However far away retirement seems, it is never too early to start planning for this chapter in your life. Many of us underestimate how much money we will need in retirement or forget to consider potential future care needs and what we might want to pass on to family. Preparing in plenty of time will ensure you can live the lifestyle you choose when you are no longer working. And if you are closer to this life stage than you might like, seeking assistance with your pension planning now is crucial for maximising your chances of enjoying the retirement you desire.
Pensions are a highly tax-efficient means of providing for your future and the obvious choice for meeting your retirement needs. They are also a tax-efficient way of saving or withdrawing money from your business. However, the variety of options available and shifting pension regulations mean keeping on top of your planning is essential. We will help you navigate the pension landscape and manage your pension portfolio to deliver a retirement fund that meets your needs.
Your pension strategy will depend on your life stage and distance from retirement. We define the three stages within pension planning, starting from working life, to being in retirement. Wherever your starting point, we will manage your pension requirements and transition to the next stage.
The accumulation phase occurs during your working life. At this point, you are regularly saving and investing to build your pension pot. The more you save and invest, the greater returns your pension should deliver when you retire.
During this phase, our role is to ensure you are investing your contributions in the best place and taking advantage of all tax savings and efficiencies to maximise the value of your contributions.
As you near the end of your working life, the focus of your pension planning switches to preparation for retirement. Whilst you will still be making contributions, our role will be to review and manage your asset allocation according to your retirement needs. At this stage, our objective is to maintain the potential for growth while managing the level of risk as you approach retirement.
The final stage in your pension journey is when your working life stops, and you become dependent on alternative sources of income. Having worked with you to protect and grow your pension, at this point, we switch our focus to developing and maintaining a sustainable retirement strategy. We will advise on and manage your options to help ensure your pension lasts your lifetime and unspent wealth passes to your chosen beneficiaries.
Whether you are at the accumulation stage or nearing retirement, we can help you make the most of your pension savings. Please get in touch for an initial chat with one of our financial advisers.
Many factors come into play when planning your pension investment and contributions, including annual allowance, pension carry forward and pension lifetime allowance. We will consider all of these alongside your current lifestyle and how much money you will require for life in retirement. The amount you will need will depend on your retirement lifestyle aspirations, how long your money needs to last and how much you want others to inherit.
As well as your pension, other investments and savings such as ISAs and assets like property can contribute towards your retirement provision. With our all-round financial expertise, we can devise a strategy incorporating a mix to meet your retirement needs.
We will regularly review your portfolio to ensure it continues to reflect your needs and circumstances and keep you informed of its progress through annual or ad hoc reviews.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
