Retirement might seem a long way off but the later you leave planning for it, the less chance you have of achieving the retirement you want. The earlier you plan for it, the better your chance of achieving the retirement you want.
Some people want to spend more time with their family, while others want to enjoy long holidays and see the world, or simply wish to be financially independent. No matter what your dreams are, they rely on having sufficient pension savings to achieve them and live comfortably.
Specific retirement goals
People who are confident about their retirement are most likely to have specific retirement goals and know what steps they need to take to reach them. But sadly, some people are less certain that they will have enough savings to live comfortably after they retire.
Many people are afraid they may outlive their savings and do not have a clear idea of how much money they will need during retirement. Ideally, retirement happens when you have enough money to live on, but sometimes factors such as ill health may mean you have to cut back on working earlier than you had planned.
Having a clear direction and retirement goals can give you the peace of mind that you are on the right track.
Do you feel confident about your retirement?
Pensions can seem complex and overwhelming, and there are many reasons you might feel uncertain about your retirement plans.
- You might be worried that you are not saving enough, but don’t feel you can afford to save more
- You might feel ready to retire now, but you are not sure if you can rely on your current pension savings to provide enough money for the rest of your life
- You might have experienced a change to your financial situation, including life events such as divorce, and have new concerns about whether you can save enough
- You might have previously felt confident about your retirement plan, but the COVID-19 pandemic has derailed your savings
Do you have a plan to live life on your terms?
A positive retirement experience begins with a plan designed to help you live life on your terms. When you meet a financial adviser they ask questions about your finances, personal circumstances and retirement goals, and create a plan that is unique to you and will help you reach the retirement you’re aiming for.
What do I need to know?
- How much do I need to save for my retirement?
- How can I save tax-efficiently for my retirement?
- How do may pension options work?
- The type of pension should I choose?
- What is the right amount to contributions to my pension?
- How can I boost my pension pot?
- How should my pension be invested?
- How can I withdraw money from my pension?
- Children’s pensions
- Defined benefit (or final salary) pensions
- Defined contribution pensions
- Personal pensions
- Self-Invested Personal Pensions (SIPPs)
- The state pension
- Annual allowance and lifetime allowance limits
- Busting myths about pensions
- Increases to pension age and new normal minimum pension age
- Pension freedoms
- Pension withdrawal methods
- The lifetime allowance
- Delaying retirement
- Generating income from investments throughout your retirement years
- Importance of a retirement wealth check
- Retirement goal setting
- Retirement planning
- Reviewing your retirement plan
- Staggered retirement
- Taking control of your retirement plans
- What can I do with my pension?
- What happens to my pension on death?
- Market timing
- Minimising risk
- Multiple asset classes
- Portfolio insulation
- Pound cost averaging
- Principles of investing
Growing your wealth
Goals based investing
- Cash flow modelling
- Creating a financial roadmap
- Investment objectives
- Timescales and market activity and the impact of losses
- ‘What if’ scenarios
- Discussing legacy planning with your loved ones
- Inheritance Tax (IHT)
- Inheritance Tax Residence Nil Rate Band (RNRB)
- Lasting power of attorney
- Lifetime transfers
- Making a Will
- Preserving wealth for future generations
- Protecting your assets for the next generation
- Slicing up your wealth pie