Future-you needs this
Retirement may feel like a lifetime away. But, time flies. Milestones come and go. And the truth is, without a robust and tailored retirement plan in place, you could easily find yourself living out your later years in stress, money panic and a tonne of regret.
A happy retirement is a financially secure one; it’s as simple as that. By putting the plans into place now - and slowly but surely building your investments - you can sleep easy in the knowledge that everything you’ve ever wanted is waiting for you.
So, you’re ready to think about your retirement?
Excellent - that’s music to our ears! The great news is that you don’t have to tackle this road on your own. We’re here to help you build a retirement plan based on your current lifestyle and commitments and your dreams for the future.
HOW MUCH DO YOU NEED TO RETIRE?
This is one of the most common questions our customers ask; the truth is, there is no clean cut answer! We’ll work with you to identify how much you personally need to invest in order to have a retirement that fulfils all your aspirations, based on your appetite for risk and capacity for investment.
BUILD FOR YOUR FUTURE
Haven’t reviewed your pension in a while? It’s time you did! We’ll identify how much you will need throughout your retirement, how much you need to save every month, ways to boost your retirement fund and any tax-efficient pension and savings plans that could maximise your money.
TRACK YOUR PROGRESS
It’s important to know where you’re at in your retirement saving journey; you can check in on this 24-7 with our exclusive digital investment platform. Wherever you are in the world, your financial planning will be right at your fingertips.
Learn more about our award winning platform
It’s common to have countless pension pots floating around - but chances are, you’d rather have all of your investments in one place. We can review your current fees, benefits and fund performance and if appropriate help you consolidate your pensions.
PENSION 01 FACTS
“Those who receive Financial Advice are on average 9.7% more likely to save and 10.8% more likely to invest for their retirement.” -
International Longevity Centre-UK (ILC-UK)
Get Retirement Ready.
Discover everything you need to know about planning your retirement in our expert guide
RETIREMENT PLANNING ADVICE
There’s never been a better time to plan, save and invest.
Reviewing your retirement arrangements is always a good idea. Whether you think it’s too far away to worry about or you’re scared you’ve left it too late…
Now is the right time to take back control of your future wealth.
Because retirement? It’s exciting. It’s your opportunity to step into the version of you that you’ve always wanted to be.
So, why wait? Give your future-self the gift of financial freedom.
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These are some of our most popular posts. Click below or head over to our blog to see other helpful articles on pensions, retirement and investing.
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Frequently Asked Questions
Retirement planning doesn't have to be complicated, with the right plan in place, and the right support, your dream retirement can feel like a breeze.
We've laid out some simple steps in retirement planning below, but if you get stuck, just reach out and one of our retirement planning specialists will be happy to help you:
- Decide what type of retirement you want to enjoy
- Set a retirement date
- Work out a retirement budget based on what feels like a good retirement income for you.
- Request a pension forecast - request your state pension forecast here https://www.gov.uk/check-state-pension
- Get your pension estimates - track down old pensions with the Pension Tracing Service (0800 731 0193)
- Talk to a Financial Advisor to create a retirement plan, work out how you will pay down any debt and if it's worth consolidating any old pensions
- Put your retirement plan in action and look forward to enjoying your retirement.
- Don't forget to periodically review your plans every year to make sure you're on track, because circumstances can change and the earlier you respond the more time you have to course correct.
Industry estimates reckon you’ll need anywhere between £10,000-£30,000 per year for a single person in retirement and at least £17,000-£40,000 a year for a couple in retirement.
But these figures are estimates based on averages.
A better way of working out how much you need to retire is to look at home much you're currently spending per year and use Target Replacement Rate to work out how much you'll need in retirement to sustain your existing standard of living.
Target replacement rate states you'll need anywhere between 50-80% of your pre-retirement income to mainstain a similar standard of living in retirement
Of course, if you plan on living a completely different lifestyle in retirement then you'll need a more bespoke appoach to working out how much you'll need to retire.
Read more in our full guide to How much you need to retire
Retirement isn't a one-size fits all affair anymore, there are lots of choices about how you can spend your golden years.
There are 5 types of retirement you could consider
- Early retirement
- Mini retirements
- Phased retirement
- Traditional retirement
You can find out more about the different types of retirement here
You can retire at 55 with £400k in the UK, as this might reasonably give you £12-16K income a year sticking to the recommended 3-4% a year safe withdrawal rate.
However that barely covers minimum income standards in the UK for a single person and is less than the £18K a couple will need for a basic retirement according to industry estimates.
If you can live on 12K-£16K per year. Great. But if your income needs are greater you might struggle. For instance, if you plan to take 50K per year your pension pot will be gone in around 8 years. So you need to do your homework before you make a decision.
Read the full article
If the idea of early retirement appeals to you, but you don’t quite have the retirement savings to fund a full early retirement, you might be looking for other solutions.
The Pension freedoms announced in 2015 allow you to access your private pension pot from 55, which offers a whole world of flexibility in terms of retirement age and working in retirement. You might be surprised at the number of options that are available to you for taking a pension early and continuing to work.
You can take your private pension at 55 and still work. And if you have a defined contribution pension you could access part or all of your private pension at 55 to fund a phased retirement or early semi-retirement but there are tax implications of doing this.
Want to know how much you might pay on a pension lump sum? Click here for 5 of the best calculators.
As soon as you take your pension as income you'll trigger the Money Purchase Annual Allowance, even if you later opt to stop taking an income from your pension. This has massive implications for the amount you can pay into your pension and still receive tax-relief on,
Learn more about the Money Purchase Annual Allowance.
Need help? Schedule a call to talk to one of our expert IFAs.
The increased choice and flexibility for accessing your pension in the UK has brought with it added responsibility and risk. Many people are now also questioning whether they need a financial adviser for their pension. A study of those with pensions in flexi-access drawdown, carried out by insurance giant Zurich, found that a large percentage were unprepared and uneducated about the risks they were taking on. Despite that many were choosing to go it alone without consulting a financial adviser.
You don’t need a financial advisor for the state pension or guaranteed pensions. But if your pension is based on investment performance it would be a wise move. Zurich estimates that almost 41% of those in drawdown without advice will run out of money in retirement
That’s not to say that you absolutely need a financial adviser but the evidence published by Royal London in 2019 suggests that you’ll be wealthier in the long-term if you have one.
Financial advisers don’t have a crystal ball when it comes to investing, but they have been trained to take into account all of the moving parts that make long-term financial planning so complex.
Need more reasons to work with a financial advisor? Read the full article here
"He communicates clearly, is reliable and trustworthy"
I’ve received financial advice from Simon for over 10 years and would be happy to recommend him. He communicates clearly, is reliable and trustworthy – a pleasure to work with!
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