RETIREMENT PLANNING
Retirement planning could be the difference between an ‘okay’ retirement and an excellent one.
We get it – retirement feels like a million years away, you’re a busy person, and planning feels like it will be a big, dreary task. It‘s easy enough to put it in the “later” pile, until “later” runs out.
The solution? Working with an expert wealth manager.
Why should you plan?
Do you have enough in your pension to draw the income you want or need? How much tax will you need to pay? Can you cover any big ‘bucket list’ items you‘d like to experience? What age can you afford to retire? Will you be able to afford care fees, if you need them?
All it takes to get these answers is a plan.
We’ll handle all the tedium of paperwork and projections, provide you with clarity and confidence, and execute the plan we agree together.
The earlier you start the better, but it’s never too late.
How Tideway can help
- Assist with consolidating your pension funds into one pot, if suitable
- Help you to make the most of your available allowances, including any unused carry forward allowances
- Assess your lifestyle requirements and goals for your retirement years and determine how much income you need to achieve them
- Model a range of scenarios to determine the best investment strategy for your pension fund, so that any growth can fund your income needs
- Take an active role in ensuring the success of your plan, including annual reviews and proactive recommendations
- Plan for tax efficient income drawdown when the time comes, to provide you with a sustainable income
- Be on hand to support you every step of the way, through market downturns and periods of volatility
We are able to advise on all types of UK registered pension arrangements, including defined contribution and defined benefit (DB) schemes – you may know these as safeguarded benefits.
How we helped Andrew
Andrew, 65, came to us with eight different pension pots across eight different providers. He wanted to retire in six months’ time and plan for how to draw an income of £60,000 per annum.
We’re pleased to say that we got him exactly where he wanted to be.
Read more to find out how we helped Andrew achieve these goals.
Plans that adjust and flex with your life
Life doesn’t stand still, and has a habit of throwing curveballs when we least expect it! All our plans are flexible and adaptable, so that we can make sure they’re always working towards your goals regardless of changes in circumstance, legislation, and any other variables that may arise.
Ensuring a tax-efficient and sustainable income for our clients in retirement is the bedrock of everything that we do. Anything that we recommend to you will be with this goal in mind.
Drawing income from your pension
When the day comes to hang up your work hat, we won’t just wave you off at the pier with a plan in your hand. We will recommend a course of action over the preceding months and years to draw the income that suits your lifestyle in as tax efficient a manner as possible.
Learn more about how we can support you with drawing your income in retirement.
Retirement Planning FAQs
When should I start retirement planning?
In most cases, the earlier you start, the more options you have. That said, retirement planning can still add value close to retirement by improving clarity on income, withdrawal strategy, and tax implications.
How do I know if I have enough in my pension?
A retirement plan models your current pensions, expected contributions, retirement age, and desired income. It can test different scenarios, including market volatility and inflation, to estimate the level of sustainable income you may be able to draw.
Should I consolidate my pension pots?
Consolidation can simplify administration and make it easier to manage your retirement strategy, but it is not right for everyone. A review should consider fees, investment options, guarantees, and any safeguarded benefits before making changes.
How does income drawdown work in retirement?
Income drawdown generally involves taking withdrawals from your pension while the remaining funds stay invested. A drawdown strategy aims to balance sustainable income, tax considerations, and investment risk over time.
Can retirement planning help with tax efficiency?
Yes. Retirement planning can help structure contributions and withdrawals with tax in mind, including the use of relevant allowances and timing decisions. Personal circumstances and current rules matter, so tailored advice is important.