Am I saving enough for retirement?
Everyone has different needs and expectations so it can be tricky to know how much you should save for retirement. But thinking about what you’ll need and how you can reach those goals can help you feel confidence in what the future brings.
Things to consider when saving for retirement
From pensions to investments and tax, there’s lots to think about so here are some tips to help you set some priorities.
1. Think about what sort of retirement you want
An ideal place to start is by understanding the lifestyle you’ll want and the things you’ll want to enjoy when you retire. How much would it cost and where would you find the money?
2. Understand your pension options
Pension income can come from different sources. From the state pension to personal and workplace pensions, each can play a role in funding your retirement income.
3. Get an idea of when you want to retire
The younger you are the more chance you have of building the savings you need. But the later you leave it the more you have to set aside.
4. Consider investing for retirement
Cash loses its value over time as inflation reduces what you can afford to buy. Investing involves more risks but can beat inflation over the longer term helping you reach your retirement target faster.
5. Find out which tax reliefs and allowances are available
Tax efficiency makes your money work as hard as it can towards your future. Pensions are the most tax efficient way to save but come with restrictions. ISAs are less tax efficient but all withdrawals are tax free.
6. Consider retirement advice
Retirement planning can be complex and these tips are just a starting point. Talking to a professional can give you peace of mind that you’re on the right track.
Have you saved enough for your retirement?
Pension Contribution Calculator
Use our pension contribution calculator to understand how much money you’ll have for your retirement. Speak to our planners to explore how we can help you secure the lifestyle you want.
When to consider retirement planning advice
Whether retirement feels like a long way off or just a few years away, our experts can help you create a financial plan that provides flexibility and security for when you retire.
You want to know when you can retire and how much you’ll need
Retirement planning with an expert helps you understand how much money you have now and how much you’ll need before you can stop working or take a step back. This involves looking at all your current savings, pension schemes and investments all together.
You have several pension funds and other accounts
It's common to accumulate multiple pension pots over time, so combining these can make things easier to stay on top of. We can help you do this, factoring in other savings and investments you may already have.
You don’t want to pay too much tax
We’ll help you understand how you can take advantage of all your tax-free savings and investment allowances – as well as tax thresholds. This can make a big difference to the total amount you’ll have to draw upon in retirement.
You want to learn how to invest for retirement
Our experts can help you understand how to invest and generate a sustainable income without taking too much risk, which could leave your plans vulnerable to fluctuating financial markets.
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Choose from our financial planning services
Whether you have a specific question about your money or want ongoing support from a professional, we have a variety of options to help you save for retirement.
Holistic Financial Planning
I would like ongoing support from a dedicated financial planner
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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Financial Plans
I would like a financial plan for retirement or to manage inheritance tax liability
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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Financial Coaching
I would like to work with a financial coach to explore my options
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.
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Charles Stanley is not a tax adviser. The information provided here is based on our understanding of current UK legislation, taxation, and HMRC guidance. References to tax reliefs and allowances are correct at the time of publishing but can change in the future. Tax treatment depends on the individual circumstances of each person or entity and could also change in the future. If you are in any doubt, you should seek professional tax advice.