Pensions, Investments and Retirement Planning
The Importance of Retirement Planning and Pension Management
Retirement planning is essential to ensure financial security during your post-work years. For most people, a pension serves as the foundation of their retirement funds, making it important to start saving early, especially through workplace pension schemes. However, it’s never too late to evaluate your options and strategise for the future.
Keeping track of your pension savings is crucial, particularly if you’ve worked for multiple employers before auto-enrolment. Transferring your pension pot from job to job is now common practice, but it’s vital to monitor old pensions. Understanding how much you’ve saved and aligning it with your envisioned retirement lifestyle and timing can help shape your financial goals.
FAQ'S
What is a Personal Pension?
With a personal pension you choose the defined contribution scheme and provider. These pensions are suitable for those who are self employed. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement.
How Personal Pensions Work
Whilst monies remain invested, a pension is a tax efficient pot of cash that you, your employer (and sometimes the Government) pays into, as a way of saving up for your retirement. At retirement, you can withdraw the savings in a number of ways.
Expanding Your Retirement Strategy and Seeking Expert Advice
While pensions are a key component, retirement planning should also involve a diversified approach to managing finances. Investments can provide an additional stream of growth for your funds, but they require careful assessment of risks.
Taxation laws and HM Revenue and Customs practices are intricate and subject to change, highlighting the importance of seeking professional guidance. Tailored advice ensures your retirement strategy is aligned with your individual circumstances, helping you make informed decisions about pensions, investments, and lifestyle goals. Retirement planning is an ongoing process that requires regular reviews and adjustments to remain on track.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
