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Planning your retirement

Approaching Retirement?


The contents below are for general information purposes and are not intended to constitute advice regarding investments or your own personal circumstances. You should always take the advice of an Independent Financial Advisor (IFA) before making decisions about your investments and pensions.

Are your pension plans on track?


After a successful career most people aspire to a comfortable retirement.
The Pension Advisory Service (TPAS) has a calculator to help you identify what level of income you can expect in retirement and whether you are on track Online planners - The Pensions Advisory Service (TPAS).

State Pension

The state pension should be the basic foundation of your pension plans but if you are relying solely on a state pension you are unlikely to be able to enjoy a comfortable retirement. If you are in the UK, you can get an estimate of your basic state pension by using the State Pension calculator - GOV.UK, and you can get a more detailed estimate of your state pension by applying for a state pension statement.

Company Pension

If your employer offers a company pension they usually make contributions into the scheme. It is usually beneficial to join the scheme as you are giving up part of your remuneration if you don’t take advantage of your employer’s contributions. 

Private pensions

If you are self-employed (which a lot of RICS members are), then you will have to make your own pension arrangements. Whilst reasons can always be found for delaying starting to save in a pension, the earlier you start, the easier it is to achieve your desired retirement income, as the money has longer to grow. The longer you leave it the greater your monthly contributions will need to be to achieve your desired level of income.
Employees who are members of company schemes who want to increase their retirement income can also supplement their retirement savings through private pensions.
Sometimes it can be difficult to know where to start but there is a lot of free independent advice on the Money Advice Service website or The Pension Advisory Service website.

Planning your retirement

If you're starting to think about your retirement, why not consider one of our popular Head Start to Retirement workshops?
The day-long CPD approved course, delivered by experts, gives you a good grounding and helps you get plans in place to meet your goals.