Tag Archives: Pension Planning

Fish Saltus Guide to Self-Invested Personal Pension Schemes (SIPPS)

Download your complementary Guide to Self-Invested Personal Pension Schemes (SIPPS) today

Published in November 2021, this essential Guide to Self-Invested Personal Pension Schemes (SIPPS) explains the key features and benefits of this tax-efficient way of saving for your long-term future – and how to find to decide whether such a scheme is right for you.  Download here

Fish Saltus Guide to Self-Invested Personal Pension Schemes

Time to retire retirement

Is it Time to Retire Retirement?

Everyone has different circumstances and different expectations.

No matter how far away you are from retiring, it’s important to plan for the future. It’s hard to know exactly how much you’ll need because everyone has different circumstances and different expectations. Today you have new pension freedoms to decide when and how you retire.

Read more…

The Power of Planning for Retirement

The power of planning

The changing shape of retirement.

Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?

Read more…

Pension Myths

Busting the myths about pensions

Reinvent your future to make it work for you.

Whether you are already approaching retirement age, or that’s a long way in the future, time flies and it’s important to know your pension is going to provide the lifestyle you want once you stop working. Pension legislation is extremely complex and it’s not realistic to expect everyone to understand it completely. But, since we all hope to retire one day, it is important to get to grips with some of the basics.

Read more…

Savings Growth

‘Future self’

Boosting future retirement savings

Young people are faced with a unique set of challenges when it comes to saving for retirement. One of these is perception. They can often think of their ‘future self’ as a different person and so may prefer holding on to their income for more immediate priorities, like a first home deposit, rather than saving for someone they perceive as a stranger.

Read more…

Retirement Options 2021

Retirement Options

How to ensure a comfortable retirement

The pension freedoms have given retirees a whole host of new options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings.

Read more…

Pension Freedoms 2021

Pension Freedoms

Options to improve your financial wellbeing in later life.

Half of Britons aged 55 and over (51%) admit they know little about the pension freedom rules introduced in April 2015, according to research[1].  A further one in ten (10%) over-55s say they know nothing at all about the changes, which represented a complete shake-up of the UK’s pensions system five years ago[1].

Read more…

Combined Finances

Combined Finances

Planning Ahead For Your Financial Future Together

Some couples may prefer to keep their finances separate, while others share everything.

Whichever method you’ve chosen, when it comes to retirement saving, it’s worth planning together to ensure you’ve made the most of all the allowances and benefits offered to couples. Your golden years may ultimately be the best of your relationship if you understand each other’s future goals, needs and expectations.

SET YOUR BUDGET
The first step of planning for retirement is to look at how much money you’ll need to cover your outgoings. Start by analysing your current spending, and then identify where your spending might increase and decrease over the years. If you have different perspectives on how extravagant your lifestyle will be, it’s best to discuss this openly and early on as you’ll need to come to an agreement. One of you might be underestimating how much you’ll need or overestimating what you can realistically afford. Remember to plan for different circumstances. Hopefully, you’ll enjoy a decades-long retirement together, but your finances might look very different if one of you were to fall ill or die. It might be unpleasant to discuss but is essential to plan for.

ASSESS YOUR FINANCES
Next, look at the income you’ll both have from the State Pension and any private pensions. Set aside some time to trace pensions from previous workplaces that you might have forgotten about or not known an employer was paying into, as many people find extra cash that way. Make sure you understand all of your options for withdrawing your pensions, as the amount you get back from your pension depends, in part, on which option you choose. Consider, for example, whether you want to take a tax-free lump sum of up to 25% of your pension savings at the start of your retirement, and how best you could use that. If you have any debts or savings you haven’t mentioned to your partner, it would be wise to open up about these now.

TOP UP YOUR SAVINGS
If your existing pension savings won’t provide the income you think you’ll need, look at ways to address the shortfall. Could you make some lifestyle changes now to save more for later? If one or both of you have less than 35 years on your National Insurance record, you can make voluntary contributions to receive more State Pension.  It’s worth obtaining professional financial advice about using both of your pension allowances, and whose pension it is more sensible to contribute to. You both have an ‘annual allowance’, which is £40,000 in the 2021/22 tax year, or 100% of your income if you earn less than £40,000.

NEED HELP WITH YOUR RETIREMENT PLAN?
It’s important to carry out any financial planning exercise together, holistically, as a couple. If you don’t fully understand your options or want to boost your pension savings, speak to Fish Saltus to discuss your circumstances.

A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAX ADVICE