Retirement might seem a long way off but the later you leave planning for it, the less chance you have of achieving the retirement you want. We all dream of how we\u2019ll spend our retirement but that dream looks different for everyone.
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Some people want to spend more time with their family, while others want to enjoy long holidays and see the world, or simply wish to be financially independent. No matter what your dreams are, they rely on having sufficient pension savings to achieve them and live comfortably.<\/p>\n
Specific retirement goals<\/strong> Many people have a fear of outliving their money, but most don\u2019t have a clear idea of how much money they need during retirement. It\u2019s important to remember that retirement doesn\u2019t happen at a certain age, it happens when you have enough money to live on. And having this clear direction and understanding will give you peace of mind that you\u2019re on the right track.<\/p>\n Do you feel confident about your retirement?<\/strong> You might be worried that you\u2019re not saving enough, but don\u2019t feel you can afford to save more Don\u2019t suffer a \u2018horrible shock\u2019<\/strong> A positive retirement experience begins with a plan designed to help you live life on your terms. Your adviser will ask questions about your finances, personal circumstances and retirement goals, and create a plan that\u2019s unique to you and will help you reach the retirement you\u2019re aiming for.<\/p>\n Providing answers to your planning questions<\/strong> What do I need to know?<\/strong> Source data: <\/strong> 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.<\/p>\n THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION WHICH ARE SUBJECT TO CHANGE IN THE FUTURE. YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS AT RETIREMENT.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":" How to plan for a confident retirement to live the lifestyle you want Retirement might seem a long way off but the later you leave planning for it, the less chance you have of achieving the retirement you want. We all dream of how we\u2019ll spend our retirement but that dream looks different for everyone.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3406","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=3406"}],"version-history":[{"count":0,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3406\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=3406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=3406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=3406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPeople who associate confidence with retirement are most likely to have specific retirement goals and know what steps they need to take to reach them. But sadly, some people don\u2019t feel confident that they will have enough savings to live comfortably after they retire.<\/p>\n
\nPensions can seem complex and overwhelming, and there are many reasons you might lack confidence in your retirement plans.<\/p>\n
\nYou might feel ready to retire now, but you\u2019re not sure if you can rely on your current pension savings to provide enough money for the rest of your life
\nYou might have experienced a change to your financial situation, including life events such as divorce, and have new concerns about whether you can save enough
\nYou might have previously felt confident about your retirement plan, but the COVID-19 pandemic has derailed your savings<\/p>\n
\nResearch shows that there is a significant difference in how confident people feel about retirement based on whether or not they have spoken to a financial adviser. 65% of UK adults who have obtained financial advice say they do feel confident that they will have saved enough for retirement, compared to only 41% of those who have not[1].<\/p>\n
\nPeople who know where they\u2019re going and how to get there feel more confident in their retirement plan. Your adviser will be able to answer these key points.<\/p>\n
\nHow much you need to save for retirement
\nHow to save tax-efficiently for retirement
\nHow pensions work
\nThe type of pension you should choose
\nThe right amount to contribute to your pension
\nHow to boost your pension pot
\nHow your pension should be invested
\nHow to withdraw money from your pension<\/p>\n
\n[1] https:\/\/www.lv.com\/about-us\/press\/consulting-a-financial-adviser-is-key-to-feeling-confident-about-retirement<\/p>\n