Retirement planning and pension advice for every life stage

Plagued by fear and uncertainty about your financial future? You’re not doomed. You just need retirement planning advice.

Retirement planning and pension advice for every life stage

No matter what stage of life you’re in, it’s never too early or late to start planning for retirement or seeking pension advice.

Thinking seriously about the distant future is difficult  when you still feel like a spring chicken. 

In your 20s,  retirement seems like a lifetime away.  Ask anyone in their 40s and they probably still feel the same. However, the earlier you start saving and investing – the better. Putting money away now can make a huge difference to your retirement fund when the time (eventually) comes.

We lead busy lives, and thinking about the future can be difficult.

It’s important to make the time and prepare for your later years. Planning ahead means you can secure the retirement and pension you deserve.

 

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Planning for the retirement you deserve

Why should I start retirement planning in my 20s?

Regular investing leads to compounding. This means your money has a chance to grow.

You can afford higher risk investments in your 20s. Now is the best time to have some fun with stocks and shares.

Taking steps to plan for retirement now will encourage good financial habits. You’ll learn how to manage your finances better and make smarter decisions.

You can get help from employers. Many workplace pension schemes offer employer contributions to your pension pot. Who doesn’t like free money?

OK, but I’m in my 30s. Any retirement planning tips?

Minimise your debt where possible. This will free up more cash for retirement savings.

Optimise asset allocation. Consider investing in growth assets like equities.

Save regularly and often. Try to make regular contributions into a pension account or a tax efficient investment vehicle.

Take advantage of employer contribution schemes. Your employer could boost your savings pot significantly over time.

What about retirement planning in my 40s?

Seek professional pension advice to finetune your retirement planning. This will help you to calculate how much you need to save.

Consolidate your pension accounts. This can make it easier to manage your savings and provide more clarity.

Consider increasing your contributions where possible. If your salary goes up, so should your contributions.

Look at other tax-efficient methods of saving. This might involve transferring part of your salary into an ISA or investing in property.

I’m in my 50s now. Should I be panicking about retirement plans?

You don’t need to panic, you simply need to strategise. Consider making additional lump sum pension contributions at this point (whilst staying within the annual or lifetime allowance limits).

Think about reducing exposure to high-risk assets and seek professional financial advice for investments.

Take advantage of tax allowances. Get professional pension advice for a tailored retirement plan that suits your situation.

The golden years are in sight! I’m 60. Now what for my retirement plan?

Hoorah! Now is the time to get things fully on track.

Prepare a budget. This involves calculating your expenditure levels to help plan for the long term,

Think about pension decumulation options and explore ways you can convert your pension savings into a retirement income.

Reduce exposure to higher risk assets like equities.

Review your planning regularly and make the necessary adjustments as needed.

How much income to I need for a comfortable retirement?

Odds are, you’ve paid into a personal or workplace pension plan most months of your working life. But do you know how much cash you’ll need to fund your life after work? We can help you with retirement planning and solid pension advice, to secure the golden years you’ve always dreamed of.

At Oury Clark, we pride ourselves on straight talking advice that cuts through the jargon. Chat with a member of our team today to get the ball rolling.

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To find your nearest office or get in touch with one of our specialist advisors to see how we can help your business, please go to our contact page.

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