Who knows what tomorrow might bring? It may sound like a cliché but it’s true.
We live in a time of great global change and uncertainty. But that doesn’t mean that you have to feel insecure about your future finances.
Why take the risk of leaving things to chance when you can have peace of mind by planning for a comfortable and secure financial future?
Sage Wealth Management’s financial advisers are here to help you or your family plan for tomorrow.
Start retirement planning early
People often wrongly think that retirement planning is something you do towards the end of your working life.
As a society, we need to get away from that mindset and start planning for tomorrow sooner.
If you’re working hard to earn well now, why not enjoy a similar level of income and lifestyle once it’s time to put your feet up in retirement?
Understanding your retirement planning needs
Working out how much you need to save for retirement might seem daunting, but it’s actually not.
There are even easy-to-navigate tools out there like the Retirement Living Standards launched by the Pensions and Lifetime Savings Association (PLSA) that help people picture the kind of lifestyle they could have in the future, and outlines how much they’ll need per year to maintain it.
This handy tool even helps you to aim for certain benchmarks in your 20s, 30s, 40s and beyond. The earlier you plan and start putting money away, the better chance you will have of creating the nest egg you deserve – and of living comfortably off it in retirement.
That said, as useful a guide as the Retirement Living Standards might be, it’s no substitute for focused, real retirement planning expertise and personalised financial advice.
So, if you’re starting to think about saving into a pension, Sage Wealth Management can help you to develop a strategy truly on your individual circumstances that works for your needs and goals.
Find out more about your pension options using our Pension Review guide.
Bear in mind that the value of an investment will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
Keep actively managing your pension pot in retirement
Equally, if you’re already retired, it’s important that you continue to actively manage your pension pot.
For example, people are now living longer than ever before, meaning that they have to plan carefully to ensure their income lasts in the way they want it to.
And, while previous generations may have had fairly limited but straightforward pension choices at retirement, there are now so many pension planning options to consider.
This means there are numerous decisions to make and scenarios to weigh up – all of which can become quite overwhelming without the guidance of a professional and trusted financial adviser.
And, of course, your own circumstances may well alter or a change might occur in the macroeconomic environment that could impact your retirement goals. Which is why it’s important to review your financial plan or pension on an ongoing basis.
Regular financial health checks and professional advice will ensure your investments continually reflect your needs.
Pension planning when nearing retirement
As you approach retirement, you will want to be in a position whereby your pension income will be near or equal to the income you have earned during employment or self-employment.
You could potentially achieve this goal by using your pension fund to acquire an annuity that will provide you with a secure income for life.
Another option is flexi-access pension drawdown that allows you to take an income directly from your retirement fund rather than purchasing an annuity, though the risks involved mean that you will certainly need to take specialist advice.*
Why not take a look at our simple-to-use Pension Calculator, which we have created specifically for you to assess your pension options.
Why you need professional financial when planning for tomorrow
There is now so much choice and flexibility when it comes to retirement options and planning for tomorrow.
Having so many options can, though, potentially be an obstacle to clear and strategic thinking. It’s therefore vital to take professional and highly personalised financial advice from a firm like Sage Wealth Management.
The right type of advice based on your specific circumstances from a firm with so many years of combined experience will help you chart a clear path to a bright financial future.
Ultimately, there are a number of different ways to plan for your financial future, whether you’re already retired, about to retire or are some way off retirement yet.
The decisions you make when planning for tomorrow will impact your retirement income for the rest of your life. That’s why it’s so important to engage a professional financial advice firm that will fully appreciate your personal circumstances and work with you to create a clear financial plan.
Why Sage Wealth Management?
We are based in the North East, with offices in Alnwick, Hexham, Chester-le-Street and Darlington.
Our service is grounded in the highest professional standards. We recognise that each of our clients is unique and, as such, deserves a bespoke service tailored to their own financial needs and future aspirations.
With guaranteed* advice and a ‘Best of Breed’ approach that comes with being part of St. James’s Place Wealth Management, Sage Wealth Management is able to offer a complete package to clients in all aspects of financial planning.
In addition to the experience and expertise provided by St. James’s Place, products and services from other providers have been carefully selected to complement and enhance the range of St.James Place products that we will be able to offer you. We believe the providers represent the ‘Best of Breed’ in their respective categories and are capable of delivering the high standards you would expect.
We work closely with all of our clients to build a relationship based on trust and an in-depth understanding of their personal finances and goals.
We also like our clients to feel as relaxed as possible when discussing their financial future with us, and are happy (social distancing measures allowing) to meet you wherever you choose, whether that be your home, office or even the golf course.
If you would like expert guidance to help you plan your financial future, please call on 0191 731 4539 or email email@example.com to book an appointment.
*The level of income from pension drawdown is not guaranteed. There is a very real chance that you may need to reduce your drawdown income in the future, in particular if the performance of your investments is lower than expected, or you live to a greater age than originally anticipated when choosing your initial income level.
The value of an investment with St. James’s Place Wealth Management will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
St. James’s Place guarantees the suitability of the advice given by members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from companies in the Group, more details of which are set out on the Group’s website at www.sjp.co.uk/products.
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