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Retirement Planning

Get the right advice to help you
make the most of your retirement.

Need an Edinburgh Financial Adviser for Retirement Planning Advice?

cash-savingsTorphin Financial Planning, Independent Financial Advisers in South Edinburgh, are experts in retirement planning and can give you the right advice to help you live well into your retirement.

Not enough people are planning properly for retirement. In fact, less than half the people in the UK have an adequate plan in place so that they can enjoy their retirement without financial worries. The others are either not saving enough to give them the standard of living they currently enjoy, or, worse still, not planning at all.

The current state pension of £115.95 per week is far below what people say they will be able to retire on, so what are your options if you don’t currently have a plan in place?

  • Expect a downturn in your lifestyle so you can manage in retirement
  • Start saving more while you’re still working
  • Retire later

What are my Options When Planning my Pension?

Pension planning is not only about how much you save, but also about how much you can keep; taking advantage of legal tax breaks is one way of doing this. The simplest tax break to bear in mind is income tax relief when saving into a pension. Therefore, payments into pensions can be deducted from your salary before tax. If an individual funds their own pension from their take-home pay, then there is tax relief at source.

The benefit for a basic rate tax payer paying 20% income tax is that they will get 20% relief on the payments made. This means that if you set up a Direct Debit for £80 per month net into a pension, the pension provider will reclaim an extra 20% (£20) from HMRC giving you £100 in total towards your pension.

New rules have been introduced to make pensions more flexible and accessible to encourage more people to save. As the population lives longer, there are more people living for 20 to 30 years in retirement and so we will all have to save much more for the future.

We will now not receive the state pension until we’re older and new employment rules have been brought in to make sure everyone who works, will have to pay more into pensions to enable them to live a comfortable retirement.

The new pension rules have also made pensions an invaluable savings vehicle in which to pass on wealth to future generations without having to pay inheritance tax.

Torphin’s Retirement Planning Services

The good news is that people are, generally speaking, living longer than previous generations; the bad news is that without adequate retirement planning their retirement may not be as happy and care free as they would like. However, it’s not all doom and gloom and there are steps you can take to ensure your retirement is all that you would hope for.

Torphin Financial Planning offer the following retirement planning services:

  • Pension Planning – Advice and ways to build up enough cash while you’re working to live on in retirement.
  • Retirement Income – You’ve saved most of your life for your retirement so when retirement looms it’s time to invest those savings properly to give you an income for the next 20 or 30 years.
  • Secure Income – What are the options to give you a secure income when you retire?
  • Early Retirement Advice – Retirement isn’t actually dictated by your age…it’s dictated by your personal finances, and if you would like to retire early then we can give you the right advice to help you plan for the future.

Contact Torphin Financial Planning, Edinburgh for Expert Retirement Planning

Making the decision to plan for your retirement is the first positive step to ensure you take control of your future. Contact Torphin Financial Planning and we’ll arrange a free meeting with no obligation at our South Edinburgh office and help you put your retirement plans in place.