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.

Your retirement plan

Unfortunately, no one knows what their retirement reality will be until they get there and there is no one-size-fits-all solution. However, professional financial advice can help you to make the decisions that work for you and your personal circumstances to maximise your retirement fund.

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

State pension

A new flat rate or single tier state pension came into effect in April 2016.

To qualify for the new scheme you must:

  • Have been born after 6 April 1951 (men) or 6 April 1953 (women)
  • Have paid National Insurance contributions for at least 10 years

You can claim your state pension iwhen you reach state pension age. This is specific to you and is worked out based on your gender and date of birth.

Additional funds

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.

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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.