Changes to workplace pensions and the introduction of auto-enrolment has placed more responsibility on the individual for planning their own retirement. Employees now need to decide if they want to make additional payments into their pension, they also need to choose the underlying fund choices.
It is unlikely that the typical individual will be educated on their investment options and understand the risks of certain types of investments meaning that Financial advice is more important than ever when it comes to retirement planning.
Taking Financial Advice can help you to understand the rules and legislation around retirement and pensions.
A pension is one of the most tax-efficient ways you can save for the future so it is vital you understand the rules and how to contribute more to it if you are able to.
Financial advice can also help you to save tax by making sure you utilise all your available tax reliefs and allowances.
At Four Wealth Management your Financial Adviser will take a holistic approach to your finances and look at your overall financial position as well as your pension. Your Adviser will consider ways you can mitigate various taxes include Inheritance Tax and Capital Gains Tax.
A financial plan for the future
The Coronavirus pandemic has highlighted the importance of having a financial plan in place and how unforeseen events can have a detrimental impact on people’s financial situations if they are not prepared for the unexpected.
A financial adviser can educate you on tax-efficient ways to take your income at retirement and also how to pass on your wealth to loved one’s tax-efficiently.
The true value of Financial Advice
In 2019, the International Longevity Centre UK (ILC) conducted research that showed those who have taken financial advice are on average £47,706 better off when they reach retirement than those who didn’t take advice* .
The research also highlighted the non-financial benefits of taking financial advice such as peace of mind knowing that you have financial security and a plan in place for you and your family. Those who had taken financial advice also felt empowered to make financial decisions for themselves as they are now better educated on financial matters* .
Book a meeting today
Book a no-obligation review meeting of your pension to help you to understand how much you need to save each month for a comfortable retirement.
Book online or call 0117 973 0500.