Planning for retirement
Your roadmap to a secure and fulfilling future starts here. Retirement is one of life’s most significant milestones, and proper planning ensures you can enjoy the lifestyle you’ve always envisioned.
Planning for retirement
Retirement is often described as life's longest holiday. Check out our articles, tips and guides to make sure your retirement pot lasts the distance.
Your roadmap to a secure and fulfilling future starts here. Retirement is one of life’s most significant milestones, and proper planning ensures you can enjoy the lifestyle you’ve always envisioned.
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Planning for retirement is more than just saving money; it’s about designing the lifestyle you want and ensuring you have the financial resources to support it. Whether you’re just starting to think about retirement or approaching the finish line, having a clear plan can make all the difference.
At Trusted Advisor UK, we guide you through every step of the retirement planning process to help you achieve your goals with confidence.
- What kind of retirement do you want?: Think about where you want to live, your hobbies, and whether you’ll continue to work part-time.
- Set a timeline: Decide when you’d like to retire and how many years you need to prepare financially.
Use our free calculator to find out how much you need in your pension
Pensions & Retirement
Retirement is often described as life's longest holiday. Check out our articles, tips and guides to make sure your retirement pot lasts the distance.
Check out our articles, tips and guidesto make sure your retirement pot lasts thedistance.
Button Text- Assess your income sources: Calculate your expected income from pensions (state, workplace, and personal), savings, investments, and any other sources.
- Evaluate your current spending: Knowing your spending habits now can help you estimate how much income you’ll need in retirement.
- Check your State Pension forecast: Visit the UK government’s website to see how much State Pension you’re on track to receive.
- Maximize your pension contributions: Take advantage of tax relief on your contributions and, if applicable, employer contributions.
- Consider other savings and investments: ISAs, property, and stocks can supplement your pension income. Diversifying your savings can reduce risk.
- Plan for inflation: Ensure your savings and investments grow in line with or above inflation to maintain your purchasing power in retirement.
- Reduce high-interest debt: Pay off credit cards and loans before retiring, as these can significantly eat into your income.
- Plan for mortgage repayment: If you have a mortgage, consider strategies to repay it or manage it sustainably in retirement.
- Life changes: Adjust your retirement plan as your circumstances or goals change.Provide a guaranteed income for life, though rates depend on the market when you purchase.
- Market fluctuations: Regularly review your investments to ensure they align with your risk tolerance and goals.
- Pension rules: Stay informed about changes to pension legislation that could impact your savings.
- Finalise your retirement budget: Estimate your monthly expenses, including housing, healthcare, and leisure activities.
- Decide when to take your pension: The age you start withdrawing from your pension will affect how much you have in the long term.
- Maximise your State Pension: Ensure you’ve paid enough National Insurance contributions to qualify for the full State Pension.
- Plan your withdrawal strategy: Decide whether to take a lump sum, set up an annuity, or use income drawdown.
- Tax-free allowance: Remember, you can usually withdraw 25% of your pension tax-free. Read our guide on the Lum Sum Allowance to learn more.
- Income tax on withdrawals: Pension withdrawals above your tax-free allowance are subject to income tax. Carefully plan your withdrawals to avoid higher tax bands. Read our fast forward your retirement guide to learn more.
- Life expectancy: Retirement can last 20-30 years or more. Ensure your savings will last by planning for the long term.
- Healthcare costs: Consider the potential costs of medical care and long-term support in later years.
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