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The goal of retirement planning is to achieve financial independence, so that the need to be gainfully employed is optional rather than a necessity. Retirement planning aims to assess your ability to retire based on your desired retirement age, lifestyle goals and required funds, and to identify steps you can take to retire comfortably.
There are two main types of products that you can use to provide a regular income in retirement:
Allocated Pensions provide a flexible, regular and tax effective income stream. Payments can be adjusted within maximum and minimum limits set by the Government. Any capital remaining upon death is distributed to your estate or dependants.
Annuities are lump sum investments that provide a regular guaranteed income for a specified period. The income you receive is generally set at the time of investment and will not change.
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