Planning For Your Retirement

It is never too early to begin planning for and funding your retirement.  Below we consider some of the key stages along the path to achieving the retirement you deserve.

Considering your future and setting up a pension

With rising life expectancies, the deferment of the state pension to age 67 from 2028 and the decreasing availability of defined benefit schemes, it is now crucial that individuals take responsibility for funding their own retirement.  We can discuss with you the level of income you are likely to require in your retirement and advise as to how this can be achieved. We will discuss the various types of pension that are available, including self-invested personal pensions (SIPPs) and personal pension plans, while considering any pensions you may have through your employer.  We can ensure that you are benefitting from the tax advantages that are available through contributing to a pension while investing the monies in line with your attitude to risk and investment time horizon.  Starting to plan for your retirement early gives you the greatest chance of achieving your retirement goals.

Organising your pensions and funding your retirement

If you (or your employer) have already started contributing to a pension and you would like our advice on making this plan work for you in the long term, we would be pleased to speak to you.  Factors such as fund and plan charges, investment opportunities and the flexibility of the plans when you come to draw on your pensions can all have a significant impact on your retirement.  We are able to make sure that you are in the most suitable plan and to discuss the level of contributions you should be making, if you are in a position to do so.  We will make sure you are utilising valuable Annual Allowances as effective planning during this stage can significantly increase your pension pots.

Nearing retirement

You may be considering your options for stopping working or be thinking about how and when to draw your monies from your pensions.  We will listen to your income requirements and discuss your likely expenditure in the years ahead.  We can then outline any shortfalls in your income and how best to fund any required contributions.

We can also discuss the possibility of using previous years’ Annual Allowances to maximise your pension pots prior to retirement and can discuss options surrounding the Lifetime Allowance tax charge, should this be a potential factor.

Ready to draw on your pensions

We offer invaluable advice if you are ready to take your pension and are considering the most tax efficient method to do so.  Following the changes in legislation which came into effect in April 2015, pensions are far more flexible than previously and we can discuss the most appropriate options available to you to ensure that you are maximising your pension pots.

So if you are just beginning to save for your future retirement or are ready to draw on your pensions, we would be pleased to speak with you.

Information provided on this website is general in nature and does not constitute financial advice.  We recommend you speak to a financial planner in order that your specific objectives and needs are accounted for.

Whilst Independent Financial Planning will ensure that the information on this site is correct, they are not liable for any damages or loss arising from the website, or any errors in the information provided.

The value of investments and income from them may go down as well as up and you may not get back the amount invested. Tax legislation and the levels of relief from taxation can change at any time.