Retirement Page

How much do you need to retire?

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Retirement planning can seem overwhelming, especially when you don’t know where to start. But guidance from a professional Financial Advisor can provide peace of mind and help you create a holistic, comprehensive financial plan to achieve your retirement goals.

As you enter your 50s and 60s, retirement becomes a reality. It is essential to consider “when can I retire?” and “how much do I need to retire?”.

Remember that individuals aged 55 or over can start taking money from their pension. Starting from 6 April 2028, the average minimum pension age will increase to 57. This change may affect you differently depending on your birthdate.

It is worth considering whether taking money at this stage is necessary for your circumstances, as it may impact any tax implications. Ultimately, careful planning and consideration throughout life will help ensure that you have enough money saved when the right time comes to retire.

You should also ensure that you are up to date with any changes in the law or regulations that may affect your retirement and pension savings. As well as seeking professional financial advice, it is a good idea to keep an eye on government announcements and stay informed about news related to pensions and retirement. This can help ensure you receive the best returns for your investments when the time comes to retire.

  • Determine your retirement goals and assess your progress using online tools and our retirement calculator.
  • Be cautious about taking money from your pension too early, as there could be tax implications.
  • Use the government’s free State Pension forecast tool to understand your expected State Pension.
  • Top up your pension as much as possible before stopping regular income.

Expert Financial Advice

The journey towards and through retirement differs for us all. Our Financial Advisors will work closely with you to help you outline your retirement objectives and create a robust plan to get you there. To find out more or discuss how one of our Financial Advisors can help you, please get in touch.

Important information: This guide does not constitute tax or legal advice and should not be relied upon as such. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. For guidance, seek professional advice.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). the value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

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7 Benefits of Financial Planning

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7 Benefits of Financial Advice

Whether you want your money to work harder or if you are approaching retirement and want to make informed decisions about your pension options we will offer expert, qualified advice at every stage of your journey.

  • To help you build your assets
  • To help you achieve your financial goals
  • To plan the right investment strategy for you
  • To help you tax plan efficiently
  • To help you plan for retirement
  • To protect you and your family
  • To give you financial peace of mind

We will work together with you to create a holistic, comprehensive financial plan to achieve your goals. Please get in touch with us for more information.

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How much money will I need to retire

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The earlier you start retirement planning, the better, tut it’s never too late to think about saving for retirement – even if you are planning to give up work in just a few years’ time, you will have options to add to your nest egg.

Start your retirement planning journey today and to discuss your vision for your retirement.

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Cost of living and retirement

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Cost of living and retirement

Over 2.5 million people aged 55+ think they will work beyond their state pension age.

  • 23% are uncertain of how long their retirement savings will last.
  • 18% admit to not having made preparations for when they stop working.
  • 45% worry their health will deteriorate as a result of continuing to work.
  • 35% are concerned their health will affect their ability to remain employed.
  • 16% are concerned about being treated differently because of their age.
  • 16% worry about not being able to spend enough time with their family.

If you are concerned about the cost of living and retirement then please get in touch to discuss how our retirement planning services can help you.

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Benefits of a cash flow forecast

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The benefits of cash flow modelling are forecasting your future finances. Cash flow modelling is a way of planning and analysing your financial goals and sits central to the financial planning and estate planning process and is a powerful tool to help bring your retirement planning goals to life.

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How to decide when to retire

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A couple sat working through their finances and pension planning

Over a third of over-55s think they will work beyond their state pension age.

We are witnessing a surge in the number of people giving retirement a second thought due to inflation rates and the cost of living crisis. Not only are more individuals looking to work beyond their State Pension age, but some are returning to employment after retiring due to increasing financial pressures.

Over 2.5 million people aged 55 and over will be impacted by the long-term effects of financial insecurity and think they will continue to work past their State Pension age. Additionally, half of those aged 55 and over don’t believe their pension is enough to fund their retirement, a survey has revealed[1].

Increasing cost of living

Nearly four in ten over-55s who are not retired anticipate having to work past their State Pension age due to the increasing cost of living. Financial concerns surrounding retirement funding are the top drivers behind working beyond State Pension age.

A quarter (23%) are uncertain of how long their retirement savings will last, and almost one-fifth (18%) admit to not having made any preparations for when they stop working.

Ability to remain employed

Nearly half (46%) of the millions of older workers expecting to work past their State Pension age are apprehensive that doing so will mean they can’t enjoy their later years.

Health, too, is another major concern, with nearly half (45%) worrying their health will deteriorate as a result of having to continue working and more than a third (35%) concerned it will affect their ability to remain employed.

Heavy financial strain

Worryingly, 16% are concerned about being treated differently or worse at work because of their age and the same number worried about not being able to spend enough time with their family due to work commitments.

Looking ahead, the older workforce is expected to be crucial to the UK’s economic recovery as it will help ease severe labour shortages, yet this warning sign points to heavy financial strain many are facing.

Cash flow forecasting

We all want to be in control of our retirement plans and feel confident we can stop working when we want to so that we can enjoy the retirement we deserve.

We use sophisticated cash flow forecasting software and together we can plan and analyse your financial goals, review how changing circumstances could impact this plan and to see how likely it is these financial goals can be achieved.

If you are worried about how your current situation and the cost of living could impact on your retirement savings, we are here to talk through your options. To find out more, please speak to us.

Important information: A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

Source data: [1] Survey conducted by Opinium among 2,000 UK adults between 21-25 October 2022.

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State Pension boosting deadline extended to April 2025

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State Pension boosting deadline extended to April 2025

  • Ensure you are eligible to receive the full State Pension
  • Consider buying extra National Insurance Contributions. You have until April 2025. The standard cost for a week is £15.85
  • Check to see if you can receive the maximum amount of £203.85 (how much you will get depends on how many ‘qualifying’ NI years you have)
  • State Pension Forecast Calculator – check your NI payments record at https://www.gov.uk/check-state-pension

Get in touch with us today for independent financial advice on your retirement planning.

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The deadline to top up missing National Insurance years has been extended

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Check you are entitled to full State Pension, the deadline has been extended for topping any missing National Insurance Contributions.

Chartered Financial Planner, Colin Welsh, discusses the increase to the State Pension, why it is an important part of retirement planning and how you can check what you are entitled to.

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4 reasons it might be time to retire

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4 reasons it might be time to retire

Are you asking yourself ‘Can I retire or do I need to work longer?’

1. Time is the only non-renewable currency

Are you sacrificing time to get more money? At some point, time becomes more valuable than money.

2. You may need to improve your health

Work related stress has a negative impact on your health. A job demands more than just your time Is it time to dedicate time into improving your health?

3. Spend more time with family

What does your job cost in terms of relationships? Your best health years are limited. Capitalise on your active years.

4. When you are financially ready

How do you know this? Cash flow modelling can show exactly how and when.

Start your retirement planning journey

Get in touch to speak to one of our Financial Advisers to find out more about our retirement planning services

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Financial advice for retirement

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Regional Manager and Financial Planner, Dax Bayley, outlines how financial advice can benefit you in your retirement planning.

We will work together to create a holistic, comprehensive financial plan to achieve your goals.

Start your retirement planning journey

To find out more about how Ellis Bates Financial Advisers can help you answer questions such as ‘how much do I need to retire?’ or ‘what are my retirement options?’, then please get in touch.

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