Retirement Options is your very own Retirement Guide. There was a time when Corporate Employers would send their employees on a retirement course 5-3 years prior to retirement age.
The Company that I worked for as a Training and Development Manager ran pre-retirement courses twice a year.
We took employees away to a seaside holiday resort for 5 days where they were given the opportunity to participate in a series of seminars delivered by expert speakers on a variety of retirement subjects.
The format tended to be the serious subjects in the morning sessions like Finance and Pensions and then the more light hearted subjects in the afternoon on hobbies, interests and lifestyle.
Unfortunately when the recession hit this was condensed down to a one day event which focused on the "vital to know subjects".
This website is intended to be your very own online Retirement Guide which will give you all your retirement options in one place plus a lot of extras.
This Page is intended to be your ultimate Retirement Guide leading you through the pages that will give you all the information you will need to consider your retirement options.
With the change in rules on pensions and pension age it does mean that you're not forced into retirement at a certain age whether you want it or not. I know that many of you particularly women may have to work longer than you had perhaps planned if your only retirement income is going to be your state pension.
There will be those who really don't want to retire or would only like to scale down slowly perhaps working 2-3 days a week. And then there are those who feel they can't afford to retire and will have to carry on working as long as they can.
Which category do you fall into?
Firstly Let's consider exactly what your Retirement Options are because you do have more than you may think.
When preparing for retirement it's not just the financial planning that
has to be taken into account. This is a new phase of your life
beginning, it's huge yet so many drift into it without giving it much
Statistics given by the Department of Work and Pensions are predicting that nearly a fifth of people living in the UK today are expected to celebrate their 100th birthday. It's important for you to have a rough idea of how you would like to spend the next 20+ years.
Get a feel for the kind of things you need to consider - See more at: preparing-for-retirement
Baby boomers trying to decide when to retire are having some tough choices to make during what is becoming a prolonged global economic crisis.
There doesn't seem to be any signs of us pulling out of this recession any time soon. If you're planning to help your children to get on the property ladder or contribute towards university fees for grandchildren then your retirement options may have to be revised.
This article will help you decide where your priorities lie and whether they're realistic. Perhaps it's time to put the closed sign up at the Bank of Mum and Dad and time to look after yourselves.
See more at: when-to-retire
OK now we're beginning to focus on the match between the kind of retirement lifestyle we dream of and the reality of whether we can afford to fulfil those dreams. For many of us the type of retirement lifestyle we choose will probably depend on our financial position, but there are other factors that could have a bearing on it. Not everyone wants to give up working. -
This article sets out some of the retirement options you have. Retirement doesn't have to be immediate you can do it gradually over a period of time reducing your hours or even quit your job and try something different. See more at: Retirement-Lifestyle.
Perhaps we should take a tea break before we get into the heavy stuff!
You should have some ideas in your head by now on whether you want to retire and if so what you would like your retirement to look like. This is where you need to get down to do a little retirement income planning before making the final decision on retiring.
This article will show you how to get your pension forecasts for both State and Company pensions. How to trace any lost pensions that you may have had over the years, how to consolidate pensions if you have more than one. It will help you focus on income versus expenditure on the day to day living expenses you're likely to incur in retirement.
Until you know what income you can expect to have coming in against what living expenses you have to pay out you won't know whether retirement is going to be the best option.
See more at: Retirement-Income-Planning
This page will tell you how to check whether you have enough years to qualify for a full State Pension. How to get your pension forecast.
How to check you've not had your State Retirement Pension Stolen through loss of NI payments.
Whether you qualify for Pension Credit if you don't qualify for the full pension
Whether it's worth deferring your pension if you decide to carry on working.
Get all the information at State-Retirement-Pension
It might also be a good idea to check whether you will be affected when the rules change under the new flat rate proposals that should come into effect in 2016 at State-Pension-Reform
Find out here how to check what your official age will be to qualify for the state pension as this has recently changed?
The age of retirement for women particularly went up much sooner than originally planned. There are a lot of women now that will have to work another 18 months - 2 years than they originally planned.
If you go to this page state-pension-age-reform you will find a link to download a pdf document by AgeUK that sets out all the changes.
Once you make your decision to retire and draw any private pension there a few things you need to be aware of.
From April this year (2015) retirement pensions new rules come into
force but do you know what they mean and how they could affect you?
Until recently when you retired you had to use your pension fund to purchase an annuity which would then give you an income for life.
From April 2015 you will not be forced to buy an Annuity although this still may be the best option for some, but can use your money in other ways.
Your retirement options will probably be determined by the type of income you hope you will have. If you have a private pension which is a money purchase scheme (the most common) you will have a pot of money that you will be expected to purchase an Annuity with to provide you with a private pension income.
It's very important you do some research and shop around. This article will explain the pitfalls and tell you how to get the best rate.
What you get now will be set for the rest of your life unless the rules are changed. Make sure you get the best advice.
See more income-annuities
When you receive your private pension it's likely you will be offered the opportunity of taking a tax free lump sum. You may decide you will use this money for buying a new car, updating the home or to go off travelling or you may want to invest it to increase your retirement income. Read Investing-in-Retirement to find tips on how to get the best advice.
Phew that's the hard bit done!
If you've made it this far you'll be better equipped to consider which retirement options are best for you and your personal circumstances.
Are your finances matching the dreams that you had for retirement or are they falling short?
Still Not Sure then read on .........