Retirement Planning
Jobs change. People change. The economy changes and your requirements in the future will change too. This is why retirement planning is essential from an early stage and should be managed and re-visited regularly to meet both personal and economic changes.
A secure and comfortable retirement is uncertain when you don’t have professional help, and it’s our job to follow financial trends. We keep a close eye on essential subjects such as pensions, property portfolios, savings, asset diversification, and stocks and shares so that you don’t have to.
Planning your retirement strategy for the future you deserve
Observing the market and keeping up with legislative changes is second nature to our retirement experts. They absorb new knowledge and use it to guide their tailored advice.
They’ll take the time to get to know you so that the plan you create together is adjustable, leaving you confident that you have a retirement fund when you need it.
With three offices, home appointments and virtual meetings available, our specialists are here to listen and create a plan of action.
What is Retirement Planning?
Retirement in the conventional sense may not be your desired option. However, having a solid financial foundation will provide relief if you ever change your mind or are forced to retire due to injury or illness.
Pensions, ISAs and investments are our speciality.
Financial goals that set out to boost your retirement income are a good idea but if something isn’t suitable for your situation, our Financial Advisers will explain why and find a solution that you’re happier with.
Investments can be a great source of retirement income but come with risks. Knowing where to invest, for how long and what your return could be and how that could affect your nest egg, are all things that our advisers manage for you.
How can a Retirement Planning Expert help?
How does Retirement Planning work?
No one plan works for everyone. How your retirement plan is structured depends on your current financial situation, your retirement lifestyle goals, expected retirement expenses, sources of retirement income, and investment and savings strategies.
Our experts create retirement plans for individuals from all professions and walks of life. They know that a strong plan is adaptable yet reliable.
Their knowledge, qualifications and experience in wealth management allow them to manage portfolios professionally and personally.
How an AMFA Adviser can help
- Highlight fees or charges related to current or future retirement pots
- Explain pros and cons of the retirement options available to you
- Analyse your work pensions, personal pensions and savings to help you make the most of your money
- Review tax efficiency whether you’re self-employed, a company director, employed, on maternity leave, or taking a break from work
- Track your financial journey with you to work towards your financial goals.
- Set up self-employed personal pensions so you have control of when you can retire.
How can I fund my retirement?
Pensions
Find out what your retirement years could look like, with the right options in place. AMFA’s Pensions experts can help you review your future retirement income, including what you could expect to receive from the state, how much your Workplace pension is expected to deliver, and whether any personal pension plans are in place to boost your pot.
ISAs, Savings and investment bonds
With so many options for both medium and long-term saving, it’s a good idea to review the strengths and drawbacks of each scheme, and based on your requirements a well balanced plan can be achieved. Our advisers can help you plan your needs effectively.
Property Portfolios
Owning property to generate profit from rent or equity growth is a popular plan for lots of people. Understanding how to manage your portfolio carefully and adhere to the changes is crucial if you want to make the most out of your investment for your future retirement planning. Talk to an AMFA adviser today.
Tax Relief on pensions
Many people don’t claim tax relief even though it’s done quickly via self-assessment, and you might not even be aware that you’re entitled to it. Contributing towards a pension can be very tax-efficient, and AMFA’s advisers can help you plan wisely.
Retirement Income Planning
A specialist AMFA adviser will help you explore sources of guaranteed income, including your pension, savings and fixed annuities, and provide forecast your cash flow. It’s vital to create your vision on your retirement goals, so we can help you achieve them.
Is your pension on the right track?
A pension is typically the most tax-efficient means of investing for your retirement, but with numerous options available, not all of them will be suitable for your circumstances. Whatever you are planning for retirement, we can advise you on how best to build a retirement income that leaves you with more financial freedom.
RETIREMENT PLANNING
Frequently asked questions
How much you specifically need during retirement will vary depending on your age, projected expenses and lifespan.
You might want a certain standard of lifestyle, and money to fund a once-in-a-lifetime trip, or you might want a simpler life with the ability to provide security for your spouse, children or grandchildren.
Saving as early as possible is a great starting point ahead of meeting with a financial adviser.
The amount of time it takes you to achieve your financial goal will vary too, not just because of age but also life choices, your sources of income and outside factors like the economy.
To get a rough estimate, you can use the “4% rule,” which suggests that you can withdraw 4% of your retirement savings annually without running out of money over a 30-year retirement period.
For example, if you want an annual retirement income of £50,000, you would need to save £1.25 million (£50,000 divided by 0.04).
It’s better to start saving for retirement early but keep in mind that circumstances out of your control affect your ability to save. Account for your expected and unexpected expenses, sources of income, inflation, and other factors that can impact your retirement savings.
Plan your retirement but allow for flexibility. A good financial adviser will help you find out where you want to be and the most effective way to get there.
You should also regularly review your pension plan with your adviser so you can stay on track and build enough income for later life.
There are advantages to bringing all your pensions together in one place. However, it’s a big financial decision that should be made with advice.
You need to compare the fees associated with consolidating your pensions. In some cases, the cost of fees outweighs any financial benefit made by bringing funds under one roof.
Yes, in most cases, though, the rules and regulations around pension transfers vary depending on the type of pension.
If you have a defined contribution pension scheme, you might be able to transfer it to another scheme, such as a self-invested personal pension (SIPP) or a workplace pension.
The problem is there may be charges associated with transferring your pension, and you may lose benefits or guarantees if you leave your current scheme.
If you have a defined benefit pension scheme, such as a final salary pension, you might be able to transfer it but this can be more complicated.
Ideally, you should get advice from a financial adviser that is qualified to give pension transfer advice. They will help determine whether transferring your pension is in your best interests.
Yes, and that’s often an integral part of financial planning. Diversifying where you save and invest your money can help to manage risk. If one savings fund falters, another fills the gap.
As with any pension or investment option, there will be factors to consider. You may be searching for a low-risk route to help you boost retirement income whereas another person may have an appetite for risk with the hope of greater gains.
Explore all the options that could affect your retirement with a qualified professional.
HOW TO GET STARTED WITH RETIREMENT PLANNING
Call 02380 420 606 for a no-obligation consultation and more information about which pension funds are best for your situation and whether any other savings vehicles could be worth exploring.
Take action today to look after yourself tomorrow.