Retirement Planning

WEALTH at work

For many people, retirement is no longer a set date and many prefer to continue to work either full or part-time, so retirement planning needs to be flexible to adapt to potential changes in your circumstances.

The first step is to understand your ongoing income requirements such as how much money you need to meet day-to-day living expenses (essential expenditure) and other things you may want to do i.e. hobbies and travel (discretionary expenditure). Understanding your spending requirements will help you focus on what you need from your savings to provide the retirement you want.

To help with this, you can use our budget planning tool to estimate how much income you might need in your retirement. Alternatively, you can use our current income tool to identify where your money comes from now, in order to consider how it might change in your retirement.

We take an overall view of retirement planning; taking into consideration your pensions, which may include defined benefit (final salary) and defined contribution (money purchase) schemes and other lifetime savings such as cash deposits, ISAs and shares. With all assets essentially becoming fully accessible since the pensions freedoms, we look to establish a tax efficient strategy to access your savings.

It is important to note that everyone’s circumstances are different, so you should seek regulated financial advice to help make informed decisions. We can help you with this.

If you would like to speak to us about retirement planning in more detail, please contact us.