Watch our essential guide to preparing for retirement:
The basics to retirement planning
Planning for retirement can mean so much more than just arranging a pension, which is why it is important to discuss your objectives and options with an Independent Financial Adviser.
Together you can identify what you want to achieve and then actively plan a course of action that will help you achieve those objectives.
Retirement planning can take into account all sorts of factors, such as:
- What are your objectives?
- How much income can you allocate to your retirement provision?
- What tools do you want to use to achieve your objectives?
- What is your attitude to risk?
- What are the tax implications?
Remember that plans and objectives constantly evolve and it is important to regularly review your retirement planning to ensure you remain on course.
How pension restrictions could cost you
Pensions allowances will restrict the amount you can contribute to your pension before you are taxed. Pension allowances will change as of 6th April 2023. The annual allowance will increase from £40,000 per year to £60,000 per year. The lifetime allowance will be erased from 6th April 2024.
To avoid any confusion or financial penalties from unknowingly exceeding your allowance, an Independent Financial Adviser can:
- Gather your sources of income to calculate your pension allowance
- Make you aware of any outstanding tax
- Advise you on how to be tax efficient
- Help you submit an accurate tax return
Start planning to stop worrying
If you would like to discuss your requirements with one of our Independent Financial Advisers:
What our clients say…
“I just wanted to say a big thank you for the valuable advice you gave me with regards to my NHS Pension. I managed to get my pension recalculated and the total was a lot more than the £100k which had been added. In fact it’s now just below £1.25 million, so I have applied for and received my Individual Protection 2016. And my annual pension is much more than it had been predicted, so I’m delighted, and it was down to your excellent advice!”
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