Planning for your retirement has never been so important

Changes in pension regulations mean that increasingly we’re all having to take more control of our pensions, not just when we want to start drawing an income but also while we are building-up our retirement “pot”. But sometimes having more choice can make it harder to make a decision on what’s right for you. To simplify matters, we have broken Retirement Planning down into 3 key stages for you to think about.

Retirement Planning has never been so important, especially with changes to the pension regulations

Saving for Retirement

This might sound like an obvious statement, but the earlier you start saving for retirement the more you will have in retirement. This means the earlier you start planning, the better! If you are starting to think about how you might save for retirement have you asked yourself these questions?

  • Do you understand just how much money you will need to feel financially comfortable throughout retirement?
  • Are you confident you know what Personal Pension options are available to you?
  • Do you know how to take advantage of the Workplace Pension and Auto-Enrolment?
  • Are you worried you might have left it too late to start to save?

There are lots of choices, which is why it is important to get the right advice. But, the first choice is simple- start saving from today, because it’s never too late!

Approaching Retirement

Having built-up your retirement fund, you will almost certainly need help to take the next step.Ongoing changes in pension regulations have made retirement planning even more complex, dependent on your particular circumstances.At Octagon Financial Services we can help you by:

  • Making you aware of the potential issues and challenges you might face at retirement.
  • Understanding your current lifestyle as well as what you want to achieve in retirement, then helping you make the right decisions to reach your goals.
  • Preparing you for retirement so that you’re able to thrive, not just survive.

The key to enjoying the retirement you deserve is to get the right advice! And that’s what we’re here for.

At Retirement

The decisions you make when you reach retirement will affect the rest of your life, which of course can make the whole thing seem pretty daunting. Regulatory changes mean that as individuals we are all now expected to make informed choices for ourselves. Getting the best advice at retirement has never been more important.

Although everyone’s situations will be different, there are some common risks that everyone needs to consider when they reach retirement:

Can you meet your essential outgoings, or are you likely to outlive your assets?

Can you access your assets when you need them?

In an unpredictable economy will your pension yield the income you need?

If inflation rises how will this affect your income in real terms?

In light of each of these possible risks, it is prudent to take a “blended” approach to retirement. This includes getting to grips with what you need as essential income as opposed to desirable income, as well as the tax implications of withdrawals.

At whatever stage, we’re here to help

Whichever stage of retirement planning you are at, we are here to guide and support you on that journey. You can be confident we will give you the advice that is right for you and your particular requirements. We will bring you peace of mind that your retirement will be everything you want it to be.