Retirement In Cheltenham
Looking for retirement advice in Cheltenham?
Our team of Chartered financial planners, located in Cheltenham are here to help you, plan for your retirement.
At Howard Wright we have helped many people in and around the Cheltenham and Gloucestershire area, plan and achieve a successful retirement.
We believe that to have the most successful retirement possible, sound financial planning is needed to achieve your objectives.
The earlier you start to plan for your retirement the greater your retirement plan will be.
To help you plan for your retirement, one of our Chartered Financial Planner’s will initially consider the following areas with you.
- The amount of income you need to maintain your lifestyle in retirement
- The amount of guaranteed income you will require in retirement
- Your spouse’s individual income should you pass away before them
- The effect of inflation on your retirement plan
- Your state of health today and how this will affect your retirement plan
Once your Financial planner has reviewed this, we then review you’re your investment portfolio and discuss how you would like to draw your income in retirement.
There are two main ways in which most of our clients draw their retirement income.
Option 1 – Annuity Purchase
A Pension Annuity provides you with a guaranteed income for the rest of your life.
As part of our retirement planning service, we will inform you of the positives and drawbacks of purchasing an Annuity and the other options available to you.
If you decide you would like to purchase an Annuity, we will then help you consider if you would like your income to increase each year and if you would like it to be payable to a dependant should you pass away before them.
These choices you make will all have an impact on the amount of income you will receive from the Annuity provider.
Once we have established what type of Annuity you require, your Planner will then compare your Pension Annuity to the open market annuity rates.
We do this to make sure you receive the highest amount of retirement income possible from your annuity, as other providers will often provide a better rate (More Income), than your current pension provider today.
This is why we have invested heavily into our Annuity sourcing software at Howard Wright, to find the best Annuity rates possible for our clients.
Option 2 – Retirement Income Drawdown
The second option for our Clients to take their retirement income is the option of a retirement Investment drawdown. A retirement investment drawdown involves keeping your Pension invested and drawing a regular income from it.
Many of our Clients prefer this method of taking their retirement income for the following reasons.
It gives you greater flexibility and control over your retirement plan, rather than a fixed income for the rest of your life.
It allows you to grow your Pension beyond retirement allowing you to potentially have a greater lifestyle rather than a continuous guaranteed income.
It allows you to take lump sums from your pension, which you wouldn’t be able to do so if you had purchased an Annuity.
It’s important to bear in mind that an investment drawdown approach doesn’t have the guaranteed element like an Annuity, investment markets fluctuate all the time and this will have positive and negative effects on your Pension.
As part of our retirement planning process, your financial planner will also inform you of the most tax efficient ways of taking your investment drawdown and what level of investment risk you require, to achieve your objectives in retirement.
Howard Wright Retirement Options Report
To help further simplify your retirement planning, at Howard Wright we have created our very own retirement options report. This explains all the benefits and considerations you will need to make to achieve your objectives in retirement.
Your retirement options report will have bespoke illustrations to your circumstances and is tailormade to your requirements.
Your Planner will then recommend and implement a number of products to achieve your retirement objectives.
Our Chartered status the gold standard of our industry, is an assurance we operate to the highest standards and provide the best advice possible.
To start your retirement planning today, with one our Cheltenham based Charted financial planners, you can call us on 0345 688 4939 or email us at [email protected] we will be more than happy to help you in any way possible and look forward to hearing from you.