Retirement Planning

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Retirement Planning

You need to start thinking seriously about your retirement

  Do you fit into the following groups of the UK population? If so, what can you do about it?

Are you:

•    Part of the 20% of the population making no retirement savings at all

•    Saving less than 10% of annual income

•    Expecting to stop working at age 66

If so you have the greatest need to start thinking seriously about your Retirement Planning strategy according to Scottish Widow’s latest annual UK Pensions report

Scottish Widows commissioned You Gov to conduct an online survey of 2,500 UK adults and have concluded that:

•    55% of people are ‘not saving adequately’, an increase of 1% since 2012.

•    20% are not saving anything for their retirement.

•    A significant part of the population is entering old age with an increasing amount of debt

Their statistics also provide some sober reading including:

•    To retire at 65 with an annual income of £25,000 a 30 year old will need to save £1,000 a month

•    Starting saving at 20 could add 39% on to your retirement income

•    Deferring retirement from 65 to 70 could add 43% on to your retirement income.

•    Increasing your annual contributions by 3% every 5 years could increase your retirement income by 68%.

If the above facts and figures make you nervous about your own position until time machines are widely available what can you do about it?

This checklist may help:

1)    Sense check what provision you do have. Remember small pensions with previous companies.

2)    Review your expenditure and prioritise long term savings over short term luxury items.

3)    Understand how much investment risk you need to take to get appropriate returns to boost your pension fund.

4)    Get a forecast of what State pension you may expect to receive.

5)    Remember pensions are not the only source of retirement income (think ISAs, buy to let properties etc).

6)    Determine how much income you want/need in retirement.

7)    Decide at what age you wish to retire and calculate whether you can afford to retire at that age based on your current position.

8)    Claim all the tax relief you are entitled to from your pension contributions (higher rate income tax or corporation tax).

9)    Check you are getting the highest employer contribution you are entitled to (you may have to contribute more yourself).

10)    If you are married, civil partnered or in a long term relationship and you share your finances include your spouse’s/partner’s pensions too.

11)    Have a plan to pay off debts before retirement.

12)    Find out if your existing pension plans are still appropriate.

13)    Remember that larger pension funds don’t automatically equate to a comfortable retirement. The greater the cost of your planned retirement lifestyle the larger your pension fund will need to be.

14)    Make a start, today.

If you would like to discuss your Retirement Planning we would be pleased to help.

We offer an initial meeting at our expense and without obligation. Do get in touch to find out more.


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Abram Partnership Ltd Registered Number 06885093 Registered in England and Wales

Abram Partnership Ltd is an appointed representative of Intrinsic Wealth Limited, and Intrinsic Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Intrinsic Wealth Limited is entered on the FCA Register under reference 217742 and Intrinsic Mortgage planning Limited under reference 440718.

Abram Partnership Ltd. Berkeley House, 41 Avonridge, Thornhill, Cardiff. CF14 9AU Telephone 029 2069 3700 Fax 029 2052 2252 email

This website is intended for investors over 18 years of age who are resident in the UK only. The website and the information contained therein should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. These pages provide generic information about various aspects of financial services advice that we provide as well as possible areas of clients' financial planning needs. We hope they are helpful to you but they do not, on their own, add up to proper investment advice and we cannot take responsibility for anything you do in reliance on them without further discussion with us. Please do not make a decision based upon the information contained within these pages alone. They are not detailed or comprehensive enough to enable you to make an informed decision which is tailored to your circumstances and needs. Please contact us now for tailored advice.

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Abram Partnership
Berkeley House
41 Avonridge
CF14 9A

Phone: 029 2069 3700
Fax: 029 2052 2252
Mobile: 07778 678777

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