The earlier you start your retirement plan the better. And the process doesn’t have to be difficult or take a long time. Your wealth adviser will help you to structure your affairs to ensure that you can meet your desired level of income when you stop working. With ever-changing pension legislation and increasing life expectancy, it makes sense to use all the tax-efficient options available to create a flexible retirement plan.
As part of your financial plan, we'll cover:
• Accumulating savings for retirement
• Investing your retirement fund
• Using your retirement savings to provide an income
With your goals in mind, we can analyse your savings and outgoings - using a process called cashflow modelling - to find out how long your money will last and whether you’re on track, or look at what you need to do to get there. You and your adviser will be able to test out different scenarios to see the effect on your retirement plan.
Going through these steps will also help to answer other questions too such as:
- Will I have enough money to retire when I want to?
- Am I going to run out of money in later life or can I spend more now?
- Will my family be financially secure if I go into care or die unexpectedly?
- Am I going to leave a large inheritance tax bill?