Pension planning

By Oliver Suter DipPFS, financial adviser

The New Year is where we set goals for the future, so what should you consider when setting your retirement goals?

When do you want to retire?

Many people consider retirement at state pension age. The government are increasing the state pension age to 67 by 2028 and further increases are planned. If you want to retire sooner, consider pension contributions.

How much income is needed in retirement?

The state pension is currently £185.15 per week. For many, this is not enough to support their desired lifestyle. To spend more in retirement, consider pension contributions.

How much should you invest?

Once you’ve answered the above questions, you can predict how much you need to contribute.

Have you reviewed your investments?

Investment performance has a huge impact on your retirement pot. Regular reviews ensure you are on track to achieve your goals.

Capital at risk, The value of investments can go down as well as up and you may not get back the full amount you invested.

‘Investment Solutions’ is the trading name of Investment Solutions Wealth Management Ltd who are authorised and regulated by the Financial Conduct Authority.