Pension Planning And Understanding Your Retirement Income

Looking to the future

Our financial advisors in Derby and Nottingham work with clients across the UK to make smart financial choices so they can enjoy their retirement. While retirement might seem years away now, it’s never too early to think about planning for retirement. A financial adviser can help you understand the types of pension available, understand how to maximise your retirement income, and reach your later-life goals.

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Preparing for retirement

Life expectancy is at an all-time high, thanks to modern medicine and improved standards of living. While this gives us more time to enjoy our lives and spend time with our loved ones, it does mean pension savings are more important than ever.

Whether you have an existing employee pension, a private pension or no pension savings at all, Rhodes Wealth Management’s can help you put the necessary retirement planning in place. We can help you understand the different types of private pension plans, consolidate multiple pensions and carry out a state pension forecast so you can understand what retirement income you are entitled to.

We will take into consideration the annual allowance, any unused reliefs and the Lifetime Allowance. These areas are often complex, and our financial planners can provide the reassurance and experience you need to help you make the right decisions for your retirement.

One side-effect of our increased life expectancy is an increase to the state retirement age. An increased retirement age means you’ll have to wait longer to receive your state pension pot. Many people are looking to retire earlier and are opting to start a private pension scheme so they can enjoy their golden years for longer.

The Private pension age is much lower and can be accessed from 55, rising to 57 from April 2028. Our financial planners can help you with a private retirement plan that outlines how much money you need to invest monthly* to reach your retirement goals.

There are many ways to plan for your pension alongside a private pension, such as investment planning. We’ll offer you tailored private pension advice so you understand tax implications and pension forecast of any choices before you make a financial decision.

*The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.

If you’re self-employed, you aren’t entitled to employee benefits like an employer-provided pension. While you may still be entitled to the state pension, this often isn’t enough to maintain your preferred standard of living. This means you’ll need to make sure you take control of your retirement planning so you can ensure you’re prepared for the future.

At Rhodes Wealth Management, we can help you set up a private pension that will give you more retirement options. Setting up a private pension can offer a range of state benefits to claim, including tax top-ups, and pension freedom rules allowing you to take a percentage of your pension as a non-taxable lump sum.

We’re not just here for retirement either, we’re here for all of life’s milestones and offer mortgage advisor services for buying a home whilst self-employed.*

*Your home may be repossessed if you do not keep up repayments on your mortgage

Employers are obligated to offer pension schemes to the majority of their employees. There are some instances where an employer does not need to offer a pension scheme if you earn, you can speak to one of our financial advisors to understand more about this.

Employees can still opt to join your employer pension scheme as part of your retirement planning if they fall into any of these brackets. Offering a pension plan to your employees helps ensure they feel valued and supported in planning for their future. We can work with you to find the right pension savings scheme for your team, taking into account the size of your business and your employees needs.

Rhodes Wealth Management will help you remove the stress of the administration of auto-enrolment and your team members feel that their future is safely in hand.

We offer a range of business and corporate services, including employee benefits and key person protection.

We recognise everyone’s later-life needs are different, and that’s why we offer advice tailored to your long-term goals. We can help you with a range of complex pensions, including defined contribution pensions (DC pensions) which individuals can now access from the age of 55. Working with you, we can also assess whether pension drawdown would be appropriate for you and your lifestyle, allowing you to take an income from your retirement fund.

St. James’s Place has relationships with a number of carefully selected market leading pension providers, allowing us to advise on a range of pension products.

The value of a pension will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

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