For many in our parents’ generation, retirement followed a well-worn path: stopping work at state pension age and never stepping into the workplace again. Thanks to changes in society, average life expectancy and rules around when and how you can claim your pension, there are now considerably more options to consider.
Our starting point with each and every client we work with is your vision of your future.
- What do you want your post-work lifestyle to look like?
- Do you want to stop work altogether, or do you see this as a chance to work more flexibly, phasing into retirement gradually over time?
- Would you like to spend more time with the family?
- Or take the opportunity to travel the world?
It’s your retirement and it should be your choice. However, if funding for your plans isn’t carefully thought out, your choices may become limited.
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Understand how much money you’ll need to live the kind of retirement lifestyle you aspire to.
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Gain a clear picture of your current arrangements and whether they are enough to help you reach your goals.
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Make a plan to ensure you live securely and comfortably, without the fear of running out of money.
Six things to think about when you’re approaching retirement
Number 1
When do you want to retire?
Many factors will influence your thinking including when you’re able to retire, how long your pension pot needs to last, and whether you want a “cliff-edge” retirement, or a phased end to your working life? You’ll also need to think about being emotionally ready as well as financially.
Number 2
What do you plan to do in retirement?
Whether you plan to travel the world, take up a hobby, or spend more time with the grandkids, the way you plan to spend your retirement will directly impact the amount of money you need. Understanding your expectations and having a clear plan in place early will give you the time to budget. And allow you to feel emotionally prepared for the transition too.
Number 3
How much will your planned retirement cost?
You need to understand what level of income you’ll need in retirement to achieve your desired standard of living. Your aim is for your money to outlive you without leaving too much behind. This can be a tricky balancing act but we’ll help you find the right path.
Number 4
Where will your retirement income come from?
And what will you do if there’s a shortfall? We’ll advise you of your options and recommend the best solutions for you, whether that’s topping up your pension, topping up your ISA or other savings, or looking for new ways to earn an income that fit with your lifestyle.
Number 5
Is your plan stress-tested?
Having a plan that you’ve costed out is a great place to start, but unless you’ve factored in possible changes to your life that could occur, that plan won’t last long. Life very rarely follows a straight path. We’ll help you plan for those eventualities you know are possible, along with many you might not think to include yourself.
Number 6
Is the person giving you advice suitably qualified?
Our Chartered and Accredited financial planning firm status means we’ve been recognised as providing “gold standard” financial planning. Our awards, which include Retirement Planner– Best Individual Pensions Advice Firm of the Year – The North and Scotland 2019, demonstrate that we have a genuine commitment to providing exceptional advice to those approaching and in retirement.
Ready to talk?
If you want to know more about getting the most out of your finances for your retirement, investing or estate planning, please get in touch. You can send us an email or use the direct message box at the bottom of this page. Or call us and we can chat through your needs and, if you are ready, make an appointment to better understand how we can help.
Resources
Making sure you’re on track to retain your lifestyle in retirement
5 steps to bring your dream of early retirement closer
How is your financial wellbeing?
Our Managing Director, Andrew, is an accredited member of the SOLLA Retirement Advice Standard.
Qualifying him to deliver specialised advice on later life care funding, investments, annuities, using property to supplement income, and your financial wellbeing throughout retirement.
Andrew has made us aware of all aspects of the planning process in ways easy to understand and in a way that is never rushed or shrouded with jargon. His work has been very thorough with attention to every detail. He has been an invaluable source of help and advice, and we look forward to maintaining contact for many years to come. Andrew was recommended to us, and we in turn recommend him as an excellent Financial Adviser and Planner, with good advice, good knowledge and a genuinely caring approach to his clients.
Mr & Mrs J LytheLeeds
We really feel part of a "family". This is due to the care and consideration you have both shown to us over the years. You show a concern not only to our financial needs, but also taking into account the history of our family, and where the future for them may be! This is what makes you as a "partnership" very, very special to us.
Dr & Mrs K PeacockGrimsby
Approaching retirement
Andrew… explained everything in an easy-to-understand way. The one-hour meeting went on for almost three hours but because it was so interesting the time flew by.
Mr & Mrs P McCluskeyPontefract
Approaching retirement
New ideas raised and options offered which I would not have thought of. Friendly approach with great comfort in being able to raise any matters.
Dr N KitchenMaltby
Approaching retirement
Andrew cares about us and our family's wellbeing. He offers a personal service that suits our needs and tailors our financial planning accordingly. He is incredibly knowledgeable but has an ability to describe complex issues in a straightforward way. He has completely sorted out our financial situation and we don't know how we would manage without him.
Mrs K TunstallOtley
Keeping your wealth in the family
I have known Andrew a long time, but more recently he has been acting as my Financial Adviser. In this time he has provided some very useful information, insights, options and advice on key financial decisions. His style is always supportive, tailored and unhurried. I feel he is one of a few advisers I can trust.
Mr R MountainWarrington
I have used Andrew for over ten years now. He knows the business very well and presents all possible options to allow you to decide for yourself the best fit solution. He is friendly and freely gives advice without making you feel pressured. I would have no hesitation in recommending him for investment advice.
Mr N HopwoodWakefield
Andrew was extremely professional and guided us through the maze that is the financial world. He took the time to really understand our position, explained very clearly a number of options and the implications of each. Most importantly everything was conducted in a clear manner, helping us make the decisions.
Mr & Mrs M ErwinWetherby
I wanted to say a big thank you for the way you have guided us through the whole process. We have really appreciated your patience, clear explanations, lack of judgement about how we have saved so little so far, and your grounded approach. It has made what could have been a very confusing and uncertain process, seem far less intimidating. It’s been a pleasure "working" with you.
Mr & Mrs C CardenLeeds
Andrew was very welcoming and immediately easy to get along with. His professionalism stood out and we were quite confident that we had made the correct choice for dealing with our financial affairs. We are looking forward to a long and rewarding relationship.
ClientNorth Yorkshire