Retirement PlanningWhether you are considering retirement now or in a few years time, the thought of retiring and the choices you have to make can seem daunting. With the introduction of pension freedom, there is now even more decisions to make.

Retiring used to be a single life event for many people. A retirement age of 65 was typical. Nowadays this is no longer the case. We tend to spread our retirement over a number of years, typically by working less hours and then moving into full retirement later.

Retirement planning in stages

To help you, we usually split retirement planning into three stages. This will help you focus on the planning priorities and what is important. The three stages are:

  1. Retiring now or in the near future
  2. Less than ten years to retirement
  3. More than ten years to retirement

Retiring now

Ensuring you have enough income and never running out of money are just two of the main issues retirees worry about. Retirement should be about enjoyment and having the choice to do all the things in life that make you happy. Our aim is to help you:

  • Decide which retirement route is most suitable for you
  • The level of income you can expect
  • The advantages and disadvantages of the various options available
  • How to maintain your income through retirement
  • The impact of inflation on your income over the long term

Less than ten years to Retirement

If you are within ten years of retirement, then it is important to have a financial plan that can help you make the correct financial decisions.  Ten years might seem like a long time, but it soon passes. You might even have asked yourself questions such as:

  • How big does my pension pot need to be?
  • How much income will I need to maintain my lifestyle?
  • How do I make the right choices?
  • How much more do I need to save?

More than ten years away

Saving for retirement is important if you want to have an income in additional to the basic state pension. The earlier you can start saving, the better your retirement savings pot should be. It is important to put away as much as you can comfortably afford. We can help you start and develop your pension saving strategy.

How we can help you

Consilium’s Lifestyle financial planning service is designed to help you. We can provide answers to all the important questions you might have. Our aim is to ensure:

  • You never run out of money
  • Help you to maintain your lifestyle in retirement
  • Give you peace of mind and security

If you would like to find out more about our retirement planning service please feel free to contact us.

The Pensions Advisory Service also has useful information on retirement advice. Just click the link to go to their page.