Pensions
Will you have to tighten your belt when you retire?
Most of us now recognise the need to plan ahead to save for when we retire. Pensions are financial tools whose purpose is the provision of money in retirement. Choosing a pension from the large and complex range of products on offer can be daunting. We can advise on retirement pension policies, calculate how much you need to save and where best to save it.
Whether you have a pension or not – have you really looked into what the reality of your retirement will be?
People are living longer because of scientific and medical advances, however as a consequence of this you will need to build a larger fund to sustain you through retirement.
In order to enable you to enjoy the fruit of your labour and also what could be your longest holiday, you should start saving as soon as possible.
Our Pension Process
Personal Pensions
Stakeholder Pensions
Company Pensions
Annuities
Pension Fund Withdrawal
Retirement planning has never been so varied and exciting! Following major changes announced at “A Day” on the 6th April 2006 the pensions landscape has changed dramatically. This has resulted in the expansion of the pension choices that are now available to you. The possibility of building up much larger amounts within pension funds now exist due to more generous provision being tax deductible. The possibility of managing your own pension fund may become more common as more and more people realise the possibility of controlling their own future pension. A greater number of possibilities of what you do with your pension fund after your normal retirement date have also been added with the changes in the new pensions legislation.
The Financial Services Authority say that no advice is bad advice. So, what options are available?
Your goal should be to have a retirement fund as large as possible by the time you reach the age at which you ideally plan to retire. This fund does not have to be exclusively made up of your pension fund, it can also be made up of other forms of savings, investment bonds, property, shares, Isas etc.
If you start saving when you are in your 20s you could have a fund of over £1 million by the time you are 65. However, if you leave it until you are in your 40s, to get the same amount in your retirement fund you need to have saved a significantly larger proportion of your disposable income.
Putting it simply, the size of your retirement fund is affected by four things. Time, performance, charges and how much money you put into it!
Alternatively we can review the performance of existing arrangements to ensure your financial dreams and aspirations in retirement are met. If you do have a pension plan, do you know how that pension plan is performing? This may have changed quite radically in the intervening years. With the aid of our free pension analysis service we will help you decide if you should be transfer a previous personal pension or an employers scheme.
Now is a good time to find out what your options are so you can ensure a comfortable retirement.
The earlier you make plans for your retirement, the more effective these plans will be. Our specialists will find out your aspirations for the future and can help you structure a plan so that you may enjoy a comfortable and deserved retirement.
Don’t simply retire from something; have something to retire to.
—Harry Emerson Fosdick
If you have decided to use our Financial Planning services, then click below to find out
The Next Steps...
