Whether retirement is close or in the distant future, unless you start planning for retirement as soon as possible, there is great danger that you could not have enough savings at retirement.
When it comes to providing for our retirement, too many of us do too little too late. The earlier you start planning, the easier it will be to have the lifestyle at retirement you want.
With people living longer, retirement now represents a far greater proportion of our lives than previously expected. It is important to determine how much you are going to need at retirement and to start planning for it now.
Retirement planning can be considered in two stages:
The first being the accumulation of assets in various forms before retirement, which is all about forward planning pre-retirement – the accumulation stage. The most common way of doing this is through a pension plan. Pensions benefit from some very exceptional tax breaks, and nowadays, you can even contribute to your pension when you don’t work
The second is assessing the most suitable options, at retirement, for arranging these assets to provide suitable capital and income security during retirement – the decumulation stage. There are various ways in which you can do this, the most common being through an annuity or nowadays with Pension Freedom a Flexi-Access Drawdown.
However, both are linked and as retirement approaches it is imperative to review the pre – retirement investments in conjunction with the retirement income objectives, as this may influence investment decisions, especially in the final few years. We will work with you to reduce the risks of the portfolio as you approach retirement.
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