Make your ‘golden’ years live up to their name

Wynyard-based expert in wealth management Paul Gilsenan says with some careful and tactical preparation, you can enjoy the later years of your life without worrying about finances…

Planning for the future is a top priority for most people, but in your 20s and 30s you may not always be looking ahead far enough to start thinking about your retirement.

These ‘golden’ years can only live up to their expectations if a considerable amount of saving and planning are put in place.

Where do I start when it comes to retirement saving?

The starting point is your employer scheme or your own company if you are self-employed.

The government introduced Automatic Enrolment legislation to ensure all companies with employees in the UK offer a pension scheme. This scheme is set up by your employer and will receive contributions from both you and the company. In my role we always review your employer scheme as the first part of a tailored retirement plan, it is the foundation and we build from there.

When do I need to start saving?

As early as possible, the power of compound investment growth is incredible in a long-term retirement plan. To find out more about how you can benefit from saving now, please visit the PSG Wealth Management website.

How much on average do I need to save?

As part of my role, I complete an income and expenditure summary with my clients. We will establish a contribution that is affordable to you, show you the impact of this contribution on your retirement plan and then review this on a regular basis. One point to note is the level of contributions my clients make to their plans changes regularly to match their changing circumstances.

I believe one thing that puts people off taking advice and creating a plan is a worry of minimum contributions, having to agree to them until retirement and having no flexibility.

My view is the polar opposite of this, in that, you can begin at any level to suit you and we will review and amend this as regularly as needed to ensure it continues to meet your needs.

Why is it so important to save now?

State Pension is a significant part of many client’s retirement plans. As we have all read in recent years, the age at which men and women in the UK receive State Pension is getting older and older.

Having other assets to fund your retirement gives you flexibility on when to retire and your lifestyle within retirement.

Many of us have a clear picture of how we will enjoy our retirement, with travelling, socialising and spoiling the Grandchildren as some of the regular plans I hear.

By making significant provision and undertaking proper planning, any of us can achieve those dreams.

What should I do to maximise my pension fund?
• Ensure you are a member of your employers’ scheme.
• Review your current income and expenditure.
• Review existing plans and how much they might provide at retirement.
• Consider when you want to retire and how much you may need to enjoy it.
• Take financial advice on all of the review and create a long-term financial plan to forecast what it all means to you in the future.

The practice has a range of different clients and tailors its advice to each of their needs with the advantage of face-to-face meetings and email support.

 

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