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Costing the dream

Leaving work behind you, not for a few hours but for good, can be a powerfully attractive prospect. But a reliable long-term income is essential – especially if you are planning on doing so early. Realistic financial planning is the key, and that in turn is linked to how you intend spending all that free time.

Depending on what you have in mind, there can be very substantial differences in the funds you will need available at different stages of your retirement. Good financial planning should take account of aspirations, as well as money, because the two are of course intrinsically connected.

Start planning early

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?

All financial assets can contribute to your retirement planning

Saving for retirement early on in life can offer a great financial advantage. Building up a savings pot and potentially making larger contributions to a pension will mean you benefit from compounding interest over time. Although retirement may seem a long way off, it is better to save something, however small, rather than simply putting it off completely.

All financial assets can contribute to your retirement planning. These might include investment funds, ISAs (Individual Savings Accounts), personal or occupational pension schemes and property investments. The most suitable retirement strategy for you will depend on many factors, not least where you are on your financial journey. We’re all living longer, and your savings are likely to have to last for many years to come. We can help you maximise your savings to maintain your standard of living, and enjoy a happy and comfortable retirement.

It’s important to assess your financial situation regularly throughout retirement

After retirement, no longer having a regular income can be a concern. Your wealth adviser will help you put together a plan to ensure you draw down money in the most tax-efficient way possible.

For example, pension savings are generally outside of the estate for inheritance tax purposes, so it may make sense to draw on those last. If other savings income is not sufficient to use up personal tax allowances it may be beneficial to draw some pension, and to top up with withdrawals from ISAs and other savings.  If savings are not going to be sufficient to meet all retirement income needs, you may consider selling your property and downsizing. Your wealth adviser will help you to find the best path to the retirement you want.

Advice and product fees may apply. The value of investments and the income from them can fall as well as rise, and you may not recover the amount of your original investment.

Find out more about pensions, tax, and passing on your wealth

Navigating pensions

Understanding how your pension benefits will be taxed is an important part of developing your wealth plan. Your wealth adviser can guide you through the myriad of pensions legislation to help you to achieve your best outcome.


Passing on your wealth

Lack of preparation can be a key reason for the loss of wealth between generations. Let our specialists in multi-generational estate planning help you and your family to transition wealth to the next generation, protecting your assets and wishes.


Making tax less taxing

Growing and preserving your wealth depends on a number of factors not least how tax-efficiently your wealth and investments are managed. We can help you to successfully navigate complex tax and financial systems.


Further reading

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Funding your retirement

With state pensions increasingly deemed insufficient for a comfortable retirement, private pension savings are an ever more critical part of long-term financial planning.

Why take a long-term approach to investing?

In this article, we unpick the meaning and potential benefits of a long-term investment approach.

Financial action plan

Being confident you are making the most of what you already have whilst also having a pretty clear idea of where you want to get to in the long term.

Planning for an early retirement

Leaving work behind you, not for a few hours but for good, can be a powerfully attractive prospect. But a reliable long-term income is essential – especially if you are planning on doing so early.