The importance of retirement planning and how to get it right
The landscape is ever-changing
It’s a fact that we are all living longer these days, but that means that we should start to prepare for retirement as early as possible. The retirement landscape is in a constant state of change, so it’s crucial for you to understand current and future changes and what they mean for you. That’s where we come in.
How much will I need?
It’s a statement of the obvious, but to achieve your goals you need to have financial plans in place that will provide an income you need. We can help you figure out the right amount for you and put plans in place to provide it. Yet there are other things to consider, not just your income. Two of the most common are providing for any future care needs and how much wealth you wish to pass on to your family. We help you consider all your priorities and make decisions that are right for you.
Growing your retirement fund
There are many ways to do this. Pensions, be they final salary schemes, self-invested personal pensions or stakeholder plans can be combined with other savings schemes and assets, such as property and investment portfolios, to provide the basis for funding life after work. We will work hand-in-hand with you to understand what is most appropriate for you and your ambitions.
Maximising your pension allowances
Pensions can provide a highly tax-efficient way of providing for your future, particularly if you use the allowances offered by the Government. But as with all financial planning, regulations change all the time, so understanding tax rates and the advantages of saving in a pension has arguably never been more important. We’ll work with you to make the most of any available tax incentives and allowances.
Cashflow planning or modelling is an important part of our financial planning for clients. It helps us to forecast your current and future financial situation. When creating a financial plan, we will firstly establish your lifetime goals. We will then assess your current situation and determine how close you are to achieving your goals based on income, expenditure, assets and liabilities. After this, the next step is to develop and implement a plan to establish what action you need to take. The plan can then be used to help make well informed financial decisions. As your situation evolves over time, the plan will be monitored, reviewed and adjusted where necessary.
Getting it right
Making the right choices when it comes to retiring is critical. That’s where good advice really matters. From choosing between buying an annuity that will provide a guaranteed annual income, or drawing down your funds gradually, we can help you make the most of your wealth and retire in comfort.