Retirement Planning

When it comes to retirement planning, it can be a daunting prospect and there’s a lot of pressure on you to make the right choices - after all, a failure to plan at this stage will have serious and significant impacts upon your later life.

By using an experienced retirement planning specialist, you receive guidance and advice on how to make the most of your money and how to make sure you can live the life you want to in retirement. 

When it comes to the amount of money you will need to live comfortably in your later years there are no hard and fast rules and the amount will vary depending on your personal circumstances, financial responsibilities, and how much time you want to spend. Everyone's different, and so our first port of call is to get to know you and all of your financial habits - that way we can properly advise you on what steps you should be taking to have a happy and lengthy retirement.  

It is imperative that you begin thinking about your retirement early enough to make adjustments that will have enough time to make a difference to your pension pot. In fact, it’s never too early to begin planning for your retirement - even in your 20’s and 30’s you should be thinking ahead and starting a retirement fund. The new pension contributions legislation makes this a lot easier to achieve, as now all employees have to be offered a pension by their employers. This is a good thing, as it means young people will begin saving early for retirement and will have more money to spend in their retirement years.

While there will always be a lot of talk and speculation about the average retirement income, the truth is there really is no such thing as an ‘average’ retirement income, and how much you will require will depend on your unique personal and financial circumstances. 

At some point, you will need to sit down and look at your personal circumstances to see how far you’ve come, and how far you still have to go. That’s usually the point where people want and need to consult an expert in retirement planning, as there’s just too many variables and options to consider to be sure of getting it right.

When considering your wealth in retirement, some factors we may want to consider include:

  • The worth of your pension pot

  • How much income your pension pot will generate

  • The amount of income you anticipate you will need to retire – what will your monthly outgoings be for household bills and rent or mortgage payments?

  • The type of retirement you want – do you plan to travel or want extra income for hobbies and socialising or helping family members financially?

  • Will you continue working part-time, and if so for how long?

  • Are you single or part of a couple?

  • Do you realistically expect to benefit from any inheritances between now and retirement?

  • Are you planning to leave monies as a gift for family members on your passing - if so, how much and how many members of your family?

  • Are there significant life events still to come (e.g. weddings, funerals, house moves) that we need to take into consideration?

  • Are you considering relocating to elsewhere within the UK, or even a move abroad?

  • Will you continue to have the same level of expenditure in retirement?

All of these things, and many more, dictate what advice you need and help us to begin to draw up a road map of how to get you there. 

There are important decisions to make surrounding your retirement. It is good practice to seek the advice of an independent financial advisor to help you understand and determine your financial situation when you reach retirement age, and help you to implement pension planning strategies that will help you reach your retirement income goals.

As an experienced independent financial advisor, we work in partnership with our clients to ensure they have the best retirement planning strategies in place for their personal circumstances and financial objectives. We can advise and support you with all aspects of retirement planning to ensure you have the most efficient strategies in place, sourced from the whole of the market.

How much money do I need to save to retire?

Saving early is critical, however it’s still possible to begin planning for a comfortable retirement after you’ve reached 45.

One of the things we’ll look into on your behalf is how much your pension pot is currently worth. Most people don’t know how to work this out, and so turn to experts like ourselves for advice and assistance. If you find your pension pot is not worth what you were hoping for or does not provide you with the income required to live the retirement you want, you can boost your retirement income by paying more into your personal pension. If you are employed it is worth checking whether your employer will pay into your pension, as some employers will match the amount employees pay into their own pensions.

We can support you with all aspects of retirement planning to ensure you have the most effective and efficient strategies in place to make certain you will have the income you require for a comfortable retirement. Old age happens to us all, it’s how we plan for it that’s critical, and at Seventy Financial Planning we’ll help you to effectively plan for your future, today, so that you can relax and enjoy your life knowing that your retirement will be fully taken care of. Retirement planning can be made so much easier by consulting with experts and that will help you stick to the plan laid out - after all, if you can easily understand how your future could look, why wouldn’t you want to work to get yourself there?

Start planning your future. Speak to us today.

Contact Us

Seventy Financial Planning
The Apple Store, Haggs Farm,
Haggs Road, Follifoot, Harrogate,
HG3 1EQ

01423 611004

[email protected]

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