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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.

Expert advice is key- your retirement could last 30 years, so you’ll need to make important short and long-term decisions.

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.

Let’s look at retirement age to begin with. The cliff-edge 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. The 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.

So what you have is a situation that’s both flexible and heavy on risk, whether you choose to dip into your pension pot to 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

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.

Call 07763 859 920
Email suzanne.ward@sjpp.co.uk
Visit www.bloomfinancialplanning.co.uk

Bloom Financial Planning is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sip.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.