Can I afford to retire?

The age you retire depends on how much is saved so far and how you want to draw an income. This looks a little different for everyone, but working out how you’ll afford living costs over the long-term is a good place to start.

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Things to think about when taking a retirement income

When you’re ready to stop working or take a step back from work, you'll have to rely on the money you've saved throughout your life. Gain a better understanding of your savings and the best way to use them during retirement.

1. Work out your income needs

How much does a comfortable retirement cost? More time on your hands can mean more time to spend.

2. Keep up with changing rules and regulations

Allowances, tax brackets, and rules around when and how you access your pension savings can change at any time.

3. Be aware of inheritance tax

Any unused pension savings can usually be passed on tax free. This is not true for other savings and investment accounts.

4. Explore tax-efficient accounts

Investing in SIPPs and ISAs shelter your returns from income and capital gains tax. These offer a useful boost to your nest egg.

5. Consider investing during retirement

Leaving some of your savings invested gives you flexibility and the potential for more income over time.

6. Consider retirement income advice

The decisions you make now will be among the most important you will ever make. Talking to a professional can give you peace of mind.

Drawdown calculator

Do you have enough for your retirement?

Use our drawdown calculator to understand how your savings will fund your retirement as you take an income. Speak to our planners to explore how we can help you plan your retirement and ensure you have enough money for the lifestyle you want.

When to consider retirement income advice

Whatever retirement means to you, we’re here to help you establish a financial plan for the lifestyle you want.

You want to understand what lifestyle you can expect in retirement

Getting professional advice can help you understand what sort of retirement you’ll be able to afford. Using sophisticated tools to visualise your savings and pension drawdown, our experts can help you gain clarity.

You want to explore the different sources of income available

Considering the state pension and company schemes along with any other savings and investments, our experts can help you understand what part these accounts will have to play in funding your retirement.

You don’t want to pay too much tax

No one likes paying more tax than they need to. Our experts can help you ensure you use your retirement income from savings and investments in a tax-efficient way.

You want to make the most of your retirement savings

Whatever retirement means to you, you’ll want to understand how you can make the most of your money and avoid any costly mistakes. A financial plan can help you achieve the lifestyle you want.

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Choose from our financial planning services

Whether you have a specific question or want ongoing support from a professional, we have a variety of options to help you understand your retirement income needs.

Holistic Financial Planning

A carefully designed financial plan can give you the freedom to do even more of the things you want to do and maybe even things you never thought possible.

  • We'll create a financial plan that matches your individual needs and objectives.
  • We can help you become more tax-efficient with your savings with our range of planning tools and techniques.
  • Professional expertise on hand to organise your investments to ensure you are comfortable with your financial decisions.
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OneStep Financial Plans

Each of our Financial Plans provide guidance and streamlined advice around a commonly asked financial question for people with non-complex needs.

  • Choose one of our plans that will provide you with answers to the specific question you had at the start.
  • We will use technology where it helps, with interactive tools and online resources, and people where it matters, so you can speak to an expert.
  • For a one-off fee, our Financial Professionals will help you understand your current situation and give you a clear action plan.
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OneStep Financial Coaching

Gain clarity around your money situation with Financial Coaching. Speak to a real, qualified expert free of charge, who will help you take the next steps with confidence.

  • You’ll speak to a financial coach who has experience dealing with personal finance, investing, retirement and tax questions.
  • Your financial coach will provide useful resources to help you on your way. If you need additional support, we'll recommend the best service to suit your needs.
  • Your first 15 minutes is free, after which you can choose to book a 1-hour coaching session to delve deeper into your financial situation (£150 incl. VAT).
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Request a call back

Gain a better understanding of your current situation and the options available to you. Get in touch today to arrange a free consultation with one of our Financial Professionals.

0207 739 8200 (Open Mon-Fri, 9am-5pm)

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Charles Stanley is not a tax adviser.