Saving for retirement

Retirement may seem a long way off but the sooner you start planning for it the better off you are likely to be.

Pension plans are one way of saving for when you stop work and they come with generous tax advantages. Individual Savings Accounts (ISA) are an alternative that may be suitable for some people either instead of, or as well as pension plans.

The most important point about saving for retirement is to make sure that you have sufficient income to enjoy your retirement.

Most clients will be able to calculate how much income they need, when they want to retire or reduce work, what their spouse or partner would need, and the need to protect against inflation.

We use sophisticated financial modelling software to understand your current financial position and then forecast how well off you will be in retirement taking account of all existing plans and arrangements you have including personal pensions, previous employer’s schemes and State retirement benefits.

From this model we are able to identify the progress you are making towards achieving your objectives and then create and agree with you a funding plan tailored to you, your objectives, and investment risk profile.

As part of the process we can review your existing contribution levels, and review the charges investment performance and suitability of existing arrangements. Having completed a review we can arrange implementation of any changes required.

Thereafter it is essential to review your progress towards your objectives in future and make such adjustments as are necessary.

For more information and advice please contact Expert Financial Solutions.

Updated: December 2007

Expert Financial Solutions Ltd are independent financial advisers (IFA) / financial planners based in Witney, Oxfordshire. We serve the local community in and around Abingdon, Banbury, Bampton, Bicester, Burford, Chipping Norton, Cheltenham, Cirencester, the Cotswolds, Henley on Thames, Kidlington, Lechlade, Oxford, Wantage, Witney and Woodstock. We specialise in pensions, retirement planning, pension annuities, investments including PEP, ISA, OEIC, unit trusts and investment bonds, and inheritance tax (IHT) mitigation and trust investment. One of our advisers is a Chartered Financial Planner and we are proud of having Oxfordshire's only Resolution qualified and accredited IFA for pensions on divorce.