Ready to stop your working life and start making your retirement dreams a reality? Here’s what you need to know...

Everyone needs a retirement plan. With constant changes in pension legislation and the forthcoming Autumn Budget, getting advice for your retirement has never been so important. 

Acumen Financial Planning is one of the leading, independent financial planning firms in Scotland. Our team have been helping clients navigate the complexities of pensions, retirement, and investments for more than twenty years. 

We are hosting a free Retirement seminar in Glasgow on how to plan for your retirement.

Key points for consideration in retirement planning:

1. Picture your retirement & set the date.
“Life after work” is how we think of retirement today – a point in life when you have the time for travel, recreation and time with family and friends. Start with your destination in mind. When exactly do you want to finish work? Do you want to travel? Will you stay in your current home or downsize? If married or part of a couple, are your retirement plans aligned? Consider how healthy you are likely to be in retirement. if you are in good health, you might want to work a little longer and vice versa.

2. Consider your investments & tax relief 
What you invest in and how long you invest for can impact your plans for retirement. As retirement nears, reviewing your investment portfolio is recommended. Many pension providers automatically offer “lifestyle” funds. Research or seek advice to understand what you are invested in and make sure it is tailored to your circumstances.

Consider your options for tax relief on pension contributions. This is a good opportunity to boost your pension pot and benefit from any available tax relief. Limitations apply and advice is always recommended.

3. Stay on track
Stay focused on the end goal, over the long term. This is where the support of a financial planner can help. Plans for retirement and unplanned events such as redundancy, divorce or supporting family members can impact your financial future.

It is advisable to put in place some form of protection to safeguard your retirement goals.

4. The big picture
What resources will you have for retirement, other than private pension savings? A financial planner will help you gather the details, and where necessary fill in the gaps to provide clear answers to plan on how your retirement will be financed.

5. Know your options
You can currently access your pension pot from age 55, taking 25 per cent as tax-free cash. With the normal minimum pension age increasing to age 57 in 2028. Advice is recommended before making any decisions on your pension.

We are hosting a free retirement event on Wednesday 20th November at 6.30pm at the Radison Blu in Glasgow, covering the following key topics:

  • Navigating the unknown in your financial planning journey
  • Picturing your ideal retirement
  • Talking about money
  • The emotional and psychological aspects of retirement planning
  • Wills and Powers of Attorney

Places are limited. Book directly via Eventbrite.  

See www.eventbrite.com/e/1007627790847?aff=oddtdtcreator or marketing@acumenfp.com 

The information in this article is based on our understanding of current legislation at the time of publication which is subject to change and should not be taken as advice.  

Acumen Financial Planning is authorised and regulated by the Financial Conduct Authority. FCA number 218745.