‘Who wants to work forever?’
When you’re a 16 year old, a school leaver or a university graduate, Retirement Planning seems to be one of those ‘oh so serious’ subjects that only have relevance to your parents and grandparents. It’s never too late to start planning, but the earlier you do it the better. Audley offer expert advice on how to best plan for the longest holiday of your life. Ensure that when you earn that well-earned down time, your retirement lifestyle choices continue to afford you everything that you deserve and more.
- Personal Pensions
- Self Invested Personal Pensions
- Recognised Overseas Pensions (ROPS)
- Small Self Administered Schemes
- Workplace Pensions
With people living longer and costs rising, most of us realise we need to look far beyond state provision as a source of retirement funding. But where do you start?
Planning your retirement
There are now more ways to save for your retirement than ever before. So with so many options, what is the best way for you to build your retirement savings for when you decide to stop working? Also, when is the best time to start and how much should you save?
At Audley, we can help you answer these questions and assist you in making the right decisions in relation to your retirement planning. We have many years of experience of providing retirement advice and investment planning to happy clients who no longer have to worry about how they will afford to maintain their lifestyle in their later years.
To find out how we can help you with planning for retirement, complete our online contact form or get in touch with us on 01727 227557.
Pension planning can fall into two separate phases – the first stage is accumulation after retirement you enter the decumulation stage. Accumulation is the period of time where an individual builds their pension savings by a combination of personal and employer contributions. There are different ways to save and Audley Asset Management can help you decide on the most suitable for your circumstances. We can also help you to decide how much you should pay into your pension based on the age you want to retire and also the level of income you would like to live ion when you stop working. This could be a personal pension or utilising your employer’s pension scheme if one is available. It is important to remember that, much like any other investment, your personal pension will be exposed to investment risk and the value could fall as well as rise, so a long-term view needs to be considered. Starting saving early is always a good idea as this ensures a long period of accumulation and investment will be held to mitigate the risk with falls in value and help you to grow your pension fund.
When you are close to your retirement age, we can advise on the most appropriate way of accessing your money as and when you need it, and also ensure that any contract you use has competitive fees and charges as these can make a dent in your savings over time. This stage is called pension decumulation and it is the process of converting pension savings to retirement income and there are several routes available to you when you are looking to start drawing a lump sum and/or income.
Flexible Access Drawdown (FAD) is one of the most popular options available. This was introduced in 2015 and has revolutionised the post retirement landscape. You may wish to consider this option, depending on your expectations, circumstances and attitude to risk. The general benefits of FAD are those of flexibility – important if you expect your requirements may change from one year to the next. With FAD, you can just take a lump sum (tax free up to 25% of the fund), or you can also take income which can be varied as your circumstances changes.
Alternatively, if you are looking for greater certainty of income, you may be better advised to buy an annuity, which will secure you a fixed amount of income.
Audley Asset Management can offer you advice in selecting the must sustainable option for your retirement and can also help you choose the most cost-effective scenarios. We can also structure your income to reduce your tax bill through our tax planning service.
Let us take the stress out of planning for your retirement
Knowing how much to set aside for retirement as opposed to funding your immediate goals is a balancing act for most people. This is especially true if you want to retire early and enjoy as much of your retirement whilst still in good health.
Audley are experts in retirement planning and we can help you make these decisions. Call us and we can help you plan the retirement that you deserve.
Send us your contact number and we will call you straight back.