Finance -the wellbeingbenefits ofsmart retirement planning

Thewellbeing benefitsof smart retirement planning

Whenyouthinkabout retirement, youpossibly have some sortof emotional reaction.Itmightbe fearand anxiety, or perhaps excitement andoptimism, depending on your distance from thismilestone and howprepared youfeel. Taking a positive approachwhen youplan forretirementcanmakeahuge differencetoyourwellbeing,both beforeand after it happens.

Prepareforpeaceofmind

Alarge partoffinancial wellbeingis about building confidence, according to Tony Clark,Senior Propositions ManageratSt.James'sPlace. “You don’t need to have lotsof financialknowledge, youjustneed to know you’re doingsomething andmaking good decisions. “Thatinitself createsthe senseofconfidencethat you’re buildingsomething.” Theincreasedcontrol we have over retirementthesedayscan be adouble-edgedsword;it puts pressureonustomakethe right choices, withthe riskofpoor outcomes whereprofessional advicehasn’tbeensought.Butit also givesusmoreoptions,such ashaving more control over when we retire.

One step at atime

Alotofpeople putofflong-term savingbecausethey’reunsure about what they canand can’t do,how products work and whether they’regood value. A goodpositivestepistogetintoa regularsavingshabit. “Over thepastcoupleofyears, we’veseenlotsofhardship, but alsopeople takingtheopportunity to clear debts, overpaytheir mortgages,increasetheirsavings andgenerallybuildtheirfinancial resilience,” notesTony. Thoseregularsavingsmay contributetomeeting yourshort, mediumandlong-termgoals,and theproducts youuse willfitinto thosedifferent goals. Forlongertermobjectivessuchassaving forretirement,pensionsare the obviousplace to start,not least duetotheirtax efficiency. If you’vetaken outaworkplace pension,it’slikelythatyour employer ispayingintoittoo, whilethe taxreliefavailable on pension contributionsisa generous governmentincentive to save asmuch as youcan.You can also buildupyourISA investments over thattime, whilepropertymay also play apart.

Heartandhead

Thedecisionsmadearound retirementplanscanbe heavily influenced by howwefeel aboutit,potentiallyresulting inbehaviouralbiasesandpoor outcomes.But by speaking to us andgetting professional advice youcan preventyouremotions fromderailing your retirement plans. “An advisercan helpyou identifyyourobjectives,see what you’retrying to achieveand put aplan togetherto getyou there. This willgiveyou confidencethat you’redoing more to addressyour ownneeds.”

Thevalueofaninvestment withSt.James'sPlace willbe directlylinked to theperformance ofthefunds selectedandmay fall as well asrise. Youmay getback lessthanthe amountinvested.

Thelevelsand basesoftaxation, andreliefsfrom taxation,can changeatany timeand are generallydependentonindividual circumstances.

Formoreinformationabout wealthmanagementand retirementplanning, contact RobertDrakeatAnglian WealthManagementon 01603752500 /07581347559, oremail robert.drake@sjpp.co.uk

ThePartner Practice isan ppointed Representative ofandrepresents only St.James sPlace Wealth Managementplc (which isauthorisedandregulated by theFinancial Conduct uthority) forthe purposeof advisingsolely on theGroup’s wealthmanagementproductsand services, more detailsof whichare set out on theGroup’s websitewww.sjp.co.uk/products. The St.James sPlace Partnership’and the titles Partner’ and Partner Practice’are marketing termsused todescribeSt.James sPlace representatives.