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D r a w u p y o u r r e t i r e m e n t g a m e
Retirement isn ’ t what it used to be . We ’ re working longer , living longer and have so many different ways to use our pension pot . All the more reason to get the experts involved
These days there ’ s so much flexibility around retirement . You can choose to stay invested in your pension , decide your own level of income , or even withdraw the entire pot . Buying an annuity is now another choice , rather than being non-negotiable .
Meanwhile , as always , greater freedom brings greater responsibility . You ’ ve got to make sure those retirement savings last . It ’ s a thorny business full of tough decisions , made even trickier by the number of options available .
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Expert advice is key – your retirement could last 30 years , so you ’ ll need to make important short- and long-term decisions
Let ’ s look at retirement age to begin with . The cliffedge idea of stopping work at 60 or 65 and ‘ being retired ’ is history . Today a phased approach is much more likely , transitioning gradually from working and saving towards leisure and spending . Most of us can do this on our terms , according to our own life plans , rather than being restricted by a pension scheme or an employer .
Visualise your retirement
Ask yourself what your retirement looks like . Then how can you make it a reality ? If you ’ re retired already , is it as you imagined ? Being ‘ in retirement ’ is much more than simply drawing an income . It ’ s also about running an efficient home , managing your tax-free cash ( especially when interest rates are low ) and building a sustainable income that will last your lifetime .
There ’ s no set retirement age these days . Add to this the pressures of supporting both older and younger generations , and it ’ s clear a rethink is needed on how best to use your savings . To adapt to changing needs , you might need to consider other assets and income sources alongside your pension .
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So what you have is a situation that ’ s both flexible and heavy on risk , whether you choose to dip into your pension pot or remain invested . Either way , you ’ ll need help and expertise to face the challenges .
In retirement you ’ re also likely to encounter a new set of risks . For example , if you get off to a poor start when you begin drawing your income , with markets falling and returns negative , your investments will have to work much harder from the outset to maintain your desired income .
Another layer of complexity in your retirement strategy is underestimating how long your money needs to last . The 100-year life is fast becoming normal , with more of us living much longer , more active lives than ever before .
The countless choices available at retirement can be overwhelming
At St . James ’ s Place , we ’ re here to help you navigate these obstacles . We believe the value of advice comes from building a strong relationship over time and understanding the needs of both you and your family . We ’ re experts in the intricacies of modern retirement . So you can worry less and focus on the important things in life .
The value of an investment with St . James ’ s Place will be directly linked to the performance of the funds you select , and the value can therefore go down as well as up . You may get back less than you invested . Equities do not provide the security of capital which is characteristic of a deposit with a bank or building society .
Get in touch p l a n
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If you ’ d like us to guide you through the retirement minefield , give us a call . We ’ re here to make a difference to your future .
Senior Partner Practice
A n d r e w B i r l e y
C hartered Wealth Manager S e n i o r P a r t n e r
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SJP12290a B1 ( 03 / 22 )