Retirement Planning

Our aim is to land you safely in destination retirement with the level of income that you will need, to maintain your chosen lifestyle.

It is no longer likely that you can rely upon one, lifelong employer to provide a guaranteed, increasing pension to be taken between 60 and 65. It follows that it is vital that we all take time to take a peek at our own projected retirement position.

We can show you that picture, clearly and in colour! We can answer questions such as “how long will my capital last?” and “what does my financial future look like?” You can see if the picture looks look good or not and if not, shall we work towards a different picture?

You may want to take control to be able to choose to wind down ‘early’. We can work with you to quantify the income due from your occupational pensions, auto enrolment plan, state pension, personal pensions and investment funds to support your desired future lifestyle – and put your chosen retirement date firmly into the plan.

Earlier retirement and greater life expectancy present a financial planning challenge – how do you make your resources last for many years yet maintain your standard of living?

It may be time to consider the next generation, perhaps making gifts of capital to cascade wealth and reduce the value of your estate. Perhaps you would like to consider social investing or charity giving? Closer to home, it is also important to be aware of the potential costs of long term care and ensure your personal financial security.

If we choose to work together, at least once a year we will meet up to appraise your progress towards the target so that we can tweak the strategy if your plans change, or if the sands shift in the financial world.

First we need answers to the following questions:

    • When would you like to stop working full time?
    • Would you consider working part time?
    • What level of income are you as an individual due to receive from your existing pension arrangements and the state pension?
    • From what ages is this income payable?
    • If you are in a couple, what is your joint retirement position, and how is pension income apportioned between you? How do you view your joint finances?
    • What does your ideal retirement look like?
    • How much will you need to live on in retirement?

Having established the above we are in a stronger position to make plans. It may be that you need to start putting more cash aside, and the longer you have before that key birthday arrives, the better because TIME is the most important ingredient in financial planning.

Saving for Retirement – What’s available?

The onus is firmly on us as individuals to plan our financial security in retirement.

Today’s young-at-heart pensioners are increasingly taking on new challenges and exploring far flung places. This enthusiasm means that we expect income in retirement to fund increasingly active and diverse lifestyles. Pension benefits can be taken from age 55 but this age will creep upwards in line with state pension changes, and employers’ schemes will have their ‘normal retirement age’ which is typically 60/65.

You may take some of your most important decisions at retirement, setting your income streams for the rest of your life. Building up a meaningful fund requires commitment and discipline, balancing ‘living for today’ against ‘providing for the future’. The earlier you start the better to give the longest possible investment horizon. “Time” is a crucial factor. The message here is a firm “Don’t delay!”

Deciding how much to pay in should be based on affordability, individual tax status and an understanding of the fund that is required at retirement to provide enough on which to live.

It follows that this is a time when expert advice could add significant value to your affairs. Here at Eldon we have retirement specialists with high level qualifications, specific expertise and experience working with those with more complicated personal circumstances or with more bespoke requirements. We look at all options to generate the income that you need from your chosen retirement date as this is definitely not a time when “one size fits all”.

Despite the bad press and subsequent mistrust of ‘pensions’ this is still the most usual form of accumulation for retirement income, and the structure and favourable tax treatment makes pensions a first choice for most people. The new pensions freedoms have allayed some fears about money being ‘tied up’ in these arrangements.

Company Sponsored Schemes

Personal Pensions / Self Invested Pensions

State Pension

Taking the Benefits