Want to avoid working until you drop? The clock’s ticking…
However much you like your job, there’ll probably come a point when you decide it’s time to stop. One thing’s for sure, you’ll need more than just the State Pension if you’d like to enjoy life to the full when you retire – so it’s important to start planning for the future right now.
What is retirement planning?
As you go through life, you accumulate a range of valuable assets, including your home, savings and investments, pensions and inheritances. Retirement planning focuses on using these assets to generate the income you’ll need to stop working or reduce your hours as you get older.
"It appears we're returning to the post WW2 era where many people face working for a lot longer into the years that have been traditionally set aside for retirement. If you don’t relish the prospect of having to work for the rest of your life, Macbeth’s financial planning specialists can help you assess your retirement goals, looking at how much you need to save to achieve them."
- Simon Claxton, financial services specialist at Macbeth
How pension advice can help you
For many people, setting up a pension plan is a key part of their retirement strategy. But a pension isn’t right for everyone – so it’s important to explore all your options with a pension adviser.
Once we’ve established your current financial situation, we can formulate a plan to improve it – and see what income can be generated from your assets, now and in the future.
- Is a pension right for you? – a pension adviser will recommend a retirement strategy that reflects your personal circumstances
- Explore your options – from low-cost stakeholder pensions and self-invested personal pensions (SIPPs) to income drawdown and annuities
- Make informed choices – the pension advice you receive will take account of your attitude towards risk, how you’d like your money to be invested and your tax rate
Now's the time to start planning for the future – so you have options when poor health or old age slow you down.
Why you should consider retirement planning
- Not everyone is physically able to work all their lives. Retirement planning will ensure you have options when poor health or old age slow you down.
- Amid concerns that the current State Pension system is unaffordable in the long term, the Government is planning to raise the State Pension age to 67 between 2026 and 2028 – and subsequent reviews could result in a further age rise to 75.
- A pension is a very tax efficient long-term savings plan, but it may not give you enough income to retire on.
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"In Simon I am pleased to have found somebody that is open, honest and transparent. Not being tied to a particular provider, having the backing of a professional team and access to the tools needed to properly assess a range of financial products I am reassured that I am finally dealing with somebody that is serving my best interests. So far investment performance has validated my judgement."