Planning for retirement
Although the traditional image of retirement has changed over the years, most people have an idea of when they’d like work to become optional… the real question is what that life is likely to cost and how it will be funded.
The earlier you start planning, the more options you usually have. Relying only on the State Pension may not provide the level of income many people would like, so putting a plan in place sooner rather than later really matters.
I’ll sit down with you to look at realistic ways to build funds to support you, and anyone who depends on you, later in life. We'll co-create a solution tailored to your needs that builds on what you already have in place, and provides security for your future balanced with flexibility.
This solution may include pensions, savings and investments. Here’s a brief overview of each:
Pensions
To encourage people to provide for their own retirement, the UK government gives personal pensions favourable tax treatment, which can make them an effective way of saving for the future.
Contributions may benefit from tax relief, which is a particular advantage to higher-rate taxpayers. Limited Company Directors may also benefit from a reduction in Corporation Tax due to pension contributions made by the business.
Tax rules do change regularly and pensions can be complex, so we’ll explain your options clearly and in plain English to help you make informed decisions about your pension planning.
Savings and Investments
As part of planning for the future, some money may be kept in savings for stability and use in the shorter term, while other money may be invested with the aim of providing income or long term growth for the future.
We will review your existing arrangements and, where suitable, make use of available tax allowances so your money is accessible when you need it, without wasting money on un-necessary tax.
Our advice covers a range of options, from ISAs through to more complex arrangements such as trusts, with investments chosen to reflect your attitude to risk.
However, you need to be aware that:
- The Financial Conduct Authority does not regulate on advice on cash held on deposit, tax planning, estate planning, trusts and inheritance tax planning.