Retirement looks different for everyone, but the starting point should be the same. To decide what an ideal retirement looks like for you. Whether you’re a few years away or closer to retiring, we can help guide you to the retirement you want.
Our experienced financial planners help people like you benefit from the clarity and confidence a financial plan can bring – that might be knowing that you can maintain the lifestyle you want or realise other goals.
What’s the simplest way to start planning for retirement?
Once you know what retirement looks like for you, in terms of timing, lifestyle, and income needs, we can help you review your existing savings and investments, pensions, and other assets. This can reveal any shortfalls or opportunities. With clarity around the goal, we can shape a plan that blends tax efficiency, investment strategy, and your personal goals.
What’s the difference between saving for retirement and having a pension?
Saving for retirement involves planning across a range of assets to ensure you have the income you need when you stop working. A pension is often one component of that plan - a tax-efficient structure that encourages long-term saving. Most individuals benefit from combining pensions with other ways of saving and investing such as into ISAs, property, or business interests to create flexibility and resilience.
How could I take my pension?
You can normally access your pension from age 55 (rising to 57 from April 2028) and there are several options available to access your money, and you can combine options to suit your needs.
You could:
- Buy an annuity, which pays a guaranteed income for life or a fixed term.
- Use drawdown, where you move your pension pot into a drawdown product and take income as and when you need it. Any money you haven't taken from the drawdown pot will remain invested which means it has the chance to grow. But as with all investments, it could go down in value and you could get back less than you put in.
- Take your whole pension pot as cash. This could result in a large tax bill and could mean you run out of money later in retirement.
You can usually choose to take up to 25% of your pension pot as tax free cash.
There's a lot to consider when planning for retirement and it’s important to speak to an adviser to help you make the right choice.
Our financial planners understand the ever-changing complexities around pensions to provide expert and informed retirement planning advice to our clients. We’ll use our knowledge and experience to guide you through such challenges and help you select the best option for your needs.
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