Retirement planning

Planning for tomorrow, today…

Retirement Planning

What is retirement planning?

Retirement planning is about deciding now, what it is you want to do when you finish working and how much you might need to do it.

You might wish to live abroad, travel the world, or simply spend more time in your garden. Whatever you would like to do, most of us need a regular income to turn our retirement plans into a reality.

The stark reality is that saving for retirement is an unavoidable necessity and the prospect for millions of Britons who reach retirement is that they will have to rely on the Government to provide an income in retirement which means living on the measly £115.95 (2015/16) a week state pension.

The reality is you need to invest as much of your income into a pension as you can. However, it’s important to make informed decisions about how much you save and where. How you invest that money depends on your circumstances, and which kind of investments you feel comfortable with. This is related to your attitude to risk and is something we can help you decide upon before you invest your money.

Understanding your options

There are many savings options available to you, such as a work based pension, a personal pension or a NISA. It’s your decision whether or not, or what you’d prefer to contribute toward. However we can help you understand your options, explain what would be best for you given your circumstances and we will regularly review your situation to ensure you continue to save toward retirement in the best possible way.

Don’t forget your pension can be a very tax efficient way to save, as the Government will give you tax relief on amounts up to current maximum limits.

If you’re reaching retirement age, or have already retired, there are a number of new options available to you, such as flexible drawdown. It’s important you consider how you generate an income from your pension fund as it needs to last the rest of your lifetime which could be until you're over 100 years old!

Questions you may wish to ask us

Pension planning and retirement can be a complicated area of financial planning and there’s far too much to discuss on our website. However, here’s a few questions you might like to us to answer or advise what’s best for you:

  • If I opt out of my company’s pension scheme, what are the implications?
  • Would it be more cost-effective to build my pension fund in a work based pension?
  • Should I use a pension or a NISA to save for retirement?
  • Will I have the same choices in a work based pension scheme as a personal pension?
  • How much do I need to contribute toward a pension?
  • How much will I receive in retirement if I don’t contribute toward a personal pension?
  • What charges will I pay on different retirement plans?
  • How much of my money is for short-term, medium-term and long-term?
  • When can I access my pension funds, how will the money be paid to me?
  • When I die, what happens to the pension fund I’d saved?

A pension is a long term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.