What do I need to do?
Things are getting really serious now. You should have a clear plan in place for the timing of retirement as well as an agreed income amount that you need. Don’t worry though, our experience is that most people adjust this within 3 months of retiring and nearly everyone changes it within the first year. We’ll use our experience to help guide you and our cash flow modelling includes ’worst case’ scenario planning. At this point it’s mostly too late to have a significant impact on your ability to retire but reviewing the plan, ensuring everything is set up correctly and making sure you are on the right course for the long term is essential.
How long do I plan for?
You may be fortunate to live for 30 or even 40 years in retirement and many of the decisions you make at this point can impact your financial security over those years so it’s essential that you get this right.
How does it work at retirement date?
We will help you to have all of your assets in the correct structures ready to go so that you have no break between receiving your final pay packet and your first pension payment. This might come from an annuity, a final salary pension or income drawdown. You might also be using other assets, such as a buy to let property or an ISA, to supplement your income. Depending on your circumstances we might take advantage of phased drawdown or the marriage allowance to minimise your tax liabilities and ensure that sensible tax planning helps to stretch your pension fund.