Planning Your Retirement

Retirement may seem a lifetime away or it may be just around the corner. Whichever stage you are at, planning your retirement with the help of our expert advisors is key to ensuring that you enjoy a comfortable income once your working days are over.

On April 06th 2006, known as ‘A-Day’, Pension simplification rules were introduced by the Government. Whilst these rules allow greater flexibility and opportunities, they also made the task of planning for retirement more complex.

Planning for Retirement?

It is never too early or too late to start planning for your retirement. Our specialist pensions advisers will carefully assess your personal and financial circumstances and recommend the most beneficial course of action to ensure that, when retirement finally comes around, you continue to enjoy your standard of living in retirement.

We will recommend the most suitable type of pension to you and all investments made will be in line with your ‘attitude to risk’. 

Alternatively, you may already be contributing to a pension which you feel you could be getting more from. We will analyse all of your existing pension plans and, should they not be suitable, will recommend any changes necessary from fund switches to changes in contribution amounts or a transfer to a scheme which is more suited to your needs.

Approaching Retirement?

When the time comes and retirement is looming, we will advise you on the options of taking a tax-free cash sum on retirement and recommend how to invest that money, based on your own financial objectives.

We will also analyse annuity rates to ensure you get the best annuity available that provides the greatest income possible.

Retirement can be a worrying time and you may be concerned that your standard of living will fall once you cease employment. Our expert retirement advice will ensure that you continue to enjoy your current standard of living and are not ‘caught short’ in retirement.

Other sources of retirement income

The current low interest scenario is good for borrowers but not so good for savers. If, like many other of our retired clients, you need to top up your pension by taking income from your investments, now is the time to consider reviewing your investment strategy in light of the low rates of interest being paid by Banks and Building Societies.

Additionally, the effects of inflation can have a devastating impact on the purchasing power of your savings over time, so of great importance will be the need to ‘inflation proof’ your retirement nest egg over the longer term.

To find out more about what you can do to increase your retirement income from your savings, download our following guide: How to boost your retirement income (PDF)

grow-your-income-guide

Alternatively, if you wish to read more about the various types of Pensions available, please read our Pensions Explained page.

To talk to one of our specialist pension advisors on how we can help to maximise your income in retirement, contact us today.

I had no idea until taking independent advice from Cockburn Lucas that my retirement options covered so many areas, and am really grateful for the professional and clear way in which these options have been explained. As you can imagine, the decision on how to take my pension was something I couldn’t afford to get wrong or take chances with, so I am grateful for all the help and expertise they have provided in dealing with my need for advice.

- Tom Scothorne, Private Client