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Retirement Planning

Helping you plan your finances to achieve the lifestyle you deserve

Work out what your retirement could look like and calculate how much you’ll need to fund your goals.
Consolidate disparate pension pots to increase control and improve the overall performance.
Build a flexible plan around your specific needs that maximises your retirement income and minimises fees to allow you to transition into retirement.
Regularly review your retirement plan to make sure it still works for your personal circumstances and that it remains tax efficient, even after you retire.

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Planning now gives you the power of choice later.
Retiring is different to all of us and we're here to help you develop your own future.​

Preparing for whatever’s next

As you get older, you may want to reduce your working hours, replacing your nine to five with your hobbies and passions, access capital to repay mortgages and other debt, make the most of your health and take those holidays you’ve been thinking about or support your children and grandchildren with their key life events.

Whatever you want your retirement to look like, the key is to plan ahead. Many people approach retirement with little or no idea of how much money they will need or the best way to take an income. The sooner you put your plan in place, the more likely you are to achieve the retirement you hope for.

Over 10 million people in the UK are expected to live to the age of 100

As we continue to live longer, you will also need to consider making your retirement fund last significantly longer than your parents did and as part of this planning you will also need to take your long-term care provisions into consideration.

The key to staying tax efficient

There are a number of tax efficient options available to support you in saving for your retirement and your pension plans are not the only investments that you can use to build funds and save for your retirement. You may have other assets such as ISAs, shares, a second property and cash, or you could be the beneficiary of a trust.

Fairstone provide a service to support your life goals

Seeking professional financial advice could help you to make the most of your assets, giving you an overview of your finances and in turn a better idea of how much you can expect to receive at retirement, in line with your goals and objectives.

Download Our Retirement Planning Guide

Helping you to understand:

  • How long your retirement period may last
  • How much money you’ll need
  • How a financial adviser can help
Download Guide
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Retirement planning - your key questions, answered

How can Fairstone help me get the best out of my retirement?

Retirement means something different to everyone. Your Fairstone adviser will work with you to establish what you want your retirement to look like. Once you have a clear idea of when and how you want to retire, your financial planner will support you in creating the most tax efficient way to reach your end goal. This support continues well into your retirement to make sure you maintain the level of income you need to fund your lifestyle.

When should I start planning for retirement?

It is never too early to start planning for your retirement and the sooner you work out what your end goals are the sooner you can put the most efficient and effective plans in place to make sure you get there.

How much will I need for retirement?

How much you need to fund your retirement depends entirely on you and your lifestyle. Your Fairstone wealth manager will undertake cash flow modelling with you to establish your current income and expenditure and together you can use this information to map out your retirement needs.

What are the risks if I don’t plan for retirement now?

As life expectancy rates continue to rise, most of us will need retirement pots that last upwards of 30 years. The sooner you start to plan the more likely it is that you will achieve the retirement you hope for.

What are the steps involved in retirement planning?

An independent financial adviser can help you:

  • Work out what your retirement looks like
  • Provide a pension scheme comparison to find the best deal for you
  • Calculate how much you’ll need to fund your goals
  • Build a flexible plan around your specific needs that maximises your retirement income and minimises fees to allow you to transition into retirement
  • Consolidate disparate pension pots to increase control and improve the overall performance
  • Regularly review your retirement plan to make sure it still works for your personal circumstances and that it remains tax efficient
  • Manage your income even after you retire
What is a SIPP and should I start using one?

A self-invested personal pension (SIPP) gives you the opportunity to invest in a wide range of assets, including equities, unit trusts, gilts and commercial property.

Like all pensions, a SIPP offers up to 45% tax relief on contributions and is free from capital gains and income tax. At the point of retirement, you can usually take up to 25% of your pension fund tax-free.

SIPPs can be both flexible and tax efficient, however they do require active management so they won’t necessarily be for everyone.

An independent financial adviser can help you to decide if a SIPP is right for you and find the best solution to match your needs. You can also ask your adviser to manage your investment choices, so that you’re backed by expertise and experience.

What additional funds can I use for my pension?

Your pension plans are not the only investments that you can use to build funds and save for your retirement. You may have other assets such as ISAs, shares, a second property and cash, or you could be the beneficiary of a trust.

Seeking professional financial advice could help you to make the most of your assets, giving you an overview of your finances and in turn a better idea of how much you can expect to receive at retirement, in line with your goals and objectives. Please contact us to discuss your retirement planning options.

What is a workplace pension?

Since 2012, employers in the UK have been legally required to provide a workplace pension for their qualifying workers.

Employee contributions are deducted directly from salary and are eligible for tax relief and your employer will also make contributions to your pension. There are minimum contribution guidelines for both you and your employer, which are currently set at 5% and 3%.

Your employer will notify you once you’ve been enrolled into their workplace pension scheme to explain how much they will contribute and how much you’ll need to pay in, as well as the type of pension scheme and who runs it.

Different types of workplace pension schemes have different benefits. It is important that you understand these so that you can ensure that your pension will help you to achieve your desired lifestyle in retirement.

Matching you with the right local adviser for your needs

We have over 1250 local advisers and staff specialising in investment advice all the way through to retirement planning.

Provide some basic details through our quick and easy to use online tool, and we’ll provide you with the perfect match.

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