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have worked your whole life and finally the time has come for you to retire,
now what? If you have been planning for this time, you will likely have the
opportunity to celebrate the well-earned enjoyment. Most retired adults will
need a secure retirement plan in order to provide financially for their
needs.UK personal pensions are amongst the most secure way to save for
retirement and the most popular. There are good reasons for choosing personal
*Most popular retirement savings plan
*You decide how much goes into the plan.
*Easy to watch and control
*Inland Revenue provides a return on tax money on savings earned.
*Investment of money could lead to compounded interest.
*You may have multiple personal pension plans
* As of 2010, you can begin to use the money from your personal pension plan
as of age 55 and still work,
* You may have both occupational as well as personal pension plans.
Self-invested Personal Pension Plans:
This system of the personal pension plan allows you total control of where
your money is invested. The main difference between SIPPs ,as it is referred,
and other personal pension schemes is that you have more choices of where to
invest your money.Contributuons into a SIPPs account can be taken from other
savings or from employer contributions as well as a combination of both..
The disadvantages of the Self-invested personal pension plan might be the
upfront fees to be paid. You want to make sure that you are not offsetting the
money you are making with the money you are paying out. A point worth
mentioning here is that online SIPPs usually have a lower fee than those
offline, so it is worth investigating this option.
The only other main drawback of this option is that you need to be investment
savvy. If you do not feel confident in the world of investments then this is
probably not the best plan for you. In this case, you would be wise to work
through professional retirement planners who are experts in the field.
Retirement should be a time in your life to enjoy the fruits of your labor. If
planned wisely this will be much more likely to be the case. Before making any
decision in financial investing, especially if you are not in a situation
where you can take risks, it is essential to do the resesrch, therefore
increasing the likelihood of a comfortable life in your later years.
| Personal Pensions - probably the largest choice of Personal Pensions in the UK!|