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Lichfield expert offers retirement hope to small business owners

Kevin Jenkins

Kevin Jenkins

A Lichfield-based financial expert has challenged research which shows small business owners may have to work longer than they had originally planned.

Despite the green shoots of recovery, a survey from Clifton Asset Management shows that 83 per cent of business owners feel their retirement is further away now than it was a year ago.

However Kevin Jenkins from Lichfield IFA firm, Key Financial Management believes that in the vast majority of cases people should still be able to retire in the current economic climate.

He explained:

“It is true that when markets are low it is generally a bad time to take a retirement income, however there are many options available. In some instances you may be able to take some of the pension income now and keep the remainder in the plan and wait for a recovery. If your total pension funds total less than £17,500 you may be able to apply to take the whole fund as cash. Ensure you shop around for the best annuity and look at the options available for withdrawing income from a pension such as Drawdown and Phasing.”

It is understandable why the region’s business owners feel less than optimistic about retiring when interest on savings accounts are at a record low and the reduction in house prices have made equity-release schemes far less attractive.

But Kevin added:

“There are many different courses of action available and I would strongly recommend anyone considering retirement or indeed postponing their retirement to seek independent financial advice as it still may be possible to turn the retirement dream into a reality.”

Key Financial Management is a trading name of 2plan Limited.

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