Dreaming Of Sailing Off
Into The Sunset?
Do you plan on leaving your retirement party, setting up your camper, and heading off to explore all the UK has to offer? Maybe your retirement plans look more like travelling the world or finally taking the time to relax and dote on your grandchildren to your heart’s content. Whatever your plans are, you’ve worked hard with them in mind, and you want to ensure they can come to fruition. Retirement planning aims to give you the ability to reap the rewards of your years of hard work and enjoy your time however you like.
Retire In Style
Sitting back and relaxing is a dream shared by many. Whether you want to relax full-time or in between international trips, the way to get there is through retirement planning. Having a skilled advisor, such as our team at Greenfields Financial Management, by your side to help you plan your retirement can help you do so!
Not only can we help you to feel more relaxed and in charge when it comes to your future, but we make today a much simpler process for you as well. Retirement planning is complex, and with so many strategies out there, all with their own pros and cons, it’s imperative to find the right one for you. Understanding the consequences of any actions when it comes to pensions is critical, as choosing the wrong path could lead to irreversible damage. It’s your financial future, after all, so make sure you plan for and protect it as best you can.
Secure Your Dream Retirement Lifestyle With Greenfields Financial Management
At Greenfields Financial Management, your financial future is as important to us as it is to you. We understand that managing your assets and planning for your financial future is of paramount importance, so we’re on board to help you achieve your goals— whatever they may be. With years of experience in retirement planning and a wealth of expertise, we sit down with you to discuss your requirements, plans, and goals in detail to make sure your retirement looks the way you want it to.
Want to retire 5 years earlier?
See whether it’s possible with Greenfields Financial Management.
Benefits Of Retirement Planning
Planning for the future may not seem exciting at the moment, especially if retirement is a long way off. However, the sooner you do it, the greater your chances of financial success! Retirement planning offers you:
- Financial security for when you stop working
- More control over your finances
- The ability to make informed decisions about your future
- Specific goals to work towards
- A sense of purpose and direction
- Motivation to save and invest
- A sense of security knowing your retirement is planned for with the help of a financial expert
Your Retirement Planning Questions Answered
Retirement planning is the process of financially preparing for your future after you stop working. This is important because it helps to ensure that you have enough money to live the lifestyle you want in your later years while also covering all your necessary expenses.
The amount of money you need to retire comfortably will vary from person to person depending on their specific lifestyle goals, where they want to live, expenses they will need to cover, and so on. A good rule of thumb is to have enough retirement savings to replace at least 70% to 80% of your pre-retirement income. A commonly referenced figure is the 4% rule. In essence this means that if your desired spending is £3,000 a month, a pot of £900,000 would be required. This doesn’t account for the impact of the state pension, which is why every case is individual, and cashflow modelling is critical.
It’s never too early or too late to start planning for retirement. Ideally, you should start as soon as possible, even if retirement is decades away! This is because the longer your money has to grow, the better off you’ll be when the time comes. Whether you’ve started planning for your retirement yet or not, our team at Greenfields Financial Management is here to help you get, or stay, on track.
There are several retirement planning options available, including workplace pensions, personal pensions, state pensions, annuities, equity release, and more. The best option/s for you will depend on your personal circumstances, as there is no one-size-fits-all approach to retirement planning. If you’re unsure which option may work for you, feel free to book an appointment with our experienced team, who can help you.
The way to determine how much money you’ll need in retirement and the best way to get there will vary considerably from person to person. However, a general approach is to firstly assess your current financial situation and estimate your future expenses before determining your retirement age and calculating your retirement income. You can do this with online retirement calculators for a general idea or seek professional financial advice from our team at Greenfields Financial Management for a more personalised approach.
The first way to maximise your retirement savings is to start investing as early as possible. Whether you’re just beginning your career or are years into it, there’s no better time than the present! You should also look into workplace and/or personal pensions and invest wisely whenever and wherever you can. For more personalised advice on how to maximise your retirement savings, it’s a good idea to speak to a professional who can assess your circumstances and provide a detailed plan for retirement.
