When you think about your retirement, there are a range of important numbers you should think about. At what age would you like to retire? What’s the monthly income you’ll need to support your new lifestyle? How large will your pension fund need to be to generate this income?
With people living longer than ever, pension pots now need to last for an average of around 22 years. Pension savers are now also facing unprecedented challenges such as low annuity rates and an uncertain outlook for investment returns. As a result, it’s never been more 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.
How much do you need to retire?
When planning for retirement, it’s important to carefully consider the quality of life you’re expecting when you stop working, as well as your financial goals. Our financial planners can help, 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.
We can also help you consider how your circumstances may 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.
Working towards your goals
We can help you plan for your retirement, whatever your stage in life. We’ll talk to you about your aspirations and then guide you through the most appropriate investment strategies for your situation. Our technical expertise can assist with consolidation projects if your pension arrangements are more complex.
Our financial planners will help you explore the options for taking benefits from your investment fund along with the tax implications when you’re approaching retirement. 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.
One of the most effective ways to improve your financial security for later life is by topping up your pension. Whether you’re planning to contribute to a final salary scheme, self-invested personal pension (SIPP), stakeholder or personal plan, our financial planners can guide you through the process.
You can also combine your pension with other savings vehicles, such as ISAs, and assets, such as property, to maximise your funds for retirement. Whether you’re boosting your contributions on a regular basis or have a lump sum to invest, we’ll give you all the guidance you need to make an informed decision.