It is never too early to start retirement planning. Whether you are at the start of your career, or are moving ever closer to retirement, we can give you confidence in your future financial security.
Preparing early and having a great understanding of your finances makes the transition into retirement easier. It’s an emotional time, signalling a new stage of life, and you want to be certain you can comfortably afford to leave the workforce.
Talking with our retirement advisers gives you a solid foundation when considering your retirement plans and helps you to make steps today to prepare for your future.
One of the most common questions we get asked is: how much do I need to retire?
A simple question, with no one size fits all answer.
How much you need for a comfortable retirement depends entirely on your lifestyle. When you sit down with a YorWealth financial adviser, they will go through your current spending habits, regular expenses and disposable income to see what a realistic retirement goal is for your unique financial position.
Using sophisticated cashflow and inflation forecasting on your current finances, our retirement advisers calculate the age range of retirement affordability. We are always realistic when looking at projected retirement ages and know there’s little joy to be had in ruining your life now to plan for your future.
There are lots of different pension options available, and which is right for you depends entirely on your circumstances and attitude to risk. Our advisers will go into detail with you during your planning meetings, clearly outlining the benefits and potential drawbacks of each.
State pensions are available to almost everyone who has had a job in the UK. To qualify for the full amount, you will need to have paid National Insurance contributions for over 35 years. This likely won’t be enough to fund your whole retirement, so it’s important you are topping it up with other pension savings throughout your working life.
Workplace pensions are set up for you by your employer. Both you and your employer pay a regular amount into it each month for as long as you are employed there. As you move jobs across your career, you might have multiple pension pots, unless you choose to transfer them all into one combined place.
Self-invested and personal pensions are retirement savings you set up for yourself, giving you great flexibility over how much to pay in. You will receive the same tax relief as you would with a workplace pension, but the way you claim it might be slightly different. They offer you more flexibility for investments and opportunity for withdrawals when you need quick access to capital once you have reached pension age.
The market has been subject to a lot of uncertainty over recent years, with Brexit, global wars, and COVID-19 causing changes to the value of pension savings and investments. Our pension advisers are on hand to discuss the impact of market changes on your retirement pots to help you safeguard your financial future.
When you work with us, we will discuss different strategies for risk management with your pensions savings. We are here with you for your life’s journey, offering professional, research backed advice to help you maximise your savings and confidently meet your future.
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