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What’s Retirement Planning?

Retirement planning is just that, planning for your retirement years by ensuring that you have sufficient finances to cover the things you dream of doing later in life. Be it regular overseas holidays, running a car, buying a second home, or keeping your house and garden in perfect condition.

When your wages finally stop, you’ll need to have enough money in pension schemes, savings, and annuities to provide you with a comfortable income for the rest of your life. But how do you arrange it all? A financial advisor can help, but the first thing you need to do is make a retirement plan.

About Retirement Planning

Retirement may seem like a long way off, but it is never too early to start planning for it. With the state pension age rising and fewer of us having access to defined contribution pension schemes, many Generation Xers and Millennials face the risk of financial hardship in their senior years. But there are ways to avoid this, and it all starts with retirement planning.

Retirement planning can help you prepare for your future, and the earlier you start planning, the better your retirement will be. In this complete guide to retiring in the UK, we’ll give you top tips on what you should be doing now to ensure that you can comfortably retire when you choose to do so.

Making A Retirement Plan

We all have different goals in life, and as such, no two retirement plans are the same. When preparing yours, you should consider the following:

Your Pension Entitlements: Do you have a defined contribution (or defined benefit) pension through your employer (or previous employers)? What is your state pension forecast? Do you have any private pension plans, and if so, when do they mature, and how much will you receive? Having a clear overview of what you have coming in will help you better plan for your retirement.

Your Day-to-Day Expenditure: How much will you need each month for a comfortable life? Most of us need less money when we retire as our mortgages are paid-off, we do not have the expenses of travelling to and from work every day and, we’re no longer paying for our children’s education. But our spending might go up in other areas such as healthcare. Calculating how much you think you’ll need now will help you better plan for your retirement and give you a clear idea of how much you need to save each month.

Your Pension Age: When do you want to retire? You can generally access retirement savings such as defined benefit pensions and final salary schemes when you reach 55. But the earlier you start drawing it, the earlier your pension pot will deplete. So consider this when weighing up your options.

With a clear indication of how much you will have coming in and how much you will have going out, you’ll have a better understanding of what your retirement plan should look like, and what additional plans or insurance policies you may need to consider.

Retirement Planning With A Pension Annuity Plan

One of the easiest ways to secure your retirement finances is with a pension annuity plan - an insurance policy that provides you with a guaranteed fixed income for the rest of your life or a set number of years. You can buy a pension annuity with part or all of your pension pot, but you will pay tax on your annuity income, so this is something to consider. Most people take 25 per cent of their pension pot as a tax-free cash lump sum and purchase an annuity with the remaining 75 per cent. Your financial advisor will help you decide the best option for you.

Retirement Planning With Pension Drawdowns

If you have a defined contribution (DC) pension, i.e. a pension fund that both you and your employer have contributed to for several years, you could qualify for a pension drawdown plan. Traditionally, DC pensions convert into annuity plans to provide us with a regular income. With a drawdown plan, you leave your DC pension invested and receive a monthly instalment directly from the fund.

With this option, your pension pot continues to grow with investment earnings, and your retirement income could increase if the funds do well, but there are risks involved with any investment-related insurance plan. Discuss all possible outcomes with your financial advisor before you commit.

FAQs

Here are some of our most popular retirement planning FAQs…

At What Age Should I Start Retirement Planning?

If you want to retire as early as possible and enjoy financial stability in later life, you should plan for retirement as soon as you start full-time employment; however, this is not always possible. Many of us have student loans to pay off in our 20s, and we’re raising families in our 30s, but the earlier you start paying in, the more substantial your pension pot will be.

When Can I Retire?

There is no fixed retirement age in the UK, so you can retire as early or as late as you like; however, you can only access defined contribution pensions from 55 onwards. You can claim state pensions from the age of 65, although this depends on when you were born, and the age limits will increase by 2026.

Do I Need A Private Pension?

The current full state pension in the UK is £175.20 per week, although the amount you’ll receive depends on your national insurance record. Can you realistically see yourself surviving on that amount? If you do not have a DC pension through work to make up any shortfalls, a private pension will provide you with the financial stability you need.

What Are The Benefits Of A Pension Annuity?

With a pension annuity plan, you will have a guaranteed fixed income for the rest of your life, so you’ll never have to worry about finances in the future. You can take part of your pension in a cash lump sum and deposit the rest into an annuity plan to meet your retirement needs.

Is A Drawdown Pension Right For Me?

If you and your employer have paid into a DC pension for many years, a drawdown pension could be the perfect choice for your retirement. You’ll be able to access your pension pot while allowing it to (potentially) grow with investment earnings and only pay tax on what you receive. Your financial advisor will be able to provide you with further advice on this type of retirement plan.

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Aged over 55?Looking for the best Annuity Policy for your retirement?