Retirement should be a time to relax and enjoy life. But to do so, your financial situation needs to be watertight. Effective retirement planning is crucial to be able to live comfortably in your later years.

Retirement planning is split into two stages: accumulation and retirement.

During the accumulation stage, you need to ensure you have adequate pension provision and consider the tax implications. We all know that the earlier you plan your retirement the easier it is to save. For example, a 25 year old saving £250 each month into a pension could achieve an income at 65 of about £10,000 per annum* in today’s prices. If the same person waited until age 35 to start saving, they would have to contribute £370 per month to achieve the same income at 65.

We offer a comprehensive retirement planning service and can also make sure your finances are as tax efficient as possible. We recommend ways to combine tax and pension planning for both individuals and companies to make the most of all possible tax efficiencies.

At the retirement stage, we can advise on a number of different options for taking your accumulated pension, such as an annuity or an unsecured pension. Depending on your circumstances and objectives, we can combine various retirement strategies and use them in conjunction with phasing in retirement from employment.

* This figure is dependent on investment performance and future inflation and interest rates.