Why retirement planning is crucial?
Planning for your retirement can be a daunting – and often confusing – experience. With people living longer than ever, pension pots now need to last for an average of around 40 years. It’s never been so important to have a strategy in place to allow you to live out your later years in comfort, safe in the knowledge that you can maintain your financial independence after retirement.
Do you require a professional retirement planner?
Whatever your stage in life, Sanlam can help with retirement planning. In fact the sooner you start, the better. We’ll guide you through the range of investment strategies appropriate for your situation and aspirations after you retire. Our technical expertise can help with consolidation projects if your pension arrangements are more complicated. In addition, we can help you navigate issues across multiple jurisdictions.
When you’re approaching retirement, our wealth planners will help you explore the options for taking benefits from your investment fund along with the tax implications. We’ll find the solution that best meets your needs and circumstances – from buying an annuity or fixed protection policy to drawing down capital, writing a scheme pension or initiating a small administered scheme transfer.
What Sanlam offers:
- Range of investment strategies
- Explanation of tax implications
- Measures to maximise your income
- Expert retirement planning team
- Personalised financial advice
- Retirement plan that makes finances last
Our retirement planning guide
Planning retirement goals
Careful consideration of the quality of life you’re expecting when you stop working, as well as your financial goals, form a vital part of retirement planning. Whatever your aim – whether it’s having enough money to pay for a regular family holiday, helping your grandchildren buy their first home or contributing towards wedding costs – our expert retirement planners can help.
In addition, our retirement planners will help you consider how your circumstances might change in the years ahead. For example, you may need to factor in the potential costs of providing care in later life as well as how much you’d like to leave to your loved ones.
Topping up your pension plan
Topping up your pension plan is one of the best ways to improve your financial security in retirement. Whether you’re plan for retirement is to contribute to a final salary scheme, self-invested personal pension (SIPP) or stakeholder or personal plan, our retirement planners can guide you through the process.
Your pension plan can also be combined with other savings vehicles, such as ISAs, and assets, such as property, to maximise your funds for retirement. Whether you’ll be boosting your contributions on a regular basis or have a lump sum to invest, we’ll provide you with all the information you need to make the best decision for your circumstances.
Planning to retire at a gradual pace
There is no set retirement age to plan for, and you can carry on working for as long as you like. At the moment you can access your pension from the age of 55, but many people plan to retire gradually, continuing to work a few days a week until they are ready to stop working completely. Our retirement planners will help you understand the tax implications of earning and drawing from your pension in later life, and whether your current pension plans allow this.
Planning for pension tax implications
The rules and regulations surrounding pensions are continuously changing and can be complex, but our retirement planners can help you understand your tax obligations. It’s important to note that when you retire, you will still be liable to pay income tax on all pension income, including the State Pension, if it exceeds your Personal Allowance. A Lifetime Allowance also applies to pension savings, which is a limit on the amount of money you can withdraw from your pension schemes without triggering an extra tax charge.
Inheritance tax (IHT) can have a significant impact on your estate, but it is possible to reduce your liabilities by putting a carefully considered plan in place. Working in partnership with your lawyer, our wealth planners and investment managers can recommend ways to structure your assets to protect your wealth for many years to come.
Working together to maximise your income
We work with individuals and couples to ensure you make the most of your time once you’ve retired. Our retirement planners can advise you on the best ways to use your Personal Allowance as an individual or couple to maximise your pension income.
The process of retiring can be full of mixed emotions, but our retirement planners are here to alleviate any financial stress and help you achieve the retirement that you want.