Retirement and pension planning
Pension and retirement planning is probably the most important element of our wealth management and financial future.
It can often be a huge worry and financial burden for those who feel that they may have left investing and saving for their long term future too late - or have not saved sufficient funds.
Government and State pensions rarely allow us to maintain a standard of living anywhere near to what we have been accustomed to - private and company pensions are also frequently insufficient, as inflation and many other factors are often not taken into consideration when being planned. Another ever increasing problem for many people who thought they had sufficient provision through an employer’s pension scheme is that the scheme itself has insufficient funds to provide an income, or the scheme actually no longer exists. A further worry can often also be the security and stability of our hard earned, long term savings for our future, pension, retirement and legacy.
The fear and worry of having funds for our retirement is a very real issue for people. Some of the elements, factors and questions people often have, which are addressed by our Wealth Managers and Pension Specialists are:
- How much money do I actually need for retirement?
- Life expectancy is much higher now. (People are living well into their nineties or beyond.)
- How do I ensure I have an income for life regardless of life expectancy?
- How do I ensure that there is an ongoing income if my partner dies? (A common concern for many women, as statistically they are more likely to live longer than men.)
- Will inflation and movements in currency affect a fixed income?
- Will there be care costs involved later in life for myself or partner?
- What will happen to retirements funds in the even of a death?
- Inflation (It can often realistically be in excess of 7%) can often equate to your savings actually losing value, effectively meaning that your pension must beat inflation, as a minimum.
- What age should I start saving towards my retirement (Commonly this should be between 28 and 32 depending on Individual circumstances and income required)
- Are my retirement funds secure? Do I have protection of my money?
Once we have spent our life working hard to provide for ourselves and our family, we deserve to look forward to a happy retirement, where we can relax, without worrying about an income or salary. To archive this, when it comes to pensions and retirement planning, the options are simple –
You can take responsibility now, for funding your own retirement and treat any state provision, property income, company pensions and inheritance as a bonus......
You can hope for the best from a very volatile and un secure market, continual property price and rental income fluctuations and the hope that inflation does not erode any savings you may already have - that are more than likely to be held without any protection or security.
Planning for your retirement in your home country or abroad has never been so easy and financially beneficial. Many International pensions have more benefits than regular pensions. Tax efficiency being one major advantage, in addition to security and Government backed investor protection of your funds. Overseas pensions also have the added bonus of remaining inheritance tax-free, meaning that your funds will be passed on in full, to your beneficiaries upon you passing away.
It is imperative, as with any financial planning matter, to receive regulated, professional and independent advice. This is ultimately the best way to ensure that you understand all of your options and can the inevitably source the best solution for your unique and very specific individual needs.
We want to help you enjoy your retirement, so contact our team of Professional Financial advisors and Pension Specialists, to discover how we can help you to secure the best pension, QROPS or retirement plan for your individual and unique needs.