The key to a successful retirement is in the planning, so unless you want to be working forever, talk to The Financial Advice Experts today. Our trained financial advisors are here to help make sure the money you have worked hard to earn, works hard for you when you need it later.
Planning for Your Retirement
It is never too early to think about your retirement. If you are young, consider the age you want to stop working and the type of lifestyle you want. Will you have children to support through university? Will you own your own home or still be repaying a mortgage? Do you plan to travel, or does your retirement dream mean you finally get a chance to indulge your hobbies? Once you know what your retirement looks like, you can begin to put the plans in place.
If retirement is something you are considering in the next few years, then you may be searching for ways to top up your retirement income. If you have not already done so, arrange an appointment with a financial advisor, so you understand all your financial options before you decide things like when to access your pension and other investments.
Here are some simple steps you can take today that will help make your golden years shine brightly.
- Find out how much money you can expect to receive, including through the state pension and any pension account you have with your employer. If you do not have a recent statement, phone the company that runs the pension fund and ask them to send you one. You can use the GOV.uk website to ask for a state pension statement.
- Track down any lost pension accounts using the free Pension Tracing Service.
- Calculate your savings and investments so that you know how much capital you will have when you retire.
- Work out when your mortgage and other debts will be paid off.
Ways to Increase Your Retirement Money Pot
There are several ways to increase your retirement income. The first is to make bigger contributions to your pension fund or put more money aside in savings. If you have debts, talk to a financial advisor about consolidating these so you can pay them off faster and free up funds to invest into your future. You may be entitled to tax relief on your pension contributions, giving you even more money now that you can use later. Your independent retirement advisor can talk to you about using your lifetime allowance in a way that minimises any tax you are liable to pay.
You do not have to start receiving pension payments the moment you stop work so delaying your pension may be a good option for you. The Financial Advice Experts can talk to you about this and look at ways you can minimise financial risk while your pension remains invested. Deferring the state pension can increase the amount you receive by up to 1% for every 9 weeks you postpone your date of retirement.
If you have been self-employed or have taken time out of your career to raise a family, you may now be facing gaps in your state pension due to missed National Insurance contributions. It may be possible to fill these gaps with top-up payments now so that you can enjoy higher state pension payments in the future.
Self-Invested Pension Plans, often known simply as SIPPs, are another area in which our retirement advisors can help. A SIPP could be a great investment if you are the sort of person who wants the flexibility to move their pension depending on how the market is performing and what areas of investment are doing well at any given time.
Contact The Financial Advice Experts today and arrange to speak with an advisor about how we can help give you the retirement you dream of and deserve.
Meet Your Investment Goals
Investing can be complicated, but we don't think it has to be. As your personal plans continue to evolve through life our panel of financial advisers assess what is realistically possible and put the best plan in place to achieve them.
Plan For Your Retirement
Planning for retirement is a uncertain business and there are many different options available. Wealth managers will help construct a bespoke portfolio to maximise your long-term options through an array of retirement options.
Provide For Your Family's Future
Money can be complicated especially when it comes to planning for your family's unforeseeable future. As markets are volatile there are many things our IFAs will help you to think about - to both protect against and make the most of your wealth.
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