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Am I on track for retirement
Am I on track for retirement
There has rarely been a more challenging time to retire. Major changes made to UK pensions in recent years mean that we all have more choices available on how to fund our lifestyle in retirement. It has never been more important to understand your options and put a plan in place. We spend our working lives building towards retirement. The choices we make today can have a big impact on the quality of our lives later on.
Traditionally we have thought about pensions as the primary way of funding this chapter of our lives and they remain the cornerstone of good retirement planning. However, with limits on both the size of pension funds and the contributions you can make, as you plan for your retirement you should consider your income as coming from a range of sources.
These include the state pension, personal pensions (SIPPs) or workplace pension schemes, your savings, or investments, perhaps a rental property providing a yield. Drawing on several sources can help reduce the amount of tax you pay. Longer retirements also mean your savings will have to stretch further.
How we can help?
The pension landscape is complex with legislation changing all the time – and we all have different circumstances and attitudes to risk. A financial planner will be able to help you map out your own, and then consider a range of ‘scenarios’ – or possible futures. This is what good financial planning is all about: we may not be able to predict the future, but we can certainly help you to face the future, knowing that you are well prepared for what might happen.
Download Guide: Retirement planning guide
Are you on track for retirement? The purpose of this guide is to help you think through some of the options you need to consider as you think about this transition and find the best way to fund the retirement you want.
