Clients ask us a variety of questions about pensions and quite right too. The decision to retire is one of the biggest life changes we experience bringing feelings that range from excitement to uncertainty. We also move from a position saving for the future, to spending now and watching our savings reduce to fund our retirement, which is a significant shift in the way we think about our financial positions.The retirement decision is an exciting opportunity to transition into a different phase of our lives and will start with some fundamental questions such as…

• Can I afford to change my work / life balance?
• When can I comfortably retire?
• Can I afford my dream retirement now?

…and quickly gets into the detail….

• I have pensions through different employers?
• Should I opt for a “guaranteed” income in retirement?
• Should I continue to invest my pension fund to provide me with the income I need?
• Will my family have access to my pension wealth should I die?

The best way to remove the complexity is to build a financial plan to model your income from your total accumulated wealth. This will help to simplify the retirement options available to you. From the equity in your house through to your pensions and savings, our cash flow planning tool can take in your data and deliver a snapshot of the future and help you shape your retirement to make the very most of your assets.

Download Your Retirement Options Factsheet or contact us to discuss your retirement planning with our Lifestyle Cash flow modeling.

By Andy Robinson  |  September 2018

Research shows that those taking financial advice are on average £40,000 better off compared to those not taking advice.The International Longevity Centre and Royal London looked at the impact of taking professional advice on the finances of various defined groups of people. The first group consisted of affluent, university educated individuals. The second group was made up of those ‘just getting by’, single, renting and less well educated. The groups were then subdivided into those who received advice and those who didn’t.The affluent and advised group accumulated £12,363 (17%) more in liquid assets and £30,882 (16%) more in pension wealth than those who were affluent and non-advised.A similar picture appeared in the less affluent group. Those who received advice accumulated £14,036 (39%) more in liquid assets and £25,859 (21%) more in pension wealth than those who were ‘getting by’ and non-advised.Although, this research makes a clear case for seeking informed advice, a high proportion of people still invest without it. There could be two reasons for this:

1. They don’t want to pay the costs involved and believe they’ll save money by not using a financial adviser.
2. They think they might do it themselves, often using the internet, believing they can achieve equivalent or better outcomes.

However, the research shows that there is real value in seeking out good professional advice. It will guide you away from the pitfalls and lead you towards opportunities that have a measurable financial benefit.

By Philip Harper |  February 2018

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company pension scheme. For most people now, this route simply doesn’t exist.Saving for a “pension” can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your life, and also how your money is treated once you die.The 2015 changes to the “at retirement” rules vastly increased flexibility and brings with it a new era of personal responsibility in retirement.Working beyond state pension age is no longer an exception and it is becoming increasingly common to consider downsizing or releasing equity in their home as a part of their retirement planning.Far more choices will have to be made and the answers themselves become less obvious. How do you best invest your savings? How do you want to take income in the future and what happens to your assets when you die?The new normal requires a plan. Having a plan not only helps you understand what you are aiming for, but regularly reviewing that plan enables you to check you are on track.

Philip Harper  |  January 2018