Retirement Planning

The first step is to understand what your ideal retirement looks like and some key considerations are:

• When do you want to retire?
• Do you want to fully retire or phase this in by gradually reducing your hours?
• How much do you need in retirement and what does retirement look like for you?

To help with this we'll look at some key points to build a better understanding, which includes:

• Review your existing pensions to see if you have enough to meet your retirement goals.
• Consider all other income producing assets, which could include rental income, dividends and any state pension entitlement.
• Understand more about your essential and discretionary expenditure and what you anticipate this to be in retirement.
• You may decide to spend more in the early years of retirement whilst you are fit and healthy, but less as you become older.
• Build a plan to provide assurance and comfort in knowing there's a strategic solution to work with.
• Continuously review the plan year on year to ensure sustainability of this.

With pensions you're able to contribute significant sums and still attract tax relief which enables it to grow in a tax efficient way. This is often a great way to plan for the future. There's complex rules with different features applying to many different pension schemes. This is why it's important to review these to ensure you're in the best scheme possible.

Pensions are also used as a good tax planning vehicle so it's important to regularly review the beneficiaries on the pension, as funds can pass down the line free of Inheritance Tax.

With our expertise we can help devise a robust plan to suit your needs and objectives.

Risk Warnings

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Past performance is not a reliable indicator of future performance and should not be relied upon.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. The Financial Conduct Authority does not regulate tax planning.

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