Preparing for retirement is essential to ensure that your finances provide a comfortable income once you stop working. Our financial advisers at Acumen Financial Partnership offer in-depth retirement planning advice, to help you to optimise your current financial situation to reap the benefits in retirement. However close your retirement date is, Acumen’s financial advisers have the experience and the skills to find the perfect solution for you which will help in preparing for retirement.
Why is retirement planning so important?
With the average life expectancy continuing to rise year-on-year; retirement planning has never been so important. To be able to fully relax in the knowledge that your finances are all in order, retirement planning is essential.
We understand that preparing for retirement – sometimes referred to as the longest holiday of your life – can be a daunting and confusing prospect, especially with the recent changes to pension contributions and entitlements and the impact of Covid-19 on investments and savings. At Acumen, we want to relieve this pressure by using our extensive experience and knowledge to provide you with the best retirement planning advice to develop a retirement plan going forward.
Acumen advisers have a combined experience of over 120 years’ experience offering retirement planning advice and tailored retirement solutions. Our financial advisers can assist with:
o Cash flow planning.
o Choosing the best way to provide you with the income you need.
o Finding the best provider, investment strategy and income levels for drawdown.
o Managing your investments, including pension lump sums in a tax-efficient way.
o Comprehensive inheritance planning.
A well-planned retirement is generally the culmination of strategic investments and great pension planning. Here at Acumen, we can help you to enjoy your retirement with the full confidence that your investments are continuing to grow, ready for you to pass on that legacy to your family.
Preparing for retirement with Acumen
We recommend that our clients begin the retirement planning process at least 12 months before their retirement date, so the various options can be properly evaluated. Acumen will provide thorough retirement planning advice to help you build a tailored plan, specific to you and your situation.
Retirement planning takes into account every aspect of your current financial situation, including your investments and pension scheme. This allows us to look at your finances as a whole and ensure that you will be receiving a regular income in retirement. Given how Covid-19 has affected our lives, we need to test all the plans you have to make sure they are still fit for purpose.
Together we can help you build a retirement strategy, no matter where you are on the career continuum. The strategy will include the three stages of saving:
o Aggressive accumulation throughout your career
o The continued growth of assets during semi-retirement
o Accumulated assets during final retirement when earned income ceases.
It would have been easy to react to the changes in my occupational pension by just letting things carry on, as I was in a relatively comfortable position. Working with Acumen we were able to think about a range of options that suited our short, medium and long term needs. Most importantly, they also asked us about our attitude to risk. The result has been a solution where we feel we are in control of our investments, but supported by a team of people working for us, not a faceless corporation.
Acumen retirement planning services
Here are some of the many different things we will take into account as part of our retirement planning services:
o Your investment goals may have evolved i.e. the emphasis moving from ‘growth’ to ‘income’ and the new pension freedoms may give you many more options.
o Your attitude to investment risk and/or your ability to absorb losses may have changed.
o As your full-time earnings come to a halt, your marginal rate of tax could fall.
o The uncertainty of the level of your future income and working patterns.
o Possible large one-off investments to make i.e. a lump sum from a pension scheme or a redundancy payment.
o Whether you want to keep your pension fund invested, to generate long-term income.
o Possible investment options.
Estate planning and inheritance tax
Estate Planning is often pushed to the bottom of the ‘to-do list’, along with preparing a will. It is important you put due thought into the ‘who, what, when and how’ of estate planning.
Acumen works to optimise the estate and inheritance tax (IHT) planning aspects of your will. We can advise on the various tax implications and we can suggest ways to improve the role of your pension scheme in your estate planning. We will also talk to you about the need for a Lasting Power of Attorney and explain how having one can protect you and your loved ones. Finally, we can arrange investments and life assurances to help reduce that eventual inheritance tax bill.
For more information on the best ways to start preparing for retirement, or to learn more about our retirement planning services, speak to one of our financial advisers today. Call 0151 520 4353 or email [email protected] today.
At Acumen, we can assist you with the crucial process of defining your future financial goals, aligning those goals to your current income, and developing an achievable plan to ensure that your finances work as hard as possible for you to enjoy your retirement years to the fullest. Speak to one of our advisers today for more information.
Preparing for retirement can be a daunting and confusing prospect. This is why the team at Acumen work to relieve this pressure by putting forward the best retirement plan to help you understand how best to put yourself in a strong position when it comes to retire, meaning you can continue to enjoy your quality of life.
We factor in a number of things when we support you in retirement planning. These include cash flow planning, finding the right provider, managing your investment and undertaking comprehensive inheritance planning.
Our expert financial planners will establish a comprehensive plan to help you save towards retirement, comprising of asset growth throughout your working life, accumulation of wealth during your careers and accumulating well earned assets when your working life has come to an end.