Planning your retirement can be confusing. Luckily that’s what financial advisers are for!
Planning your retirement can be confusing. Understanding the level of income you’re going to need, how to achieve it and then how to make your money last is not easy. Luckily that’s what financial advisers are for!
Ginkgo Financial is able to help you answer the following questions and make sure you have a robust financial plan in place to make the most of your retirement income.
When can I afford to retire?
We can help you understand your current pensions and investments and how they can be used in the most efficient way to generate an income for you.
How much income will I need in retirement?
How much income you need is not only dependent on your essential everyday expenditure but also on what kind of retirement you are hoping for.
Whatever you want for your retirement, be that traveling more, carrying out home improvements or spending time with the people you love, we will be able to pull this together into a financial plan to help you arrive at a sustainable figure.
What assets should I draw down first?
Drawing down your assets in the most tax efficient way can save you money and help stretch your income.
If you have other assets such as ISAs, Collectives or shares, we can help determine the most tax efficient way to draw your income. If your only asset is your pension, you may be able to benefit from phasing your withdrawals to save tax.
How should I invest?
Financial planning starts with ‘what’s my objective?’ Ginkgo Financial will help you be clear about what you want from your money. We’ll discuss how much investment risk you can stomach and what that might mean in different market conditions.
Only when we, and you have a full understanding of your objectives will we discuss investments. For most, the right answer is a professionally managed diversified portfolio using many different holdings.
What additional risks will I face?
The main risks you are likely to encounter are:
- Longevity - how long you are likely to live and making sure you don’t run out of money
- Inflation - ensuring your income retains its buying power
- Market fluctuations – minimising the impact on your pension savings.
We can help you to both understand and mitigate these risks.
How often should I review my plans?
Not only are your retirement needs likely to change over time due to your personal circumstances but the constantly changing environment we live in means it is important to review your plans at least annually to ensure they stay on track.
What are my other financial planning needs?
We will be able to identify and discuss any other financial planning needs you may have such as long-term care or inheritance tax planning.
If you would like to explore any of these questions further, please do get in touch and I would be delighted to help you plan for your retirement.
By Daren Wallbank
The value of pensions and investments can fall as well as rise and you can get back less than you invested.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 31/05/2023
