Everything we do we believe will challenge people's expectations regarding financial planning. We believe financial planning has the power to improve quality of life.

Where do I best generate income from when I finish work?

Pension legislation and the tricky matter of planning for retirement is an incredibly complicated subject. However, in our experience our clients say it all boils down to a few simple factors:

• You want to ensure you will be able to live the lifestyle you would like, without the fear of running out of money.
• You want to feel as though you have made the best possible choices for your given set of circumstances.

The rulebook that governed pension and retirement products has effectively been “ripped-up” in recent years and replaced with a whole new set of rules. Whilst this adds complication, this also offers many exciting opportunities to people who are approaching retirement.
Please feel free to contact us to discuss this matter further.

What Is Retirement Planning?

Retirement planning is the process of determining retirement income goals, and then planning the actions and taking the decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings plan and managing your current assets. Future cash flows are estimated based on widely known factors to determine if the retirement income goal you set will be achieved.

What age should I retire?

Early in the process, you'll want to decide at what age you'd like to retire. It might be a rough estimate at this point, subject to change as the years roll by. Many people today are living and working longer than those in previous generations. Some of this decision will depend on when you expect to be able to access your Personal Pension and State Pension pots.

How much should I save for my retirement?

You'll need to make an educated guess about the percentage of your pre-retirement annual income to save for your post-retirement years, and our team of retirement planning experts will help you to decide how to do this and how much that figure needs to be.

What does retirement planning do for me?

In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. This includes a close consideration and examination of lifestyle choices, such as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all these areas.
The emphasis puts on retirement planning changes throughout different life stages. Early in a person's working life, retirement planning is about setting aside enough money for retirement – if it’s considered at all that is, as sadly too many young people fail to even consider retirement planning. During the mid-life stages, it might also include setting specific income or asset targets and taking the steps to achieve them. Certainly at this point everyone should now be actively saving and working towards their retirement. Once you reach retirement age, you go from accumulating assets to what is known as the distribution phase: that is to say, you’re no longer paying in; instead your decades of saving are paying out or being distributed to you for everyday use.

What Retirement Planning Goals should I set?

Remember that retirement planning starts long before you retire -- the sooner, the better. Your “magic number,” the amount you need to retire comfortably, is highly personalised, but there are numerous rules of thumb that can give you an idea of how much to save.

Your main goal in life should be to retire with financial freedom and security, through a financially comfortable and stress-free lifestyle. Retirement planning is the crucial task for this goal, as it decides how you will live once you are old and no longer wish to work - or are unable to work. It involves the consideration of a number of factors: at what age you hope to retire, how much money you will need to cover the living expenses and your other plans after retirement, and where you will get your money from in retirement. Generally speaking, retirement planning is planning your finances for the period of life after you stop working. One standard plan cannot fit everyone because each person has his/her own unique situations, and that’s where talking to experts can help you to build a tailored plan.

Your attitude toward retirement planning and how soon you begin to consider it is influenced by your surroundings (as in, did the people around you such as your parents begin planning early in life?), knowledge of the potential dangers of leaving it too late to plan, and information about retirement in general.
Your attitude to financial planning, and specifically to retirement planning, dictates how you take responsibility and tolerate risks financially. If you tend to take financial responsibilities for your future, you may be more likely to engage in retirement planning. Young people, though, are more difficult to convince of the need to plan for the future, particularly in uncertain economic times as at present, and so most retirement planning does tend to happen once we reach mid-life or above.
There’s no age limit on when our team can help you plan, so whatever your age or needs don’t hesitate to contact us to ask us how we can help.

What do I need to plan for my retirement?

Here is a list of information needed for retirement planning:
• Available investment options
• Lifetime path of annual earnings and retirement income
• Rates of return on investments and compound interest
• Risk and return of various assets
• Age and length of service to retire
• Present and future individual income tax rates
• Work out what you have

There are lots of different places where you might get an income for your retirement. You’ll need to know what they are and how much you have so you can plan ahead effectively. Here is a list to help you.
• The State Pension
• Workplace pensions
• Personal pensions
• Property
• Selling a business
• Other assets

How much money will I need to live on in retirement?

To work out what you need, you may first want to consider the costs of day-to-day living, such as food and utility bills as well as the bigger ad-hoc expenses like a new fridge or washing machine. Then think of the other items you may want in retirement: a new car, holidays, eating out and so on. Our team can help show you how much the average individual / household needs to live on per annum in retirement.

What if I haven’t got enough money to retire?

What you do next is likely to depend on how close you are to retirement and whether you have enough savings to achieve your goals. If there is a shortfall, there are some options for you to consider.
• Bring your pensions together
• Consider paying in more to your pension
• Boost your State Pension
• Delay taking your tax-free cash
• Work for longer

How early should I start retirement planning?

It’s never too soon to start planning, in fact the sooner you start the better off you’ll be when that retirement eventually comes around.

It’s also the case that just because you’re a little older, you shouldn’t feel like you’ve left it too late to plan. We’ll help you out however old you are and however long you have left until retirement – there’s a plan that can be put in place for everyone, and our team will help you to put it in place.

Start planning your future. Speak to us today.

Contact Us

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

01423 611004

[email protected]

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