The first stage of retirement planning is to establish a clear vision for the ideal retirement that you not only desire but will also be suited to. We often find through our conversations with married couples that each spouse can have quite different visions for retirement. By identifying this early in the process, it provides an opportunity to adapt your plans where necessary and create a smoother transition from work to retirement.

Having established your ideal vision for retirement, we can then explore how it can be funded, when it might be possible and how that may change over time. It is important to appreciate that retirement is not a one-off event but a stage of life that can last in many cases 30 years or more. It is vital to consider the financial impact of different retirement life phases that you can foresee or seem likely to occur e.g. travelling extensively, slowing down, later life, caring for grandchildren or elderly parents. Coupled with this are one off financial events, such as helping children with house purchase or business development, contributing to school fees for grandchildren and many more. We explore this in detail with you and incorporate it into our cash flow modelling software.

It is undoubtedly true that however carefully we plan for the future there will be unknown or unforeseen events that may blow us off course. Stress testing the plan against things that could go wrong will highlight potential risks and identify whether steps need to be put in place to protect your retirement plans. Building in various ‘what if’ scenarios can provide the confidence required so you can enjoy your retirement without worrying about your money.

After years of working and saving for your retirement it would seem a simple exercise to stop receiving a regular income and start living off your accumulated savings. In fact, this is quite a transition and requires a change of mind-set from being a saver to a spender. Furthermore, your retirement spending patterns will change. You will make some savings compared to your working life, (no commuting costs for example) but with more leisure time you will have more opportunity to spend.

How the income you require is generated is also vital, therefore understanding all the possible sources of income e.g. pensions, savings, business, property and which spouse/partner should receive that income is a key component of effective retirement planning.

Finally we incorporate our investment management and tax planning services to ensure your investments are appropriately aligned to meet and support your desired retirement lifestyle. We also ensure that the effect of tax on your savings and retirement income is minimised as far as possible. Legal structures may also be required to ensure that your wealth and retirement plans are adequately protected.