Approaching retirement

Whether it’s still a long way off, or it’s rising up fast on the horizon, if you’re to have the kind of retirement lifestyle you can enjoy, you’ll need to put some thought into how you’re going to fund it.


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.