Retirement planning

Helping you plan your finances to achieve the lifestyle you deserve

The introduction of pension freedoms in 2015 means that there are more options than ever when it comes to planning for your retirement.

Retiring is no longer a standard, singular event. As you get older, you may want to reduce your working hours, 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.

As we are continuing to live longer, you will need your retirement fund to 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.

You may also be looking to retire sooner than you anticipated, replacing your 9-5 with your hobbies and passions. Today, people in the UK aged between 50 and 75 have over £1trillion in old-fashioned financial products, by moving your money into the new world, you could make your retirement dreams a reality.

Regardless of when you intend to retire, if you do not start planning for it now, there is a real danger that you could outlive your savings.

Planning for your retirement

It doesn’t matter how old you are, or at what stage of retirement preparation you are at, if you take control of your financial planning now you can be confident that you’ll be able to afford the retirement lifestyle that you have in mind.

Annuities & drawdown

Annuities work by taking your pension savings and paying out a guaranteed income for life, or over a fixed term. They are still right for some people, but committing to an annuity can mean less flexibility with your pension money. With drawdown, money left in your pension pot when you die can be passed to your family.

Other pension options

There are a variety of other pension options available to you. A selection of common solutions can be found below. Your Fairstone adviser can help find the right product for you and your circumstances.