THE FINANCIAL PLANNING PRACTICE
Telephone: 01943 871627
Useful Links & Information for Retirement Planning
CALCULATE YOUR LIFE EXPECTANCY
Following the introduction of the Pension Freedoms in April 2015 there is much more choice and flexibility over how and when you can take money from your pension pot. It is really important to understand all the options and get help and advice if needed. The Money Advice Service is an excellent resource for understanding your pension pot options.
There are many factors to take into account when planning your retirement. The links below can help you think through some of the important considerations.
How Long will you Live?
People are living longer. Improved working conditions, reduced smoking rates and improved healthcare have all contributed to increased life expectancy. The longer you live, the more income you will need in retirement. The Office of National Statistics have a useful tool to calculate how long you are likely to live.
STATE PENSION FORECAST
You need to get an idea of how much money you will need in retirement. Your day-to-day spending habits are likely to change and you also may have plans to travel or take up new hobbies and so on which will probably have associated costs. The Budget Planner provided by The Money Advice Service is a good starting point for working out what income you will need in retirement.
Your State Pension
Most UK citizens are entitled to the State Pension. However there have been significant changes to the State Pension in recent years and the amount you will receive will vary depending on your age and employment history. You can use the Government's State Pension Forecast tool to see how much you will receive and when, and see if topping up is an option.
REQUEST FREE RISK ASSESSMENT
Your Attitude to Risk
How risk averse you are and also your capacity to withstand loss are key in retirement planning. We use a Risk Questionnaire provided by a company called Finametrica to analyse our clients' attitude to risk. If you would like a free Risk Assessment with no obligation, please get in touch and we will send you the details for how to complete this.
WHAT ARE MY OPTIONS?
There is lots of information available on the web and elswehere regarding planning for retirement. If your situation is very straightforward, and/or you have in depth understanding of pension planning, you may not need advice. However for many people information is not sufficient and good advice is essential to make sure they maximise the options available to them and make the right decisions about their retirement.
Our specialism is helping people to do just that. If you'd like to find out more and book a free intial meeting, please get in touch.