Taking your retirement to the next level

We will be discussing below the options that you can take both before you choose to take your funds and after you have retired from your work.

Life doesn’t have to stop when you reach 55.

Strategies to increase your pot size

The big first move for anyone looking to maximise their retirement pot is increasing their contributions, every little help and it’s never too late to start paying in, remembering that you can put up to £40,000 gross into your plan, proving you earn that as a minimum each year.

The Institute of Actuaries say that you would need to save £800 every month of our working lives to afford a ‘moderate’ retirement.

Most people won’t be able to afford anywhere near that amount, but it doesn’t mean you’ll be in poverty if you don’t. A minimum income is what you’ll need to pay all your out goings when you stop working. So, looking at how you can use the state pension and your pot would be beneficial when deciding on what to pay in.

The other way you could look to increase your pot size is by considering your investment.
Do you know what fund you’re in?

Are you sat in a closed fund – Typically an old-style fund that is no longer a main concern of the investment house, it may also have considerably larger costs.

A cash fund – There will be relatively no growth in a cash fund and unfortunately some people end up no benefiting from market growth due to the nature of this investment.

Have you assessed the level of risk your taking and when you want to access your pot – If you have not completed a risk profiling questionnaire before you may be sat in a fund that doesn’t match your attitude, for example if you are sat in a fund that is primarily low risk and you have a long time till retirement and I high aversion to risk you may be able to make a much larger impact on your future retirement plan.

Therefore, having an adviser look at your plans is beneficial because it can help put you the right place for potential future growth, If you wish to speak to us then fill out the form below.