Fast approaching retirement? You may be wondering how best to manage and drawdown from your pension during the current economic market.
With an increase in average life expectancy, the need for retirement planning has also increased dramatically and whilst it may seem a long way off right now, it’s important you give it some thought right now. As they say, time flies!
Did you know, most people will require upwards of 25 years’ worth of savings? Just having some form of savings or investment vehicles may not be enough. Often when speaking to new clients we hear they don’t need a retirement plan as they have a work-based pension. In reality, such pensions are provided to employees as a ‘benefit’ with very little regard for an individual’s personal aims and aspirations.
Life doesn’t just stop at retirement; some say it’s just the beginning. So, what can you be doing right now to enable you to have the retirement you have always dreamed of? Or maybe you’d like to stop working and start retirement just that little bit earlier?
One of the main ways you can achieve your retirement goals is good financial planning. Making wise choices now will push you forward the right direction.
Effective planning also gives you the ability to review your position frequently, meaning you can constantly adapt your plans as and when necessary.
Now, with all that in mind, let’s get down to it and delve into four ways to achieve your retirement goals.
1. Invest Well
You work hard to accumulate your wealth, and regardless of which type of savings vehicle you opt for, Skybound’s team of global investment experts work constantly to find ways to protect and grow your investments so you can rest easy knowing that your tomorrow is everything you dreamed it would be.
2. Start saving right away!
The best time to start saving is when you receive your first pay packet, in reality this is easier said than done. Don’t worry though, you will be pleased to know that the next best time is today. If you want to keep the life you have become accustomed to and enjoy your retirement, take action now and make every payday count.
Remember, the longer your money is invested, the more time it has to grow.
3. Keep it personal
It is unlikely that you will want to be restricted to a fixed amount each year in order to stick to the 5% withdrawal rule, instead you are probably going to want to fluctuate your withdrawals to allow you to enjoy retirement, and this is why your retirement plans need to be personalised.
• Have you thought about tax?
• Are you making use of all the allowances available to you?
• If your retirement income is all coming from a pension fund, whilst you will be making use of your personal allowance, have you made use of your Capital Gains Tax allowance?
4. Get help and advice from the experts
Your expert Adviser will help you to work out which is the best solution for you depending on your needs and objectives. As legislation changes, so too do your options so it’s important to keep up to date. Careful pension planning is essential to any financial plan and getting it right is paramount. Skybound are supported by specialist divisions such as pensions, investments and repatriation. Whether you choose to take a regular income, drawdown a lump sum; or both, our Advisers are on hand to help guide you through to retirement and beyond.
Here at Skybound, we leave no stone unturned in our quest to help you realise your retirement dreams. Retirement planning isn't something that can be sorted in one meeting or transaction, it’s a process that lasts from the moment we first meet until long after you have hung up your boots. But let us focus on that whilst you concentrate on today, with peace of mind your future is taken care of.
To find out more about this topic and more, please fill in the form below to arrange a call back.
To access a full recording of the webinar, please fill in the form below. You will be able to play the video straight away, plus we'll email you a link to the video.
Stay up-to-date with financial news and insights delivered straight to your inbox. Sign up today.