What is pension drawdown? How does it work, and is it the best way to organise your income in retirement? In this article, our financial planners at Elmfield demystify the notion of “drawdown”, how it compares to other options (e.g. buying an annuity) and ways it can be used to support a sustainable, comfortable lifestyle. What is pension drawdown?…
Are you thinking about picking up some work after retiring? Perhaps you are even considering a full return to the workforce. In 2025, many people are considering “unretirement” in some form – some out of necessity, others out of choice. In this guide, our financial planners explain the nature…
Did you know that around 1.2 million people are “mostly reliant” on the State Pension? 28% of over 55-year-olds are completely dependent on it, with no other pension savings. This raises the question: can you get by purely on the State Pension in retirement? Below, our Burnley financial advisers explain…
Pensions are highly effective for retirement planning. They can offer generous tax breaks (such as tax relief on contributions), significantly boosting a nest egg’s growth over time. However, pensions can also be confusing. Not only do different types of pensions exist, but the rules and processes can vary…
Being single – whether by choice or involuntarily – brings many unique opportunities and challenges for financial planning. Perhaps you imagine yourself living independently in retirement. Or, maybe you find yourself suddenly single due to divorce or bereavement. Regardless of the circumstances…
Many people dream of retiring early. The thought of enjoying more time for travel, family, and passion projects is certainly appealing. However, “early retirement” has undergone a significant generational change. In previous decades, men often retired earlier than women. There were “send off”…
In the 2023 Autumn Statement, Chancellor Hunt announced that the State Pension would receive an 8.5% increase in April 2024. By doing so, he confirmed the continuation of the “triple lock” system (which was suspended in the 2022-23 tax year), much to the relief of many pensioners. However, what will pensioners…
In 2023, there are an estimated 6,400 “gold-plated pensions” (final salary pension schemes) in the UK. Yet this figure pales in comparison to the number of schemes which are built upon pension “pots – also called defined contribution pensions. Indeed, 0nly 1,013 final salary schemes remain fully…
Retiring early is an ideal goal for many people – offering more opportunities to travel, volunteer or pursue other passions. Yet early retirement rarely just “happens”. Rather, it needs careful planning years in advance. In this guide, our Burnley financial planners explain some of the forms that early retirement…
An annuity is a financial product which offers a guaranteed income over an individual’s retirement. In 2023, annuities have become more popular due to higher incomes offered by new products. Is now the time to buy one? In this article, our Burnley financial planners explain how annuities work…
Recent Comments