Can I Afford to Retire?
“I am in my 50’s and have a number of pension plans and other savings and investments. How will I know when I can afford to retire?”
This is a question we are asked often. There have been so many changes to pension rules in recent years that people are unsure of their options. Personal pensions are now so much more flexible but State benefits are being paid later and later. Occupational and Personal benefits may be affected by Lifetime Allowance and Annual Allowance restrictions.
The starting point is to gather together information about all of your pension schemes, investments and savings plans. Then you should have a chat with a Chartered Financial Planner.
A Chartered Financial Planner will show you what benefits can be taken from where and in what order you should take them. They will help you avoid the obvious pitfalls and allow you to plan ahead with confidence.
A couple of hours and a few hundred pounds will be time and money very well spent to provide you with a financial roadmap for your retirement years.
There are several key issues to consider: How much income do you need and how much income do you want? For how long will you need an income and will your requirements stay constant or change as you get older? How much investment risk do you need or want to take?
At HDA we have designed our own planning tools which you can use with us or on your own at home. These will show you how long your savings will last and how they may be affected by inflation and varying returns.
Cash savings will quickly be eroded by inflation but how do you make sure that your hard-earned retirement funds are not “lost” in turbulent stock markets.
HDA has been heavily involved in the recent launch of a brand new investment fund. The fund has quite literally been designed with the help of rocket scientists. The fund will protect investors from the effects of falling markets but allow them to benefit from growth when conditions are favourable. This is, to the best of our knowledge, a unique offering to retail investors. It brings genuine active management to the average man in the street at low cost. Institutional expertise but without high charges or performance fees.
The decisions you make in the years leading up to retirement will have a significant impact on your future financial health. Speak to an expert and start planning!
If you would like to talk to one of our advisers Contact Us