Retirement Planning

Vision for Retirement

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better-informed decisions

Winder Story

prepare for a financially secure retirement

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Approaching Retirement

Psychology

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FAQ's

When can I retire

How much income will I need in retirement

When should I start saving for my retirement

Pension types

State pension

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Helping to build your retirement vision

Retirement looks different for everyone. Your dream might be to travel and see the world. Or you may be looking forward to spending more time at home, being a hands-on grandparent and trying out a new hobby or two. It might even be that you don’t intend to slow down, and you see this as the perfect opportunity to volunteer or start your own business doing something you’ve always loved.

However you want your retirement to look, the most important thing is having the confidence that your money will last. We can help.

Helping you make better-informed decisions

Achieving a fulfilling and financially secure retirement is one of the most common, yet most significant goals we help our clients to realise.

We start by listening to how you want your retirement to look to help us determine how much money you will need and when. We use specialist cashflow modelling software to forecast your future financial situation by analysing your savings and outgoings so we can highlight any potential shortfalls. This is also a fantastic visual way to show how significant life changes, such as bringing your retirement date forward or reducing your working hours, would affect your finances in the long-term, helping you make better-informed decisions over your future.

I’m thinking about the future in a different way now. Working with FMB has given me perspective on what I’ve been working for all these years. You have your head down, trying to get on and do a good job for your family, but Roger helped me lift my head up and think about what might be beyond that horizon.

Dave Winder

Helping you to prepare for a financially secure retirement

After determining your goals, we will get to work researching and creating your financial plan which will detail the most suitable course of action to help you achieve them.

We will always look at the bigger picture and ensure your retirement savings are working as effectively and tax-efficiently as possible; this will include making the most of tax allowances and changes in pension legislation to minimise any future tax liability.

Our independent status means that we can provide impartial advice and find the best options for you from the whole of the market. Rest assured, our recommendations will always be at a level of risk you are completely comfortable in taking.

Helping you to retire with confidence

At this stage in your life, you might find yourself with a number of pensions and investments that you have accumulated over the years, and you are unsure what step to take next. With many options available, we can help you choose the best and most suitable solution for taking your retirement income while keeping your tax liability as low as possible.

As life expectancies are ever-increasing, it can also be difficult to know whether you will have enough money to last. Our specialist cashflow modelling software can illustrate whether you have enough to fulfil your retirement goals without impacting on your financial security for the long term, giving you the peace of mind you need to make those important retirement decisions now.

Helping you to have a successful transition into retirement

While people realise the importance of financially preparing for retirement, it is equally as important to prepare psychologically too.

Many retirees can find the transition rather difficult; struggling with the loss of their work identity and all the extra time they now have on their hands.

We've put together a guide that will hopefully give you some helpful pointers to make this exciting chapter of your life as fulfilling and joyful as it should be.

FMB Psychology of Retirement Guide

Get in touch

If you want to ensure your retirement vision becomes a reality, get in touch with us today.

Our initial meeting is free and without obligation.

Speak to an expert

FAQs

When can I retire?

Gone are the days when your retirement age was dictated to you; while the state pension age might be set, it is now up to you to determine when you would like your ‘freedom day’ to be. However, if you are considering retiring early, it is important to ensure that you have sufficient savings to comfortably fund your retirement before you stop working. It is also important to check when you can access your personal pension savings if you will be relying on that to fund your living expenses.

Our financial planners work with clients week in week out to answer questions such as these. They use specialist cashflow modelling software which can show the long-term effects that retiring early, or even delaying your retirement, can have on your finances.

How much income will I need in retirement?

Unfortunately, there is not a one size fits all answer to this question. It largely depends on what a fulfilling and financially secure retirement looks like for you and how much you plan to spend each year. However, there are many other factors that need to be considered too such as when you plan to retire, inflation, where abouts you live to name but a few.

When should I start saving for my retirement?

It will depend on your personal circumstances but, quite simply, as early as possible. Since Auto-enrolment was introduced, it has made people start thinking about saving for their retirement a lot earlier which can only be good news. The earlier you start, the longer you have to save and the more likely you are to benefit from long-term growth. The later you start saving, the more likely you are going to have to play catch-up to provide the standard of retirement you want.

What types of pensions are there?

There are two main types of pension:

Defined Contribution – sometimes referred to as ‘money purchase’ schemes, this is a pension pot based on how much you pay in. Contributions paid in by you or your employer is invested by the pension provider into funds/shares. The value of your pension pot can go up or down depending on how the investments perform.

Defined Benefit – sometimes referred to as a ‘final salary’ scheme, unlike the above, this is not based on investment performance. It is usually a workplace pension whereby the pension provider will promise to give you a certain amount each year when you retire. The amount tends to be based on your salary and how long you have worked for your employer.

What is the state pension?

The state pension is a weekly payment from the government that you receive when you reach state pension age. This aims to provide a foundation for your retirement income to support you in later life. The state pension is funded from National Insurance (NI) contributions that you have paid throughout your working life. The amount of state pension can vary depending on your NI record and when you are eligible to claim.

Please note that the value of investments can go down as well as up and you may not get back the amount you originally invested.

Retirement planning is complex, you should always seek advice before taking any action which may be irrevocable. Pension legislation can and may change in the future.

Give us a call

Kendal: 01539 725855 Cockermouth: 01900 510179

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Kendal Shenstone House, Helsington, Kendal, Cumbria, LA8 8AA. Telephone: 01539 725855 Email: info@finman.co.uk

Get in Touch

Cockermouth 5 Old Kings Arms Lane, Cockermouth, Cumbria, CA13 9LS. Telephone: 01900 510179 Email: info@finman.co.uk

Financial Management Bureau Limited is authorised and regulated by the Financial Conduct Authority.
Financial Management Bureau Limited is a limited company registered in England and Wales. Registered office: Shenstone House, Helsington, Kendal, Cumbria LA8 8AA. Registered number: 02089786
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk

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HELPING YOU TO PLAN FOR RETIREMENT

Retirement Planning

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