Extended pension planning: The benefits of working after your retirement age
Retirement planning does not necessarily have to happen when you are young.
13:00 16 December 2013
Retirement planning is something everyone should think about, unless they are planning on working until they drop. There are several options available if you are looking at planning for your retirement. These days, you do not necessarily have to stop working when you reach retirement age and there are some serious benefits to continue working past retirement.
- Extended pension investments are a benefit of retirement planning if you continue working past your retirement age. In many cases, you can add to the amount of your available pension by working just a few years longer. If you want to lessen the number of hours you are working, look into options that allow you to take out a lump sum but keep the rest invested.
- Purchase an annuity. This turns your money into income that will last you the rest of your life. Many people experience generous returns. This type of purchase should be a part of anyone’s retirement planning whether they are just getting started in their career or just finishing it.
- Consider your benefit amounts and your budget. This is what causes many people to go on with working. You may find that you have to carry on working because your retirement is not enough to ensure your standard of living. Retirement planning is about deciding on what is going to be the easiest and most comfortable lifestyle and figuring out what you need to do to attain it.
Retirement planning means looking at your budget, your finances, your pension, and finding an annuity that suits your needs. It should be done when you are younger. However, if you are older, you do not have to worry about what is going to happen when you reach retirement age; many people continue working even with proper planning.