The simplest way to manage your expenses in retirement is to create a budget and stick to it. Include all of your income and expenses and aim to identify if and where you can reduce spending in order to prioritise your retirement goals. You may also wish to consider downsizing, minimising your debt, and working with a financial advisor to help you create a retirement budget.
There are many tax implications of retirement planning, and it’s important to be aware of them. With that being said, the implications can be convoluted and are much too in-depth to explain succinctly! Some tax implications include tax relief on pension contributions, tax on pension income, IHT (inheritance tax), lifetime allowance, and capital gains tax. To find out more about these and if and how they may affect you, please contact our expert team at Greenfields Financial Management.
Minimising your tax liability is something that should always be done in conjunction with an experienced financial expert. Options include taking advantage of tax-free allowances such as the personal allowance and dividend allowance, considering tax-efficient investment options, and optimising your pension contributions. To see if any of these, or any other options, may work for you, contact our trusted team of financial planners at Greenfields Financial Management.
Minimising your tax liability is something that should always be done in conjunction with an experienced financial expert. Options include taking advantage of tax-free allowances such as the personal allowance and dividend allowance, considering tax-efficient investment options, and optimising your pension contributions. To see if any of these, or any other options, may work for you, contact our trusted team of financial planners at Greenfields Financial Management.
It’s essential to review your retirement plan throughout your life and career and adjust it as necessary. Adjustments you may wish to consider now or in the future include reviewing your retirement goals, re-evaluating your financial situation, adjusting your retirement contributions, or adjusting your retirement age.
A good rule of thumb is to define your financial goals (do you want to pay off debt? Save for a house? Fund your child’s education?), create a budget to allow for your goals, set specific retirement goals such as the age you wish to retire, choose appropriate retirement accounts, and review and adjust your plan as necessary. Many people find it useful to consult with a financial planner to help them pinpoint their goals and discover ways to work towards them.
There are several resources available in the UK to help you learn more about retirement planning, such as free money advice services and services dedicated to providing information and guidance on pensions. For more personalised advice and detailed guidance, you may wish to consult with an independent financial advisor.
Choosing the right financial advisor is a crucial step towards securing your financial future in accordance with your goals. Look for their credentials and qualifications to make sure they’re properly licensed, and find out how long they’ve been working in the industry and whether they have experience working with clients in similar positions or with similar goals to you. Always ensure you have a thorough understanding of their services and fees, so you know what you’re paying for and what you’re not.
After these fundamentals, it comes down to communication and compatibility. The right advisor for one person may differ from another’s, so ensure you research your chosen advisor or company to make sure they fit your needs.
Why Greenfields Financial Management?
Experienced Team
Armed with a wealth of information and years of experience, our team has helped people of all ages and lifestyles to secure their financial futures.
Wide Range
Of Services
In addition to retirement planning, we also offer lifestyle financial planning, tax and estate planning, and more, so all areas of your financial life are taken care of.
Personalised
Approach
We understand that you’re a person, not a number, so we offer the personalised treatment you deserve.
Retirement Planning Built By
Recommendations And Reputation
Managing your assets and planning for your future is more crucial now than it ever has been. Uncertainty surrounds us in so many ways, so doing all you can to plan your retirement now can save you stress in the future. We understand that retirement planning may sound daunting, especially with all the possible consequences of all the available options, but having a dedicated financial planner on your side can make it a much simpler process and set you up for success.
Start Your Retirement Planning Today
Planning your retirement doesn’t have to be a difficult and gruelling process— with the help of our award-winning team at Greenfields Financial Management, your retirement dreams may be easier to achieve than you think!
Thanks to our years of experience in retirement planning, we utilise both our financial tools and communication skills to see you as the person you are rather than just a number or a client in a database. With an understanding of who you are and what you need to fund your retirement lifestyle, we get to work on helping to make it happen.
When you’re looking for a professional, transparent, and expert approach to your financial retirement goals, make an appointment with our team at Greenfields Financial Management today.