Plan a retirement
Creating your desired lifestyle in retirement is one of the key parts of financial planning.
With so many options available, the choices can seem overwhelming. Should you increase your contributions or consolidate your pensions? How should you invest your money? Would it be better to buy an annuity when you retire or opt for flexi-access drawdown?
We can help you make sense of these choices and plan a retirement that works for you. We start with your goals and what you would like to achieve. We discuss with you when you would like to retire and what retirement looks like for you. Do you see yourself retiring gradually or fully? How will you spend your time and money?
By understanding your goals, we can help you make the important decisions, from how much you should contribute and where to invest, all the way through to taking your retirement income. We will also consider factors such as cost and tax-efficiency to make sure that as much of your money as possible is working for you.
Mr Burrows (60) and Mrs Burrows (59) had run a successful small business for many years, however due to pressures from larger national companies they had lost a number of their large contracts in quick succession. With their income falling significantly it became a very worrying time for them both, even more difficult was that this business had been their lives for many years, the idea of giving up completely and ‘retiring’ felt alien to them.
With our help they began to unravel the stress and anxiety that had bound them for many months.
The questions turned from; ‘what are we going to do? we are going to run out of money!’ to, ‘what opportunities and freedom does this now give us?’.
The main components of a successful retirement plan are:
When your goals are clear your decisions are much easier. A detailed picture of your retirement lifestyle not only helps you decide how much to contribute, but can give you the motivation to stay on track.
Pensions are one of the most tax-efficient investments available. We can help you to make the most of the benefits, while avoiding potential pitfalls and tax traps. This may also involve making use of other investment options, such as ISAs.
We will make sure your pension is held in the right place and that you have access to all the features and investment options you require. We will also look at cost, as every extra pound in charges will have an impact on your retirement pot.
We will advise on the most suitable investments depending on the returns you wish to achieve, when you would like to retire, and how much risk you are comfortable with. We ensure that your portfolio holds the best funds within each sector and that your investments are adequately diversified.
When it is time to take your retirement income, we will help you decide how this should be structured. This will not only involve discussions around annuities versus drawdown, but also how your other income and assets fit into your financial plan.
Regular reviews will help you stay on track and make good financial decisions. You can see how your pension and investments are performing, and whether your projected income is likely to meet your needs. Small adjustments can be made over time, which means there should be no surprises when you come to retire.
When we decided to retire we contacted Smith & Pinching who provided us with very professional, personal and comprehensive guidance which made what could have been a difficult process easy to understand. Since that time we have received regular reviews and updates to ensure our retirement and financial needs are met. Additionally, our advisor is always on hand should we have any questions. For us, trust and confidence are very important and we have this in Smith & Pinching and our advisor.
Solutions for every stage of life
Getting ready for retirement – and enjoy it to the full once you retire – requires careful preparation. Our team is here to help you manage the transition with your financial plan, over three main life stages.
Investing During a Career
This stage typically involves building wealth ready for retirement. We can help you identify your risk tolerance, maximise returns and mitigating risk over time.
As you prepare for retirement, our team can assist you with preparing your wealth for the “decumulation” phase (getting ready to draw an income from savings).
Retirement brings an exciting new chapter and a new mindset to managing money. Our advisers are on-hand to assist you with the transition and drawing on your retirement income.