Retirement In Cheltenham
Are you looking for Retirement advice in Cheltenham?
Our team of Chartered Financial planners based in Cheltenham are retirement planning specialists. We have helped many people in and around the Cheltenham and Gloucestershire area, plan for and achieve a successful retirement.
At Howard Wright, we believe that planning for your retirement needs serious consideration and financial planning which should not be left until the last minute.
The financial decisions you make today will be in place for the rest of your life which could be up to thirty to forty years, in some cases even longer.
You will need to consider the following factors when planning for your retirement.
- Level of income required to maintain your lifestyle
- Amount of guaranteed income
- Spouses independence income
- Effect of inflation
- State of health
Pension annuities provide a guaranteed income for life however, this is not as straightforward as it seems.
You will need to decide if you wish your income to increase each year and be payable to a dependant in the event of your death even if this means a reduction in the level of income. All of these choices will impact the level of income that you will receive.
Annuities can be underwritten based on your health (Enhanced Annuities) and you should always compare the market to maximise the level of income you may receive.
If an annuity is appropriate for you it is generally advisable that you reduce the investment risk within your portfolio as you approach retirement. This will negate large investment fluctuations as you draw near to retirement.
Retirement Options Report
At Howard Wright, we have developed our very own retirement options report. This report covers all of the above points in detail with illustrations bespoke to your circumstances. Your adviser will then recommend and implement a suitable product or range of products, which is targeted to meet your retirement objectives.
The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.
As annuity rates are near all-time lows, some of our clients prefer to leave their capital invested and draw a regular income, this is known as drawdown. This enables you to retain flexibility over your pension options and can allow you to delay purchasing an annuity until you feel that an annuity provides value for money.
A drawback to having flexibility is that your Pension fund remains invested. This means that if investment returns are poor or there is a substantial fall in the value of your investments, then there is the chance that your fund could deplete before your life expectancy.
At Howard Wright, we provide a range of risk-focused actively managed investment portfolios designed to assist our clients to achieve their income objectives in retirement.
If drawdown is suitable for you, then there is usually no need to reduce the level of investment risk you are taking before your retirement. Further considerations may need to be made if you intend to withdraw a tax-free cash lump sum.
Your existing arrangements also need to be reviewed to ensure that they offer drawdown if this is to be an option to be considered.
What to do Next?
Once you have done this one of our Chartered Financial Planners will contact you as soon as possible, to discuss your retirement options and arrange your free initial consultation. We look forward to hearing from you.