Whether you are organising your first pension, transferring a pension from one provider to another or you’re nearing retirement and want to make sure all your affairs are in order, we can offer you comprehensive retirement planning advice. At KLO Financial Services, our highly qualified and competent independent financial advisers are always on hand to listen, assess and advise you on the most appropriate retirement planning strategies.
HOW CAN RETIREMENT PLANNING HELP ME?
The main objective of any retirement plan is the provision of sufficient finances in retirement. There are many factors that influence this outcome, but you can ensure you are thoroughly prepared by seeking the advice of a financial adviser. By making informed decisions regarding savings and investments, as well as pension benefits, you can structure your financial affairs so that you can retire entirely on your terms.
Early retirement planning is essential to ensure that you have enough time to put a plan into action and reap the rewards. By financially preparing for your retirement as early as possible, there is less stress later in life to save enough money for the quality of life you desire post-retirement. An early discussion with a financial adviser will allow us to advise you on your options for the future and provide you with a potential timescale of when, realistically, you can expect to retire.
Retirement planning also incorporates the processes involved when you are about to retire. You may have different pension pots from different employers you have had throughout your career, and a financial adviser can help you decide how you should draw out your pensions. If required, our financial planners can also structure any investment income to supplement your benefits and review your financial plans regularly to make sure they continue to meet your requirements.
WHY IS RETIREMENT PLANNING IMPORTANT?
As independent financial advisers, we understand that thinking about the future can be daunting. However, with preparation and planning, you can receive peace of mind knowing that you have the financial means to live comfortably after you retire.
You can’t work forever. Regardless of how much you enjoy your career, there will eventually come a time when you are ready to wind down. Having your finances prepared ensures that when the time comes, you can live comfortably, with all your finances in order. Without a solid financial retirement plan, you might find yourself in trouble in the future.
Retirement planning is also important as the average life expectancy continues to rise. Living longer means that you will need more retirement funds saved to maintain your lifestyle after you retire. With the average life expectancy in the UK reaching over 80, it’s more important than ever that you have sufficient plans in place for the future.
As well as this, retirement planning ensures that you can keep your independence as you grow older. Having the finances set aside for your future means that you do not have to rely on your children, family or friends and can use your money to do whatever you desire. Some people use their life after retirement to check off items off their bucket list and go travelling, invest in property or even decide a care home plan. Whatever your goals, retirement planning will ensure that you can achieve them.
WHAT CAN KLO FINANCIAL SERVICES HELP ME WITH?
Our experienced retirement planning advisers specialise in providing solutions that work for you. Working with us means that you can make your wishes for the future clear and allow us to put a plan into place to achieve them.
Our specialist retirement planning advisers can assist you with:
- Impartial advice on your retirement options
- Advice on individual plans and employment pensions
- Advice on how to transfer existing pensions to alternative providers
- Information and advice on all retirement income products
- Ongoing support to ensure your pension arrangements continue to meet your needs
WHY KLO FINANCIAL SERVICES?
Recent changes in pension regulations have added more complexity to retirement planning. Trying to make sense of the changes can feel overwhelming. This is why it has never been more important to choose a financial adviser that takes the time to listen. At KLO Financial Services, we have a team of experienced and talented advisers who will be there for as long as you need, offering you personal, bespoke solutions.
Personal & Bespoke Solutions
Our expert financial advisers understand that you will have your own, unique financial situation and so you will need to plan for your retirement at a pace that suits you. At KLO Financial Services, we will listen in order to get a fuller understanding of what you are preparing for in order to provide you with the best route for you.
We understand that planning for your retirement may involve looking far into the future. At KLO Financial Services, we build and maintain close long-term relationships with our clients so that we can adjust and develop your retirement plans if needed as you get closer to your retirement date. This means we are here to support you throughout the entire process, from when you start saving to when you retire.
Qualified and Expert Team
Our expert team of financial specialists are experienced in dealing with complex financial affairs involving retirement planning, and with a broad knowledge of the market, you can trust us to keep you up to date with any changes that may affect you.
Our extensive experience in helping clients prepare for retirement allows us to deliver effective solutions for an array of objectives. We can explain how pensions work in a straightforward way and illustrate effective investment programmes for you to achieve your retirement goals. We will support you in making the right strategic decisions for a secure financial future.
Contact Us Today
We are always eager and available to meet with you to discuss your financial needs and assess your current strategies. No question is too big or too small. The first consultation is always free and comes with no obligation.
WHAT ARE THE BENEFITS OF RETIREMENT PLANNING?
Financial planning allows you to identify your sources of income and expenses, taking the uncertainty away from your retirement. Below, we have listed five key benefits to preparing for your retirement with the help of an expert financial adviser:
Planning for your retirement means that you can provide yourself with financial security when you are no longer earning. This is one of the main benefits of early retirement planning, as it means you can prepare to live the lifestyle you desire after retirement. By preparing early, you will never find yourself unable to do the things you want to do after you have retired.
Peace of Mind
One of the most important benefits of retirement planning is that you can eliminate financial worry, not only during your retirement, but also in the years leading up to it. With the support of a financial adviser, you can rest assured knowing that you are preparing for life after you retire in an efficient, and strategic way.
As part of retirement planning, you can make sure your plans work well with other relevant people in your life. It gives you the opportunity to ensure that you and your spouse are on the same page with retirement choices, allowing you to align your spending habits. Not only this, but if your retirement plans include supporting other family members, you can make sure you understand the fees required and prepare accordingly through retirement planning.
Knowing your end to end personal financial plan can help you contextualise other financial decisions in life. For example, if you were only three years off retirement but contemplating whether to stay in a current role or begin your own business, your decision may be different to someone with twenty years left until their retirement. Through retirement planning with a financial adviser, you can determine how all your financial objectives are intertwined with each other, to reach your final retirement goal.
Early retirement planning can help you save money. There are many ways that you can reduce costs with appropriate financial planning. For example, if you know that you would like to retire to a new location, would it make financial sense to buy a property in your desired location in advance, whilst the market is good?
As well as this, there are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible.
FREQUENTLY ASKED QUESTIONS:
Q1. What is the current retirement age?
In the UK, the retirement age is currently 65. As people continue to live longer, this age is likely to rise.
Q2. When should I start saving for retirement?
The age you should start saving for retirement is dependent on you, but it’s a good idea to start as early as possible. Ideally, you should consider starting to save for retirement when you start earning, as this gives you a chance to accumulate more in your savings.
Q3. How much money is enough to retire?
The amount of money needed to retire will be different for everybody, depending on their future plans. With KLO Financial Services, this is one of the main areas that we will work with you on. Your financial journey is unique to you and we can provide you with a thorough assessment as to where you are now and where you want to be. With our tailored recommendations, you will develop a clear answer as to how much money you need to retire.
Q4. Can I make sure my family is looked after?
As part of your retirement planning process, we can help you protect your assets and structure your finances in order to look after your loved ones, if this is what you desire.
Q5. Will my retirement funds be taxed?
With Defined Contributions pensions, you can usually take 25% of your pension pot as a tax-free lump sum. The rest, however, must be taxed. With a Defined Benefit pension, it is dependent on the scheme rules. Some pensions have features around the amount of tax-free cash you can take and when. If you have prepared for retirement with an ISA or other personal savings account, you will not be taxed.
Q6. What’s the best way to maximise my retirement savings?
In general, the best ways to maximise your retirement savings include starting early, clearing your debt, prioritising your pension and setting goals. The use of a financial adviser will be able to help you with every stage of your retirement and help you successfully achieve everything you need for life after retirement.