A comfortable retirement requires careful planning. On average the period of time spent in retirement can represent a third of a lifetime and, with life expectancy increasing, being well prepared has never been more important.
Retirement planning can be complicated at all stages and there is a lot to consider:
- What sort of pension scheme should you use?
- Do your existing arrangements meet your needs and objectives?
- How much should you contribute?
- Where should you invest?
- How much risk should you take?
- What is the best way of taking an income from your pension?
Whether you are in the early stages of saving, contemplating your retirement, or already in receipt of a retirement income, Scholes & Brown can help to guide you through the multitude of options to ensure you can not only maximise the tax benefits but also choose the most suitable (and profitable!) investments for you.
Selecting the correct type of pension and investment strategy is crucial to being able to meet your objectives and goals. As part of the process, we will analyse your current provisions and make suggestions as to whether they remain the right choice for you. We will then review your retirement strategy and the performance of your investments regularly to make sure your plans remain on track.
Radical changes to the pension landscape in recent years has resulted in more flexibility and choice when drawing an income from a pension, but has also added confusion as savers no longer know which strategy will give them the best retirement. Once retirement is reached, we can assist you in choosing the best way to draw an income from your pensions (and other investments such as ISAs), in a tax efficient manner to meet your requirements.
Throughout your retirement we can help make sure your income is sustainable and put strategies in place to combat inflation and changes to legislation to allow you to make the most of the wealth you have worked hard to accumulate. And remember, when planning to make your retirement as comfortable as possible, don’t save what is left after spending, spend what is left after saving.