Retirement Planning

Advice on saving and planning for your retirement

Retirement planning advice

Pension freedoms rules introduced by the Government in 2015 now gives those approaching retirement far more choice over how they use their pension pots. Gaining more freedom and choice over your pension is generally a good thing, but there is also a greater risk that your money could run out if the wrong choices are made and with life expectancy in the UK increasing, most people today will be looking at a longer retirement with the need for their savings to last much longer.     

Retirement planning is a critical part of your overall financial planning strategy. We believe that setting a target income and receiving the right financial advice can make a big difference to your retirement income.

Where we can help

  • Clarify when you want to retire and what you want your retirement to look like.
  • How much money you will need to support you in retirement.
  • Combining and/or switching pensions for cost savings and more flexible benefits.
  • Maximising savings and tax allowances.
  • Savings and investment decisions.
  • Understanding all your options at retirement.
  • How your health might affect your retirement options.
  • Tax implications of retiring.  
  • Building a flexible financial plan for your retirement.
  • Passing on your pension.

Our approach to retirement advice is based on clearly understanding your current circumstances, your goals, and how much risk you are prepared to take with your money. 

"...the adviser we have dealt with has been excellent.."
"Both my wife and I have pension investments with Henderson Stone/Old Mutual Wealth and over the past few years the adviser we have dealt with (John Collins) has been excellent. The home visits have always been punctual and well received. With recent world events our communication has been by e-mail and telephone with no issue or delay."
Mr E Armstrong
Bathgate

A member of Quilter Financial Planning,
an Award Winning National Network of Financial Advisers

Part of Quilter, a FTSE 250 company with £119.9 billion in customer investments (as at 31 March 2021).

Investing for your retirement

Whether you are saving for a specific purpose or want to invest over the long-term, the sooner you get started, the better chance you have for growing your money. Read how we can help…

Investments

Your Retirement Journey

Where are you now?

Explore each stage to see where you are in your retirement journey and areas where you may need financial planning support

Pre-Retirement

Some way off

You are likely to be 10 – 15 years away from stopping work or the age from which you can draw your state pension. 

You may need help thinking through:

  • The age you may want to retire
  • Working out how much money you need to live a comfortable life or the life you want in retirement
  • Understanding the amount of savings required to create the income you want or need
  • Building confidence in the steps you need to take to make sure your money won’t run out before you die
  • Reviewing existing retirement plans and identifying any savings gaps
  • Understanding the different options open to you regarding your retirement
  • Maximising your savings and taking full advantage of your own tax allowances
  • Protecting or de-risking the investments you have built up

Nearly there

You have five years to go before your selected retirement date and are more interested in your options.

You may need help thinking through:

  • Maximising your contributions to your pension ensuring you don’t exceed your annual or life-time allowances
  • Modelling different income requirements in retirement so you can take your income in the most tax efficient way as well as building in some flexibility in the amount of income you take from your pension pot
  • Maximising death benefits for you and your spouse, partner or family
  • Maximising all tax allowances available to you
  • Increasing your confidence that you will not run out of money during your retirement
  • Factoring in any special spends such as a big holiday or new car

At Retirement

Choices and decisions

You are now in the process of retiring, however you are less likely than in the past to stop working at a set date. You may go part-time and take some money from you pension pot or you might leave your pension pot intact and continue working through choice or need.

You may need help thinking through:

  • Maximising your contributions to your pension ensuring you don’t exceed your annual or life-time allowances
  • Modelling different income requirements in retirement so you can take your income in the most tax efficient way as well as building in some flexibility in the amount of income you take from your pension pot
  • Maximising death benefits for you and your spouse, partner or family
  • Maximising all tax allowances available to you
  • Increasing your confidence that you will not run out of money during your retirement
  • Factoring in any special spends such as a big holiday or new car

In Retirement

Greater freedom

You are probably fully retired now and receiving your state pension as well as generating income from your pension.

You may need help thinking through:

  • Keeping the plan fit for purpose applying any flexibility you need around your income needs
  • Incorporating your state pension
  • Drawing income from your pension-pot efficiently
  • Ensuring your money doesn’t run out
  • Planning for any future expenditure
  • Thinking about when to delegate financial control
  • Planning funeral expenses
  • Making plans to pass on wealth tax efficiently

Slowing down

You may be slowing down for a variety of different reasons from health issues to having done all the things you wanted to do. You may be spending more time at home and have less need for income.

You may need help thinking through:

  • Reviewing your income to make sure it still won’t run out
  • Drawing your income tax efficiently from your remaining pension
  • Finalising any estate planning to ensure it is tax efficient
  • Making allowance for potential care costs
  • Planning for later life by thinking about who you might delegate financial decision to on your behalf

Later life

You may have more health issues, are more dependent on others and may have more need for advice if you are feeling less confident making decisions about your finances.

You may need help thinking through:

  • Ensuring any increased income needs can be met from your savings
  • Finalising and implementing any planning choices around care
  • Seeing the positive impact of legacy and estate planning by passing wealth on to your family if appropriate
  • Potentially releasing further income from your home to fund care costs
If you take your entire pension fund early you could be financially worse off in the future.
The value of an investment can fall as well as rise and you may get back less than you have invested.
The Financial Conduct Authority does not regulate taxation and trust advice.

Get in touch

We always offer a free, no-obligation initial consultation over the phone or face to face (Covid restrictions allowing) to see if we can help*.

If you’d like to arrange a consultation, or have any questions at all, please get in touch with us on 0141 352 7800
or click on the ‘Contact Us Form’ link below.

*Any work you ask us to carry out as a result of this meeting will be fee based.

We recommend visiting the Money Advice Service website for free and impartial money advice, guides and tools – set up by the Government to help you improve your finances.