Pension planning is all about investing now to reach your future goals. For this reason, we take the view that we do not work for you, we work for your future self. Imagine yourself at your planned retirement and that is the person that we want to work for. Our goal is that once you reach that age you can sit down and thank yourself for putting in the work to ensure your goals were met.
Here is who I work for when I do my own pension planning:
We offer a complete four-stage process:
Stage 1 – Who are we planning for?
The first stage of our planning process is to sit down with you and discuss what your future “retirement you” looks like. What age you would like to retire, what hobbies you would like to have, what will get you out of bed every morning, how will you socialise etc.
This helps us get to know our true client and who we need to plan for. Our aim is that at your retirement age you will come, shake our hand and say “thank you”.
Stage 2 – Financial Planning
We will then request up to date information on all your pension plans from the providers, to find out what is invested where and what it might provide in retirement. We will use this, as well as information provided by you on your general finances, to project into the future. We will then be able to see if your pension plans are likely to meet your income needs at your chosen retirement age. If not, we will come up with some action points to address any shortfalls.
Stage 3 – Advice and Implementation
If we can give specific advice to address any of these action points then we will offer this to you. This might be around how much to invest and which investments you should choose, or it might be that we can move your old pensions to a more effective solution. We will put these changes in place and make sure they are set up correctly to maximise their potential.
Stage 4 – Reviews
An often-overlooked stage of pension planning is to review your plans regularly. We will review your circumstances and plans every year to make sure we are still on target and if not, we can adjust what we are doing to make sure we reach your target. We believe that if you follow our advice and reviews every year, we will get you to your retirement age with the retirement income you need.