top of page

Retirement Planning

Hitchell Financial Planning

Don't put it off


Retirement can often seem a long way off – but the choices you make before you stop working can have an enormous impact on the kind of life you enjoy when you finally call time on the nine to five. Our trusted and highly-skilled team of advisers are on hand to give you the best possible advice, making a potentially stressful process far easier.


There are several considerations you need to take into account as part of that planning process. So, we’ve put together a quick checklist to make sure that the decisions you make now, stand you in the best possible stead when you retire.


How much will I need?


At a time when final salary pension schemes are rare, the chances are you’ll have to get accustomed to a different pattern of income and expenditure in retirement. That can be a daunting prospect, but like anything in life, planning ahead can help make a potentially bumpy path, far smoother. Splitting your expenditure into two distinct categories – essential spending, and discretionary spending – you can work out a plan that best suits your finances. Once you know how much you’re likely to spend in retirement, you can plan accordingly.


How much will I have?


It’s always a good idea to work out how much of a retirement pot you’re likely to enjoy well before you finish your working life. And there are a number of ways to make that as simple as possible.


Firstly, you can get a State Pension forecast. This will give you an estimate of how much of a state pension you will receive, based on your National Insurance contributions. You can do this by visiting GOV.UK.


If you also have a defined benefit pension, or a defined contribution pension pot, you can ask your pension provider to provide you with a retirement quote or information on your retirement options.


You can also boost that final pension pot by tallying up your savings and investments. And finally, it’s always a good idea to try and trace any lost pensions through the Government’s free Pension Tracing Service site.


Assess your income options


Depending on the type of pension you have, you may need to decide how you take your money in retirement.


If you have a defined benefit pension, for example, you will often be paid a guaranteed income from your normal retirement age. If you have a defined contribution pension, then you’ll have a pot of money which you can begin drawing down from the age of 55.


You might also have other sources of income that you can draw on in retirement. This might be derived from property, savings or part-time work.


Now draw up that plan


Once you have all the information at your fingertips, you can begin planning. And looking forward to a future that is stress-free and secure.


The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.


Approved by The Openwork Partnership 7-5-2024.


Comments


Contact us - phone

CONTACT US

We’ve been providing expert financial advice for more than 45 years. Over the course of that time, we’ve learnt a lot about what our clients want and need, and how we can best serve their needs.

Enter your details & we'll be in touch to discuss your needs. Alternatively, contact us directly and speak to a member of the team.

01892 532700
Please contact me by

The internet is not a secure medium and the privacy of your data cannot be guaranteed.

Privacy policy l Best Execution Policy l Client Classification l Conflicts of Interest Policy l Your guide to making a complaintTerms of Use | 2nd floor, 8 Lonsdale Gardens, Tunbridge Wells, TN1 1NU

 

 

Hitchell Financial Planning Ltd is an appointed representative of 2plan Wealth Management Ltd which is authorised and regulated by the Financial Conduct Authority. Hitchell Financial Planning Ltd is entered on the FCA register (www.fca.org.uk) under reference 211675

Registered office: 2nd Floor, 8 Lonsdale Gardens, Tunbridge Wells, TN1 1NU. Registered in England and Wales Number: 07283512

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

 

© 2024 Hitchell Financial Planning

bottom of page