Retirement planning has two distinct stages: the accumulation phase during which you build up and grow your assets during your working life and the decumulation phase when you use those assets to provide capital and income in retirement, whether than be full or semi retirement.
There are many different ways of funding retirement from traditional private and workplace pension plans to building up an investment property portfolio. Whether or not you use one or all of the strategies available to you, professional planning is essential to ensure you have a sufficient level of income after taxes to provide for your essential and non-essential expenses.
During your working life our advisers will help you plan and build up funds to provide for you when you retire. They will discuss with you the amount of income you require and the various ways of providing it and then recommend an appropriate solution for you, which should be reviewed on a regular basis to ensure it remains on target.
When you decide to stop work or reduce your working hours and want to draw benefits from your plans, our advisers will help you consider all of your options to structure your assets in the most appropriate and tax efficient way to provide the income you require. We generally recommend that you structure your assets to provide a secure and increasing level of income sufficient to cover your day-to-day living costs with the remainder of your assets being used to cover non-essential flexible expenditure with any remainder passing to your beneficiaries.
It is not uncommon for a person stopping work now to expect to live for another thirty years. It is important therefore that careful planning and advice are received and regular reviews take place to ensure that a person’s assets will provide for them over a long period of time.