Partners Approaching Retirement

Getting close to retirement can feel a little like standing in the wings, waiting for your cue. Deciding what age you want to retire at, and how you want to spend your later life, is both exciting – and daunting. Have you been saving enough? How much retirement income will you actually need – and the million dollar question – how long might you need that income to last?

While I can’t answer that last question, I can certainly help with the others. And I do understand the mixed emotions that you may be feeling at this point in your life.

By the time we reach our fifties, many of us have a ‘mixed economy’ of savings and pensions; including Defined Benefit (DB) or final salary pensions, ISAs, cash holdings and Defined Contribution pensions (DC) which you can now access from age 55 (raising to 57 in 2028). And of course, many of us choose to continue to work flexibly or part-time, or even start brand new business ventures, well into our so-called retirements. So you may still have earned income to consider, too.

How you choose to fund your retirement is now much more flexible. But with flexibility comes complexity. You may want to move some of your Direct Contribution pension fund into lower risk investments to protect them against market volatility. You may also be thinking about whether you’d like to take a tax-free cash lump sum and, if so, how best to use it. Or perhaps an annuity would suit you and your attitude to risk better.

But before you make any decisions, the most important first step is to create a personal retirement plan; a road map as you start this exciting journey. Don’t be over-anxious if you’re not sure exactly what you do want from your retirement, or what happens if you change your mind. Many of us don’t have clear objectives at this point. I have guided many clients through this stage of their lives, and are here to provide reassurance as well as expert advice

I want to help you feel well-informed, and confident in all the financial decisions you make as you approach retirement.

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.

Got a question?

If you would like to speak to me about a particular issue or wish to find out more about the specialist advice services we offer for partners, please get in touch.