DO YOU KNOW WHEN YOU CAN RETIRE?
Life expectancy is increasing. which means you should start preparing for your retirement earlier to help provide you with a sufficient income when you retire.
When can I retire?
At Four Wealth Management, our financial advisers can help you to prepare for retirement by calculating how big your retirement fund needs to be. Most people need two-thirds of their annual income when they were working to live on when they are retired in order to maintain their lifestyle. A financial adviser will work with you to determine how much you need to save per month to reach your goals. If you start retirement planning early then you might be able to retire earlier than you thought.
Have you lost track of old pensions? How are they performing?
Many people come to Four Wealth Management because they need help tracking down their old workplace pensions or they do not know how much they have already saved for retirement. We can help you to find your old pensions and analyse the underlying investments to see if they are suitable for your individual circumstances.
Decisions made when planning for retirement are important as they may be irrevocable and could define how you live for the rest of your life
How and when you take tax-free lump sums and the tax implications of doing so, if an annuity is right for you and possible drawdown options are just some of the many areas of retirement planning that we can advise you on.
We offer the following range of products on retirement:
• Retirement account which features bespoke drawdown options’
• Self-invested personal pension (SIPPs)
• Annuities
• Trustee schemes
Your Four Wealth Management adviser will guide you through all the options to help you make the right decisions with regards to your financial planning, so that you can have peace of mind and make the most of your retirement.
Book a no obligation review of your pensions
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Frequently asked questions
The earlier you start planning for retirement, the more money you could potentially have for the future. Review your income and finances, and if you can afford to put aside money into a pension scheme, consider starting the process as soon as possible.
The current full State Pension is £203.85 per week (2023/24 tax year). However, the amount you receive depends on your National Insurance record.
The amount that you need to retire comfortably depends on your individual circumstances. Your Financial Adviser will work with you to determine how much you need in your pension pot to maintain your current lifestyle.
No. When you retire, your employer and pension provider will tell HMRC.
You can normally take a cash lump sum of up to 25% of the value of your pension fund tax-free.
