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Temple Wealth Management give you their 5 top tips to help you plan for retirement.

Financial markets are always moving, up or down. Watching the news we seem to move from one potential crisis to the next, be it problems in Greece to downturn in China, geopolitical upheaval in Afghanistan, Iraq or Syria, talk about US interest rates or natural resources volatility (Oil, Gas, Iron Ore etc).  All of these can have a marked effect on the investment markets and in turn how much money you have during retirement.

So what can you do?

 1 – Make a plan

When do you hope to retire? Do you know when you can? Do you know when your state pension will come in?

2 – Plan to suit your circumstances, wants, needs, goals

How much money will you need? Do you want to sell up, cash it all in and move away? What’s going to pay for it, house, investments or other assets?

3 – Utilise your tax allowances and/or company options

Annual investment allowances are there to be used, under auto enrolment regulations an employer must automatically enrol you and contribute to your pension fund. Did you know that in some cases you can back date your allowances for up to 3 years? 

4 – Have you got a pension?

If so what type, defined benefit, final salary, defined contribution or occupational money purchase? Knowing what you have can make all the difference to your plan

5- It’s all relative

But are your savings keeping up with inflation? The key here is to review it regularly.

The Cash Flow Analysis approach

By understanding your current income, assets, liabilities, and wants and needs for the future we can plan together how to build for your retirement. Finding the most suitable and tax efficient solution to match your individual requirements before at retirement and beyond.

If this article has raised questions you and would like to explore further or a demonstration of our Cash Flow Analysis, please call independent financial adviser, Greg Holden directly on 07543 671 220 or 01483 697 220 for a no obligation meeting at our expense.

Workplace pensions are regulated by The Pensions Regulator. A pension is a long-term investment. The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.