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Helping you to understand:
Retirement means something different to everyone. Your Fairstone adviser will work with you to establish what you want your retirement to look like. Once you have a clear idea of when and how you want to retire, your financial planner will support you in creating the most tax efficient way to reach your end goal. This support continues well into your retirement to make sure you maintain the level of income you need to fund your lifestyle.
It is never too early to start planning for your retirement and the sooner you work out what your end goals are the sooner you can put the most efficient and effective plans in place to make sure you get there.
How much you need to fund your retirement depends entirely on you and your lifestyle. Your Fairstone wealth manager will undertake cash flow modelling with you to establish your current income and expenditure and together you can use this information to map out your retirement needs.
As life expectancy rates continue to rise, most of us will need retirement pots that last upwards of 30 years. The sooner you start to plan the more likely it is that you will achieve the retirement you hope for.
An independent financial adviser can help you:
A self-invested personal pension (SIPP) gives you the opportunity to invest in a wide range of assets, including equities, unit trusts, gilts and commercial property.
Like all pensions, a SIPP offers up to 45% tax relief on contributions and is free from capital gains and income tax. At the point of retirement, you can usually take up to 25% of your pension fund tax-free.
SIPPs can be both flexible and tax efficient, however they do require active management so they won’t necessarily be for everyone.
An independent financial adviser can help you to decide if a SIPP is right for you and find the best solution to match your needs. You can also ask your adviser to manage your investment choices, so that you’re backed by expertise and experience.
Your pension plans are not the only investments that you can use to build funds and save for your retirement. You may have other assets such as ISAs, shares, a second property and cash, or you could be the beneficiary of a trust.
Seeking professional financial advice could help you to make the most of your assets, giving you an overview of your finances and in turn a better idea of how much you can expect to receive at retirement, in line with your goals and objectives. Please contact us to discuss your retirement planning options.
Since 2012, employers in the UK have been legally required to provide a workplace pension for their qualifying workers.
Employee contributions are deducted directly from salary and are eligible for tax relief and your employer will also make contributions to your pension. There are minimum contribution guidelines for both you and your employer, which are currently set at 5% and 3%.
Your employer will notify you once you’ve been enrolled into their workplace pension scheme to explain how much they will contribute and how much you’ll need to pay in, as well as the type of pension scheme and who runs it.
Different types of workplace pension schemes have different benefits. It is important that you understand these so that you can ensure that your pension will help you to achieve your desired lifestyle in retirement.
We have over 1200 local advisers and staff specialising in investment advice all the way through to retirement planning.
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