For many, the idea of retirement planning is overwhelming, and yet for others they simply believe it’s too far away to consider doing something about. To provide for an average retirement, most require upwards of 25 years’ of pension savings, therefore it is never too early to start planning.
You may have seen articles or calculators indicating ways to gauge how much you need to save before you can retire, and a 5% withdrawal rule is commonly referenced in retirement models. However, if you dream of retiring early or at least being able to work through choice rather than necessity, you will need to take into account how much bigger your savings pot needs to be to facilitate this.
Your Adviser will help you to work out which is the best solution for you depending on your needs and objectives. As pension legislation changes, so too do your options so it’s important to keep up to date. Careful pension planning is essential to any financial plan and getting it right is paramount. Skybound Wealth are supported by a specialist pensions team, and whether you choose to take a regular income, drawdown a lump sum; or both, our Advisers are on hand to help guide you through to retirement and beyond.
For many people, a pension usually represents a large percentage of their retirement plan, followed by property and general savings accounts. However, in recent years government incentives have made ISAs a key consideration. Skybound’s team of experienced Advisers will help you formulate a bespoke plan in line with your attitude to risk that will allow you to realise with your retirement dreams.
Creating a retirement plan is just the beginning. It’s important to ensure you make your money work for you because if it doesn’t, you will have to work longer. Regular reviews will make navigating the many complex tax breaks, benefits and allowances easier, and will ensure you don’t fall foul of any avoidable penalty charges.
Here at Skybound, we leave no stone unturned in our quest to help you realise your retirement dreams.
Retirement planning isn't something that can be sorted in one meeting or transaction, its a process that lasts from the moment we first meet until long after you have hung up your boots. But let us focus on that whilst you concentrate on today, with peace of mind your future is taken care of.
Retirement might not be at the top of your agenda right now, and we appreciate their may be other financial goals which take priority. That said, the sooner you start the better. This way, your hard-earned savings will have longer to grow. And whilst growth is never guaranteed, the longer you allow for interest to compound on your investments the better. If you start saving in your twenties, you can put less aside each month and build up more retirement savings by harnessing compound interest. If you leave it until your fifties or sixties, you'd need to save much more to provide the same level of income in retirement which could have an adverse effect on your day to day living.
It's a good idea to think about how much income you will need when you retire. Think about the lifestyle you'd like to have in the future - holidays, hobbies, time with family and friends. Everyone is different so each retirement dream will look different! You may be able to supplement your retirement income with other sources of income, such as interest from other savings and investments, share dividends, rental income from property or part-time work. Financial advisers come in handy here and will be able to work out a realistic figure for you and help you plan how you're going to achieve your retirement goals.
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Skybound Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office - MBP3, Meadowhall Business Park, Carbrook Hall Road, Sheffield, S9 2EQ. Registered Number 04479650, England. Financial Conduct Authority Number 217994.
The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk. Neither Skybound Wealth Management Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
