Retirement Planning. Secure your future with a tailored approach
Our experts will help you build a retirement plan bespoke to your financial goals
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Why planning for your retirement is important
A well structured retirement plan gives you the financial security to live the life you want, once you stop working. Whether your want to travel, spend more time with loved ones, or simply enjoy your leisure time, a solid plan gives you the steps needed to achieve your goals.
Relying solely on pensions (like a state pension or workplace pension) might not be enough to cover all your needs. That’s why careful retirement planning is essential. It allows you to combine your pensions with savings and investments, ensuring you have enough income to support your desired lifestyle.
By taking control of your retirement, you can set clear goals, make informed decisions, and secure the retirement you’ve envisioned.
Netwealth can help you take the complexity out of this process.
How Netwealth can help secure your retirement
Get a fully personalised retirement plan
Netwealth advisers can provide you with a customised retirement plan tailored to your unique needs and goals. We take the time to understand your unique situation and aspirations, ensuring that your plan is built around what matters most to you.
Expert advice and easy-to-use digital tools
At Netwealth, we combine cutting-edge technology with expert human advice. Our innovative tools help you stay on top of your retirement planning, while our advisers are always available to provide personal guidance and insights when you need them.
Low, transparent fees and leading management
Fees can have a significant impact over the length of a retirement plan. That's why we have an efficient and straightforward pricing structure that only charges you for the help that you need. Using Netwealth means receiving high-quality service and management without unnecessary costs, helping you maximise your retirement savings.
When should you start planning for retirement?
In your 20s
Even if retirement feels distant, laying the groundwork early is wise. Ensure you’re enrolled in a pension scheme, and if possible, contribute more than the minimum. Some employers may increase their contribution if you do the same. Setting up a personal pension can also kickstart your savings. Additionally, focus on clearing any debts to build a strong financial foundation.
In your 30s
Maintaining or increasing your pension contributions should be a priority, even as life’s expenses, like buying a home or starting a family, increase. Don’t overlook national insurance credits if eligible. Review your pensions regularly to ensure they’re performing well and suited to your risk tolerance. If you have multiple pension pots, consider consolidating them for easier management.
In your 40s
A critical time to assess your projected retirement revenue and determine if it aligns with your needs. Check your state pension forecast and evaluate your overall pension savings. If there’s a shortfall, consider increasing your contributions or adjusting your investment strategy.
In your 50s and beyond
From age 55, you can start accessing some personal pension schemes, but financial advice is recommended before making any decisions. Consider when you plan to retire and review your forecasted pension income. If needed, adjust your contributions and strategy to ensure your savings will support your retirement lifestyle. As you approach retirement, consider switching to lower-risk investments and plan how you’ll access your pension in the most tax-efficient way.
How to build a solid retirement plan
Create a savings strategy
Start by assessing your current savings rate and make adjustments as needed. It’s important to regularly review how much you’re saving to ensure you’re on track to meet your retirement goals.
Explore investment options
Consider different diversified assets such as stocks, bonds and tax wrappers including ISAs and pensions, to build a well-rounded retirement portfolio. Each option offers different benefits, and choosing the right mix can help you grow your retirement savings effectively.
Pension planning
Pension planning is crucial for securing your retirement income. Whether you’re exploring SIPPs, workplace pensions, or managing multiple pension pots, understanding the benefits of starting early and keeping your pensions on track is essential.
Maximise tax efficiency
Optimising tax efficiency is key to making the most of your retirement savings. Netwealth can help you navigate the complexities of tax-efficient strategies, ensuring that your savings and withdrawals are structured in the best possible way to minimise tax liabilities.
Make the most of your Netwealth Personal Pension
Netwealth offers a Self-Invested Personal Pension (SIPP), allowing you to consolidate your existing pension pots into one managed account. This makes retirement planning more straightforward and cost-effective.
Build and manage your pension pot
Netwealth’s online planning tools enable you to easily monitor your pension pots (including workplace pensions), and project your retirement savings. You can model different scenarios, including taking a tax-free lump sum or managing pension drawdowns when you reach retirement age. This supports informed decision-making as you navigate your retirement planning.
Flexible pension drawdown and income options
The Netwealth Personal Pension provides flexible access options, including Flexi-Access Drawdown and Uncrystallised Funds Pension Lump Sums (UFPLS). These options allow you to withdraw funds as needed, maintain investment growth, and manage your pension pot to suit your retirement lifestyle. You can also take a tax-free lump sum of up to 25% of your pension fund.
Personalised financial planning
Netwealth offers personalised guidance through its planning tools and financial advisers. This helps you optimise your pension pots, manage tax implications, and tailor your retirement strategy to meet your individual goals. Netwealth’s advisers can assist with everything from consolidating pensions to making the most of your contributions and withdrawals in a tax-efficient manner.
Ready to take control of your future?
We’re here to help you build a retirement plan that works for you. Whether you're just starting to save or looking to maximise your existing pensions, our expert advisors and powerful tools provide the guidance you need. Start planning today to ensure your future is secure and your retirement goals are within reach.
Netwealth offers advice restricted solely to our services. We do not consider the whole of the market, nor offer advice in relation to tax compliance, insurance products, or the transfer of defined benefit pensions.
Insights
Frequently Asked Questions
How do I know if I'm ready for retirement?
Our wealth planner can help you see if you are in a position to retire comfortably.
What factors should I consider when planning for retirement?
Some key considerations include estimating your future expenses, understanding how inflation will impact your savings, managing your withdrawals efficiently, and ensuring that your portfolio aligns with your risk tolerance. It’s also important to consider how long you may live and whether you plan to leave an inheritance.
Can I consult with a financial adviser at Netwealth?
Yes, we can offer both financial guidance and personalised advice. You can book a consultation with one of our qualified advisers to discuss your retirement plans and receive tailored recommendations.
Note: Our financial advice that is restricted to Netwealth services and doesn't cover products or services from other providers
How can I make my retirement savings last longer?
There a several ways to extend the longevity of your retirement savings, such as reducing the amount you draw initially, minimising management fees, taking on flexible work in retirement and adjusting your risk levels based on your time horizon.
How can I consolidate my pensions with Netwealth?
You can easily consolidate your pensions by opening a Netwealth Personal Pension and using the online transfer tool. Our Client Services team handles the transfer process, and in most cases, digital signatures are sufficient to complete the transfer. There are no fees for transferring pensions to Netwealth
What options are available for accessing my pension at retirement?
Netwealth offers various options for drawing pension benefits, including flexi-access drawdown and lump sum withdrawals (UFPLS). You can take up to 25% as a tax-free lump sum, and the rest can be withdrawn subject to income tax
What is the minimum amount to invest in a Netwealth Personal Pension?
The minimum investment is £50,000, but lower thresholds may apply through the Netwealth Network.
Can I and my employer contribute to my Netwealth pension?
Yes, you can make both personal contributions which will be topped up by 20% for tax relief or arrange employer contributions which are made gross of tax
