• AUTHOR: ADeacon
  • November 22, 2018

It’s time to get serious about planning your retirement. True, it could still seem ages away, and you may not be thinking of giving up work anytime soon. However, putting a retirement plan together will help you understand what your finances will look like when you decide to take life easy.

Retirement planning isn’t just about getting your money organised, although that’s vitally important. Depending on your circumstances, you may want to think about completely changing your lifestyle, moving home, travelling the world, or simply putting your feet up. And like all big projects in life, the more time you can invest in thinking it through, the better.

Start by taking stock
Getting financial advice will help you get a true perspective on how your pension planning is shaping up. We will help you work out the value of your current plans, including your state pension entitlement. If you’ve lost track of pensions held with past employers, now is a good time to get them traced. If you’ve several pension plans, we will be able to help you work out if it would make sense to consolidate them.
And don’t just think about pensions; having money in ISAs will help in planning your retirement income tax-efficiently.

Do your sums
Don’t leave it until the last minute to work out how much money you’ll need to live on in retirement. Some costs will go down, like travel to work, but others like utility bills are likely to increase as you spend more time at home. Factor in the cost of the travel, holidays and hobbies you’re likely to want to pursue when you have more time.


It is important to take professional advice before making any decision relating to your personal finances. Information within this post is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.

The information contained within this post is for information only purposes and does not constitute financial advice. The purpose of this newsletter is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.

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