Since the financial crisis and with people living longer, most of us realise we need to look far beyond state provision as a source of retirement funding.
But where do you start?
Planning your retirement
With a number of pension savings options available, how do you go about selecting the right vehicle or arrangements to suit your needs once you finish work? And when do you need to start making these arrangements?
At Equilibrium, we can answer these questions and help you make the right decisions in all aspects of retirement planning. We have offices in Wilmslow and Chester and an experienced team of experts. We have spent many years providing retirement planning and investment advice to happy clients who no longer have to worry about how they will afford to maintain their lifestyle in their later years.
Pension planning falls into two basic categories - the accumulation and decumulation stages. Accumulation is the period of time where an individual amasses their pension savings with the anticipation of funding retirement at some point in the future. There are many pension vehicles available to you and Equilibrium can help you decide on the most suitable, this could be a personal pension or utilising your employer's pension scheme. It is important to remember that, much like any other investment, your personal pension will be exposed to investment risk and the value could fall as well as rise so a long term view needs to be considered. Planning early to ensure a longer period of accumulation and investment will held to mitigate the risk with falls in value and help you to grow your pension pot.
Once you work out how much you're going to put into your pension pot, we can advise on the most appropriate methods of accessing your money as and when you need it, and ensure you are not paying over the odds in order to do so. This is called pension decumulation, it is the process of converting pension savings to retirement income and there are various options available to you in retirement.
Income drawdown is one option you may wish to consider, depending on your expectations, circumstances and attitude to risk. The general benefits of drawdown are those of flexibility - important if you expect your requirements may change from one year to the next.
Alternatively, if you are looking for greater security, you may prefer to purchase an annuity, pre-determining a fixed amount of income. In addition, reforms from April 2015 have introduced pension freedoms for you to consider, which allow a greater choice when deciding how to take the benefits from your pension fund. Equilibrium can offer advice in choosing the must sustainable option for your retirement and can also help you choose the most cost effective scenarios to reduce your tax bill through our inclusive tax planning service.
Plan for your retirement with minimal stress
It's hard to know how much you should put aside for retirement against the amount you're investing for more immediate gains. Also, if you're hoping to enjoy early retirement, Equilibrium is best placed to find the most suitable route for you, thanks to our wealth of expertise in retirement planning. We are sometimes asked "why plan for retirement?", and the answer is simple - it is incredibly important to build your wealth and to plan the comfortable, enjoyable retirement you've always wanted, allowing you to do the things you weren't able to do before.
Find out more about the services we offer below:
Contact us today
Get in touch with our advisers today and find out more about our retirement planning services by calling 0808 156 1176 or by filling in our online contact form. We support many clients from around the North West, including Manchester and Cheshire, and can provide the advice you need for a comfortable future.