We can help you maximise retirement savings while you’re still earning

Careful retirement planning gives you the financial freedom to make your own decisions about when you choose to stop working or start taking a step back – as well as what you will do with the time. After many years of hard work and dedication to your business or career, you deserve to be in a position to do what’s right for you.

New pension regulations provide more flexibility and choice than ever before. We can help you maximise retirement savings while you’re still earning, and then find the most effective ways to take an income from them when the time comes. With careful planning, we’ll make sure you’re on solid financial foundations to support the lifestyle you choose.

Modelling lifestyle plans and potential care costs for retirement

Retirement planning

When people come to us to talk about their plans for retiring, they often wonder whether they will have enough money to support their lifestyle once they reach this stage of life.

A couple who are long standing clients asked us to assess their financial position in advance of their retirement. Specifically, they wanted to travel extensively during the first stages of their retirement and understand how much they could afford to spend per year during this period. They sought to develop the most tax efficient approach to taking an income from their assets, which included buy-to-let properties as well as various investment portfolios. Equally important was ensuring they could afford any potential care costs later in retirement.

We built a detailed cash flow model taking account of inflation, potential investment returns and cash liabilities. This gave the clients a clear view of their financial position, as well as how much they could spend during each stage of their retirement. We recommended a tax efficient withdrawal strategy to draw income in the most effective way. Amalgamating one client’s pension funds into a Self-Invested Personal Pension (SIPP) helped ensure the fund was managed in line with their personal investment objectives.  Our wealth planners also explained their pension lifetime allowance and what would happen when they reached 75.

This retirement plan will be revisited on an ongoing basis to adapt to any changes in personal circumstances, legislation, inflation or investment returns.

We recommended a tax efficient withdrawal strategy to draw income in the most effective way.

Important information

Any services and investments may have tax consequences and it is important to note that the SG Kleinwort Hambros does not provide tax advice. The level of taxation depends on individual circumstances and such levels and bases of taxation can change. You should seek professional tax advice to understand any applicable tax consequences.

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