Paying to Retire

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Paying to Retire

When should you retire? It’s a question which is extremely personal and
will depend on a whole raft of variables including health, personal
and financial circumstances, and how much you like your job. It’s
also a question which has hit the headlines in recent weeks with the
news that the Government is consulting on whether to offer older
farmers a lump sum to retire.

Published on 19th May, the consultation will run for twelve weeks. The proposal
aims to address the twin challenges of older farmers who might like
to retire but lack the finances to do so, alongside the creation of
farming opportunities for younger people. Commenting on the
proposals, Environment Secretary George Eustice said: “We need to
address the twin challenges of helping new entrants fulfil their
dream and gain access to land, while also helping an older generation
retire with dignity.”

Whether the proposals go ahead or not they do raise one important question;
that of financing retirement. Changes in legislation in recent years
have opened up pension finance options for people. However, best
advice is that people carefully consider their options rather than
rushing into any decision. Funds taken early could leave people with
unexpected tax bills as well as permanently reducing funds available
for later life.

If you are looking for advice on pensions, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our

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