One in five of us will live until we are 100, so retirement planning is all about making sure your income doesn’t run out before you do.
Your retirement plan will probably be one of the longest term commitments you will ever have in your life. So, it makes sense that it is something we would regularly review together. We will monitor how it performs and report back to you on the likely income it will provide you with.
While, we don’t think everyone ‘needs’ a pension, they do offer quite astonishing tax benefits, and that is why they are regularly used for long term savings. Most people who are UK resident will be able to benefit from tax relief on pension contributions. So, if you pay tax at the basic rate (or even if you don’t pay tax at all), for every £80.00 you save in a pension, another £20.00 is added by way of tax relief.
Pensions can also offer impressive tax planning opportunities for those who own a business and for those who are higher rate tax payers.
When the time comes to start enjoying your retirement savings, there will be some weighty questions to be dealt with. We have helped many people answer these questions allowing them to go on and enjoy the retirement they hoped for.
If you are approaching retirement, things you may want to consider:
1 How much income do I need?
2 Will this increase or decrease as time goes on?
3 Do I have a spouse who is financially dependent on me?
4 Might I want to continue working part time?
5 Do I want to leave any money to my family?