Planning for Retirement


Kevin Whitmarsh, Partner


The first question we ask prospective clients is when they intend to retire and the income level they will require in retirement.


The most common answer to this is “I’m not sure”. You may want to retire on your 65th birthday, work for as long as you are able, or retire as early as possible!


Many people choose not to retire completely straightaway, rather reducing the number of days they work gradually over a period of years. The important thing is having built in the flexibility to allow you the choice to be able to work when you want.


Although retirement may seem a long way off, years can fly by. By starting to plan early you allow yourself more time to accumulate funds to provide you with an income, and therefore the chance of a higher income in the future.


Those who leave it until a few years before they are due to retire may find that the income they expected to receive is much lower. For some people it may be a case of saying “you are on track let’s have another


look in a year’s time”, whilst for others there may be significant changes to be made, or even just a start to their planning.


Top 5 planning points 1. Decide when you want to retire 2. Consider how much income you will need


3. Make sure that any previous pension companies have your address if you’ve moved


4. Get a State Pension Forecast 5. Speak to your Old Mill Consultant to organise a pension review


It is becoming much rarer nowadays for employees to stay with one company throughout their working lifetimes. If you have old paperwork for previous pension plans make sure they are still writing to you, especially if you have moved.


People often forget about the State Pension when thinking about their retirement. Although the level of State Pension is not high it is a meaningful amount and should be considered when planning.


You are now able to get a forecast of the pension you will receive at retirement on the internet, or by completing a simple form.


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