Planning your retirement
Planning for your retirement starts with; thinking about your retirement goals, when you hope to retire, and exploring all of the options available to you to ensure you have a secure and fun retirement.
Finding the right product for you
There can be a lot to consider to ensure you have a comfortable retirement that you’re able to enjoy the way you want! The good news is that there is a range of products available to help fund your future and make the most of your retirement.
Things to consider in your retirement
Planning your retirement doesn't have to be a daunting experience! All you need to get you started is to consider a few key questions to understand your retirement goals.
When do you want to retire?
You can retire whenever you like, as long as you can afford to fund your life after work. However, if you're looking to access your pension or release equity from your home to provide an income in your retirement, then you'll need to be over 55. If you're thinking about drawdown, the longer the time between today and your retirement, the higher the level of risk your portfolio could withstand.
Do you have enough money to retire?
One of the most common questions is whether you have enough money for your retirement, which will depend on if you can cover your essential living costs and the standard of living you'd like to maintain in retirement. One of the early stages of retirement planning is budgeting your living expenses.
How long will your money last?
It's important to ask yourself how long your money will last if you were to maintain your current standard of living, to avoid potentially outliving your retirement savings. These considerations could alter when you would like to retire and the type of retirement products you choose. Your selected pension adviser will take you through all of your options, so you make the right choice for you.
Are you prepared for retirement?
The last thing you want in retirement is to worry about money, which is why it's crucial to consider key lifestyle questions. It's also important to mentally prepare for retirement by thinking about how you'll occupy your time. Will you be helping with childcare or taking on new projects or hobbies?
Get advice from the experts
What information do I need to get a quote?
If you have an idea of the products that you'd like a quote for, then you'll need just a few bits of information to hand.
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Answering your questions
Still unsure of a few things? We've got you covered with a few simple answers to some of our most frequently asked questions.
When planning your retirement, it's important to look at all of the products available to you to find out which one is most suited to your retirement goals.
Equity release: if you're a homeowner and 55 or over, you could release equity from your home in the form of a tax-free cash lump sum or payments, without having to move. It’s essentially a long-term loan that you repay once you pass away or require long-term care.
Annuities: if you're 55 and over and would like access to a regular, fixed retirement income, then an annuity could be the option for you. How much you can get is determined by what rates the annuity provider offers, your lifestyle and any medical conditions you may have.
Pension drawdown: this is ideal if you're 55 or over and would like to invest some of your pension. You can take a tax-free cash lump sum from your pension up to 25%, and choose how you access the rest with a drawdown facility.
To be eligible for retirement products, you'll first need to be 55 or over, although you don't have to be retired. You could simply want to top up your current income. Various factors will impact the amount of money you're entitled to, depending on which product you choose.
For example, to release equity, you’ll need to own your own home. The location and property value will also affect the amount of money you can release. Your health and lifestyle could mean you are entitled to a higher income with an enhanced annuity, and the size of your pension pot could impact which product is most suitable to you, such as a drawdown facility may require a minimum fund value.
When to plan for your retirement is different for everyone, but the sooner you start, the better. It's important to know that your retirement plan will continue to evolve also.
To have a comfortable, secure and fun retirement, you need to build the financial cushion that will fund it. The first thing you'll need to do is start thinking about what your goals are and when you would like to retire. Understanding your goals will give you an indication of how long you have to meet those goals.
To calculate your goals and determine your timeframe, you'll need to start thinking about your expenses, what pension pots you have available and if you have other sources of income. Our selected advisers will review all your pension pots, consolidate any you need to, and assess your tolerance to risk.