can apply to each. This can be confusing and many people accept the first offer that is given to them from their existing provider and by doing so could well be £1,000’s worse off.

For those with a smaller pension fund and not wanting to take any risk with their pension an annuity is likely to be the best option:

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If you have a larger pension fund and don't want to make a commit yourself to buying an inflexible annuity. Income Drawdown may be an option to consider.

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Knowing what to do with your life savings has never been harder, with the recent turmoil in financial markets and falling interest rates. Clients relying on interest from banks and building societies have been hit hard in recent times.

At Gow's we are sympathetic to the needs of our older clients and work closely with them to ensure their investments portfolio’s areas tax efficient as possible and match requirements such as capital guarantees or maximising income.

Gow's Eight Golden Rules of investing

Whether you are investing for Growth, Income or capital preservation, Gow's carefully considered investment portfolio construction process will ensure you get the possible returns

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Equity Release

The issues surrounding pensions in the UK affects us all, but it is already a very real and daily challenge for millions of retired Britons.

However, many retired people who manage on a small pension and limited savings are also living in properties which, even with the recent house prices falls, equity release can still be an attractive option.

Equity release plans – also called lifetime mortgages, home reversion or home income plans – are a way of releasing cash, whether to buy that new car, to pay for a holiday or home improvements, or simply to make daily life more comfortable. These schemes essentially allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.

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Private Medical Insurance

Life expectancy is increasing and with more advances in medical sciences, the need to ensure we have access to the medical treatment we want becomes more important. We can either rely on state provision to provide our health needs or we can forward plan and pay for private healthcare provision.

If you are retiring and leaving your employers group scheme you will need to carefully consider the options open to you. If you don't continue with your scheme, or apply for another scheme straight away, you will probably lose the ability to cover any pre-existing conditions.

The choice of which healthcare insurance plan is right for you can be complex. It is important to have the right level of cover to ensure that if you claim the policy pays out. Healthcare policies can be expensive but thankfully Gow’s can help guide you through your choices.

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