How much money do you need in a pension pot before you can retire? How much money are your plans likely to cost? How long will your money need to last? How much do you already have?
Planning a retirement means answering a lot of questions. But the questions above aren’t the questions we start with.
Retirement is first and foremost a lifestyle transition, therefore we start by asking you about your lifestyle: When do you want to retire? Are you counting down the days or do you love your work and dread not having it in your life? How do you want to retire? All in one go, or phased over a few months or even years? And most importantly, what would you like to do when you retire? What would a well-lived, fulfilling retirement look like to you?
Our role is to help you identify what you want from the years ahead, and build a plan to ensure your finances support the ambitions you have for the next exciting phase of your life.
How we help
Identifying what you want from retirement
This is almost the most important question you need to ask yourself. How would you like to spend your days? What bigger ambitions do you have? What will give you that sense of purpose, enjoyment and fulfillment that can feel missing when work is no longer a feature of your life? Exploring these questions will help with the emotional transition to retirement. But it will also impact the amount of money you’ll need to live the lifestyle you want, whether that's travelling the world, or spending more time with the grandchildren.
Planning how to retire
Whereas retirement used to mean finishing work on a Friday and waking up ‘retired’ on a Monday morning, times have changed. While some people still want a 'cliff edge' retirement, others prefer to blend work and retirement in a transition phase. That could mean working part-time, in a consultancy or mentor role, stepping back from the day-to-day running of a business or even setting up a new venture to support your retirement income. We'll help you work out what is right for you and how your finances will be affected in each scenario.
Planning when to retire
Perhaps you love your career or business and want to keep working for as long as possible? Or maybe you can’t wait to get started on retirement, with a head full of achievements you want to tick off the bucket list! While financial considerations undoubtedly play a role in when you will retire, other factors should too. You may be worried about your ability to keep working, feel burnt out or have health concerns. Which is why we start by working out what your personal needs and ambitions are first, before working out what is financially possible.
The Pensions Freedoms Act that came into effect in 2015 meant anyone age 55 or over now has significantly more flexibility in how they draw income from their pensions. This revolution in retirement planning mean greater freedom, but more decisions than ever before. We'll help you understand all the pension options open to you, and help you decide what assets to draw upon first. We'll advise you on how to structure your assets as you come to need them, and how to make the most of all your tax allowances.
Please note, a pension is a long-term investment not normally accessible until 55 (57 from April 2028). Your capital is at risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested which would have an impact on the level of pension benefits available.
The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.