Pensions and Retirement Planning

Having the money you need to enjoy your retirement without compromising your standard of living

Your retirement should be something to look forward to, so it’s good to get your finances in order to make sure you can meet your everyday outgoings AND have a little extra too.

Most people are reliant on income from investments on top of the State Pension when they retire, so it pays to think ahead. Regardless of what age you’d ideally like to stop working altogether, spending time NOW, thinking about the steps you’ll need to take to make sure you’ll have enough income to live on, is a good investment in more ways than one. It means that when the time finally comes to walk away from your job for the last time, you can focus on planning how to spend your free time rather than worrying about how to pay the bills.

Talis have plenty of resources and information available and a good place to start is with our Pension Calculator. You just need to answer a few questions and it will tell you what your potential levels of retirement income might be at various ages. But, as we said, this is only the starting point, and there are a number of other things to consider. Talk to us to find out more.

In 2016 the UK government made a number of changes to the State Pension including changing the way state pensions increase in payment. Your state retirement age will vary depending on your date of birth. The amount you get paid will be controlled by the National Insurance contributions you have made, so you may not get the full amount if you haven’t always worked. This is an issue we often see with women who are recently widowed, or going through divorce in later life, so we have lots of experience and advice to offer.

If you’ve ever made contributions into a work pension plan, then you need to review what’s in your pension pot. You can use our to see how long your pension pot could last.  If you’ve contributed into several different employer defined contribution pension schemes [work plans] in the past, then it is worth tracking down deferred and frozen pensions and considering combining them into one, to make it simpler and for them to work harder for you.

It’s never too late to start paying into a pension plan and building up capital to draw on in later life. Even if you can’t afford to save much, doing something is better than doing nothing. And you can always increase your contributions over time. Modern-day pension and ISA products will allow you to vary regular payments, start and stop payments and to add ad hoc lump sums without any penalties.

If you own your own home, one key thing to plan for is to make sure your mortgage is paid off by the time you retire. You may also want to consider equity release/lifetime mortgage as a means of topping up your retirement income. This is where you may be able to borrow a lump sum against the value of your property which can then be used to maintain your standard of living.

Whatever you’re considering with regards to retirement planning, always seek expert advice before making any decisions.

Read our handy guides

Talis Retirement Countdown

Talis Guide to Pension Consolidation

Pensions and retirement planning is complicated, and there’s no “one size fits all” solution. So contact us today for an initial chat to find out how we can help you.

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