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Planning for financial independence is one of life’s essentials.  Let’s face it, at some stage in life we will wish to (or have to) stop working and so having enough financial resources at that time will be vital.  It is widely accepted that the State does not provide high enough retirement benefits, nor necessarily at an age that you would wish to wait to receive them, either.

10 Steps for Planning for Retirement

The message is clear, planning and investing for your own financial independence is, for most of us, by far the best way to try and ensure the most fulfilling retirement, at a time that we choose.

If you work abroad, outside the UK, or you are a non-UK resident for tax purposes, please click here for further information.
For UK residents, there are a number of tax incentives that make saving for the longer term very attractive.
The investment options that need to be considered are first the two key areas of:

1)  Investment category

  • approved pension plan  – initial tax relief of up to 60% available
  • the enterprise investment scheme (EIS) – initial tax relief of 30% available
  • the venture capital trust (VCT) – initial tax relief of 30% available
  • an investment property (or more than one) – commercial or residential – tax reliefs variable

Additional tax incentives also apply to some of the above, including exemption from capital gains tax and also certain valuable capital allowances, amongst others.  It is often the case that a combination of the above, tailored correctly to meet your specific objectives, is the preferred route to take.

2)  Underlying investment

  • Lower risk fixed interest stock, including Govt. and Corporate Bonds
  • Commercial Property – using open-ended or closed-ended collective funds
  • Residential property – using collective funds such as Real Estate Investment Trusts (REITs)
  • Equities – UK and international shares bought via collective funds, such as OIECs
The Retirement Strategy Plan

The Retirement Strategy Plan

10 Steps for Planning for Retirement
At Patterson-Mills Financial Planning, we design your own, personalised, strategic retirement investment plan.  This is specifically tailored to your own needs and personal circumstances.  First, we meet with you to discuss your own personal goals, objectives, attitude to risk, budget and so on, then we create your very own, individual, structured plan.  We call this your Retirement Strategy Plan.

Your Retirement Strategy Plan outlines our recommended investment strategy, with full details of our recommendations for its underlying portfolio of investments (which may be from all or any of the category of investments listed above).  We then, subject to your approval, assist you in implementing your Plan.

Once underway, your Retirement Strategy Plan needs to be monitored and reviewed regularly, which is part of our overall Financial Planning Service and is vital to the success of the Plan, in meeting your goals and objectives.

Because our service is wholly independent, we do not rely upon selling a product to you.  Instead, we focus upon providing you with the most appropriate advice for your needs, with only your interests at the centre of any proposition.  We pride ourselves on providing you with professional guidance of the highest standard, to which our Clients are accustomed.

Up to 60% Income Tax relief

Yes, that’s right, 60% income tax relief is possible on some pension fund investments.  If you earn more than £100,000, then click here to find out more.

Download our free PDF Guides on Retirement Planning:

The Freedom to Choose What You do With Your Money
New Freedoms Over How You Can Use Your Pension Money
How Will You Ensure You Achieve the Retirement Lifestyle You Deserve?
Shaping Your Retirement Plans to Best Meet Your Individual Needs and Circumstances
Making the Most of the New Pension Rules to Enjoy Freedom and Choice in Your Retirement
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