Financial planning and advice for the “unretired”
The changes in the retirement landscape mean that many people today are having to adjust their outlook towards retirement. With more people living longer, expectations of retirement are being reshaped and there is no longer a one-size-fits-all approach to retirement planning.
To different people, retirement means different things. Retirement offers the gift of time to do the things that matter most, whether that’s looking to continue to work in one capacity or another, embark on a new project or business venture, or stop work entirely.
Retirement is a very personal stage in all of our lives and it may also affect others, so it’s important to consider loved ones. Over the course of someone’s retirement, there may be a change to their family situation, including changes due to death or divorce, or perhaps welcoming new partners and possibly grandchildren.
Having a plan building up to and through retirement is so important but sometimes there are things outside of our control which can push us off track (2020 being a prime example). That’s why when we help plan retirements for our clients we use, when necessary, cash flow modelling.This type of planning enables our clients to understand what their current investments, savings and pensions will deliver and at what stages, taking into account a series of what if scenarios.
It’s a very simply piece of planning however the outcomes have been so effective. There has been occasions where clients have actually been able to consider retiring earlier than previously planned and times where it’s become apparent that there retirement objectives would not be met with their current level of funding.
If you are approaching retirement age, it’s important to know your pension is going to finance your plans. But what questions should you be asking about your retirement? Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want? Should I invest my retirement savings?
These are just some of the questions you’ll want to know the answers to. But there are many other things to consider as you approach retirement. It’s good to start by reviewing your finances to ensure your future income will allow you to enjoy the lifestyle you want. Making the right choices now could make a big difference to how much money you have in the future.
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. We all dream of how we’ll spend our retirement but that dream looks different for everyone.
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.
People who associate confidence with retirement are most likely to have specific retirement goals and know what steps they need to take to reach them. But sadly, some people don’t feel confident that they will have enough savings to live comfortably after they retire.
Some people may have a fear of outliving their money, and may not have a clear idea of how much money they will need during retirement. It’s important to remember that retirement doesn’t happen at a certain age, it happens when you have enough money to live on. And having this clear direction and understanding will give you peace of mind that you’re on the right track.
Do you feel confident about your retirement?
Pensions can seem complex and overwhelming, and there are many reasons you might lack confidence in your retirement plans.
– You might be worried that you’re not saving enough, but don’t feel you can afford to save more
– You might feel ready to retire now, but you’re 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
Creating a financial plan that’s unique to you
A positive retirement experience begins with a plan designed to help you live life on your terms. People who know where they’re going and how to get there feel more confident in their retirement plan. We’ll be able to answer these key questions.
What do I need to know?
How much you need to save for retirement
How to save tax-efficiently for retirement
How pensions work
The type of pension you should choose
The right amount to contribute to your pension
How to boost your pension pot
How your pension should be invested
How to withdraw money from your pension
After we’ve left the nine-to-five behind
We all have our own idea of the life we’d like to lead after we’ve left the nine-to-five behind. Whatever retirement looks like for you, it’s important to make the right plans now, so that you have the freedom to enjoy the time when it comes, however you choose to fill it.
We will ask questions about your finances, personal circumstances and retirement goals, and create a plan that’s unique to you and will help you reach the retirement you’re aiming for.