Professional Retirement Planning Advice Before You Make Important Decisions
Retirement is one of the biggest financial decisions you will ever make.
You may have several pensions, savings, investments, or workplace schemes. You may also be unsure how much income you can take, when you can afford to retire, or whether your money will last.
A retirement planning review can help you understand your options before you make important decisions.
At LFP Asset Management, we provide clear, personal financial advice to help you plan for retirement with confidence.
What Is a Retirement Planning Review?
A retirement planning review looks at your current financial position and considers how your pensions, investments and savings may support you in later life.
The review may include:
- Your existing pensions
- Your retirement income needs
- Tax-free cash options
- Pension drawdown
- Annuity considerations
- Investment risk
- Inheritance tax considerations
- Spouse or partner income planning
- Pension death benefits
- Whether existing plans remain suitable
The aim is to give you a clear picture of where you are now and what steps you may need to consider.
Who Is This Service For?
A retirement planning review may be helpful if you are:
- Approaching retirement
- Aged 55 or over
- Unsure when you can afford to retire
- Holding several old pensions
- Considering pension drawdown
- Thinking about taking tax-free cash
- Worried about investment risk
- Unsure whether to consolidate pensions
- Planning income for retirement
It may also help if you have already retired but want to check whether your current arrangements remain suitable.
Why Retirement Planning Matters
Poor retirement decisions can be difficult to reverse.
Taking too much income, choosing the wrong investment risk, or accessing pensions without advice may reduce your future financial security.
A retirement planning review can help you answer important questions, such as:
- Can I afford to retire?
- How much income will I need?
- How long might my pension last?
- Should I take tax-free cash?
- Should I use pension drawdown?
- Should I buy an annuity?
- Are my pensions invested appropriately?
- What happens to my pension when I die?
Good planning can help you make better decisions and avoid costly mistakes.
Pension Drawdown and Retirement Income
Many people now choose pension drawdown because it offers flexibility.
However, drawdown also carries risks. If withdrawals are too high, investment returns are poor, or markets fall early in retirement, your pension fund may reduce faster than expected.
As part of your retirement planning review, we can consider:
- Sustainable income levels
- Investment risk
- Tax position
- Cash reserve needs
- State Pension entitlement
- Other savings and investments
- Whether drawdown is suitable for you
Drawdown is not right for everyone. In some cases, an annuity or a combination of options may be more appropriate.
Should You Consolidate Old Pensions?
Many people build up several pensions during their working life.
Combining pensions may make retirement planning easier, but it is not always the right answer. Some older pensions may include valuable guarantees, lower charges, protected benefits, or special terms.
Before making changes, it is important to review:
- Charges
- Investment options
- Pension guarantees
- Death benefits
- Flexibility
- Tax implications
- Existing provider terms
We can help you decide whether pension consolidation is worth considering.
What Happens During the Review?
Our retirement planning review usually follows a clear process.
First, we gather information about your pensions, investments, savings, income needs and objectives.
We then assess your current position and explain your options in plain English.
Where appropriate, we can provide a written recommendation setting out the steps we believe you should consider.
Why Choose LFP Asset Management?
LFP Asset Management provides independent financial advice from our office in Mutley Plain, Plymouth.
We help clients with pension planning, investment advice, retirement income and long-term financial planning.
Our aim is to provide clear, practical advice based on your personal circumstances.
Important Information
The value of pensions and investments can fall as well as rise. You may get back less than you invest.
Pension rules and tax treatment can change. The benefits available to you will depend on your individual circumstances.
This page provides general information only and should not be treated as personal financial advice.
Arrange a Retirement Planning Review
If you are approaching retirement or want to review your existing pensions, we would be happy to speak with you.
Contact LFP Asset Management to arrange an initial discussion.