Prepare well, live well.
Retirement today looks very different from how it used to. Many people are choosing to ease into it gradually, reducing their working hours before fully stepping away. Others prefer a clean break, ready to embrace long-awaited plans, travel, or simply more time for themselves.
No matter which path you choose, one thing remains crucial, ensuring your retirement savings are structured to support the lifestyle you want. This is a time for making thoughtful decisions that will help you maintain your standard of living and enjoy the freedom you've worked hard for.
Understanding your options
Pension options
There are various types of pension plans designed to help you save for retirement. Workplace pensions are typically arranged by employers and include contributions from both you and your employer. Personal pensions, such as stakeholder pensions or Self-Invested Personal Pensions (SIPPs), offer more flexibility and control over how your money is invested. Additionally, the State Pension provides a foundation of retirement income based on your National Insurance contributions. Each of these options comes with different features and tax considerations, so understanding how they fit into your overall financial plan is essential.
Accessing your pension
From the age of 55 (rising to 57 from April 2028) you can begin accessing your pension savings. One option is to take a lump sum, where typically 25% of your pension pot can be withdrawn tax-free, with the remainder subject to income tax. Alternatively, pension drawdown allows you to keep your pension invested while withdrawing income flexibly over time. For those seeking stability, annuities offer a guaranteed income for life. Many people choose a combination of these approaches to balance flexibility, security, and tax efficiency. It’s important to be aware that each method of accessing your pension carries different tax implications, so seeking financial advice is strongly recommended.
Planning for the future
Effective retirement planning means estimating your future income needs and ensuring your pension strategy supports your lifestyle goals. This includes considering how long your savings need to last, accounting for inflation, and planning for unexpected expenses. Regular financial reviews can help you stay on track and adjust your plan as your circumstances evolve. Speaking with a financial adviser can provide valuable insights and help you make confident decisions about your retirement income.
How it works
Becoming a Rathbones client is straightforward, and our dedicated team are here to help from start to finish.
Complete the form
Fill out the form below, which takes less than 2 minutes
Get the call
Speak to a member of our new enquiries team so we can get to know you and connect you with the right expert
Meet our adviser
Meet with one of our specialists at your local Rathbones office or virtually; it's up to you!
And relax
Breathe a sigh of relief knowing your finances are in the hands of a trusted partner who understands your goals
Frequently asked questions
See how retirement planning could benefit you
A typical Rathbones client has over £300,000 to invest or plan their financial future, including pensions but excluding property. Book a conversation with our team to discuss your needs and start planning with confidence today.
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