Ask yourself what your retirement looks like. Then how can you make it a reality? 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 or 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. 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 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.
C. Mearns Finance
Return to Business Articles