Creating the opportunity to enjoy your life after work

Guide to Retirement Planning

Welcome to our Guide to Retirement Planning. In recent years, retirement has become more about the opportunity to enjoy your life after work. Your finances are a huge part of achieving that. With the maximum State Pension currently £8,546.20 (2018/19) a year, you’ll need to decide if this is going to be enough for you to live on when you retire.

However you see your retirement, it’s important not to worry about your money running out. We’ll help you to establish your goals and priorities and review your existing pensions and investments, calculating expected future income and how much you might need to contribute.

It’s never too late to get started

When planning for retirement, the truth is that the earlier you start saving and investing, the better off you’ll be, thanks to the power of compound interest. And even if you began saving late or have yet to begin, there are steps you can take to increase your retirement savings. It’s never too late to get started. Life changes when you retire – and so does how you spend your money. Whatever your plans, it’s important to keep on top of things and think about the lifestyle you want.

Everybody’s circumstances are different, but the key consideration for most people when they think about retiring will come down to factors such as: how much money they think they’ll need in retirement, if they plan to phase their retirement by working part-time, their life expectancy and health, and how much money they’ve saved in pensions and other investments.

Helping give you more peace of mind

Whether it’s saving for retirement or living in retirement, we can help give you more peace of mind with a financial plan that is able to remain on track as your life continues to change. In this guide, we consider the various options you have when it comes to taking money from your pension pot.

You can choose one or a combination of these options, some of which will affect you for the rest of your life, which is why it’s essential you obtain professional financial advice.

Contents

Pension Freedoms
A Guide To Retirement Planning:
Pension Freedoms

How your future looks will ultimately be determined by having the right vehicle in place for your retirement. As you approach retirement… Read More »

Tax relief and pensions
A Guide To Retirement Planning:
Tax relief and pensions

When it comes to managing money, one of the things some people find most difficult to understand is the tax relief they receive on… Read More »

Pension lifetime allowance
A Guide To Retirement Planning:
Pension lifetime allowance

The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income… Read More »

State Pension
A Guide To Retirement Planning:
State Pension

The State Pension changed on 6 April 2016. If you reached State Pension age on or after that date, you’ll get the new State Pension… Read More »

Defined contribution pension schemes
A Guide To Retirement Planning:
Defined contribution pension schemes

With a defined contribution pension, you build up a pot of money that you can then use to provide an income in retirement. Unlike… Read More »

Defined benefit pension schemes
A Guide To Retirement Planning:
Defined benefit pension schemes

A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked… Read More »

Personal pensions
A Guide To Retirement Planning:
Personal pensions

A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions… Read More »

Self-invested personal pensions
A Guide To Retirement Planning:
Self-invested personal pensions

A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a… Read More »

Pension consolidation
A Guide To Retirement Planning:
Pension consolidation

By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s… Read More »

Using your pension pot
A Guide To Retirement Planning:
Using your pension pot

Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire pension… Read More »

Taking your pension
A Guide To Retirement Planning:
Taking your pension

Under the new flexible pension freedoms rules, you can now mix and match various options, using different parts of one pension… Read More »

Buying an annuity
A Guide To Retirement Planning:
Buying an annuity

One way to use your pension pot is to buy an annuity. This gives you a regular retirement income – usually for the rest of your… Read More »

Deciding what to do with your savings in retirement
A Guide To Retirement Planning:
Deciding what to do with your savings in retirement

One way to use your pension pot is to buy an annuity. This gives you a regular retirement income – usually for the rest of your… Read More »

Embracing the benefits of retirement
A Guide To Retirement Planning:
Embracing the benefits of retirement

As with any new life stage, planning often helps a smooth transition from the old to the new. Preparing properly for anything new… Read More »

To download the full guide please click here.

Are you maximising your retirement opportunities?

Changes to pension rules in recent years mean now could be a good time to revisit your provision for retirement planning. Whether you are in the process of building your pension pot or getting ready to retire, we can advise you on all aspects of your retirement planning.

To discuss how to maximise your retirement opportunities, please contact us.