Let Your Pension Money Grow With Self Invested Personal Pensions

Your pension money is important, as it will be there to support you in your golden years. You don’t want to work forever and there will come a time when you want to quit and enjoy the retired life. Retirement can be a wonderful and enriching time in your life, giving you the ability to travel, pursue your passions, take up new hobbies, spend time with family, friends and those marvellous grandchildren and simply enjoy a slower pace.

In order to ensure that you have the funds to support the lifestyle that you desire during this stage of your life, it is important to invest your pension money well. Rather than simply sitting there, your pension fund should be growing every day. This is why you might want to consider choosing a SIPP plan for your pension.

What are SIPPS?

The acronym SIPP stands for a Self Invested Personal Pension. This type of pension has no specific investments but instead allows you to fill it up with investments that you choose. A SIPP offers you a wide range of investment choices, from commercial property to gold bullion to stocks to shares and much more. You will have much greater control over your investments, which gives you more flexibility and freedom.

For example, if you wanted to invest in a rental or commercial property during your retirement, a SIPP would allow you to do this. You could then take any of the rental income or profit from the business premises into your retirement savings.

What are the Pros and Cons?

Here are a few of the main advantages and disadvantages of this type of pension fund:

Pros

  • You have the ultimate flexibility to choose what you want to invest in, from thousands of options.
  • The more risk you take, the higher your returns will be. If you make smart choices, you have the potential to make a lot of money.
  • SIPPS qualify for up to 40% tax relief on the money that you put into them.
  • If you don’t want to invest in complex assets it will not be worth it and you should stick to a simpler pension with less choice.
  • SIPPS can have higher fees than other pension schemes. However, there are many low cost SIPPS currently making their way onto the market.

Cons

  • If you don’t want to invest in complex assets it will not be worth it and you should stick to a simpler pension with less choice.
  • SIPPS can have higher fees than other pension schemes. However, there are many low cost SIPPS currently making their way onto the market.

Let Taylor Brunswick Help You Grow Your Pension Fund

Since your pension fund is so important to your life, it makes sense to go to the experts for advice and guidance. The experienced financial advisors at Taylor Brunswick can help you to invest your pension money in the best way possible. They don’t offer “one size fits all” solutions, but instead take the time to get to know you and develop a long term personal relationship. They will listen carefully to understand your lifestyle and your investment needs so that they can provide you with one-to-one customised investment advice.

To find out more about Self Invested Personal Pensions and whether or not they would benefit you, contact your Taylor Brunswick wealth management consultant today.

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