Kate Gower-Brown’s Post

Bad retirement advice is a global issue. The UK used to default people into annuities but, 10 years ago, decided to give everyone choice of how to use their super in retirement. Recently their regulator did a 'thematic review' of financial advisers' processes and found "Some firms are getting this right and making a real difference to their customers. However, others are not even getting the basics right and putting their customers’ futures at risk." - Not all advisers are considering the sustainability of income withdrawal in retirement effectively - Many don't use cashflow modelling (what!?!) or do not use it appropriately - leading to poor decisions - Some don't assess the customer's 'capacity for loss' - i.e. identify the level of returns/lifespan that would see the client's income reduce to levels they cannot withstand - Deficiencies in fact finding needed to get this advice right An issue is that drawdown accounts in retirement (known as 'account-based pensions in Australia) look great.... if you ignore long term risk and ignore the client's capacity for loss. https://lnkd.in/eqjTmJke

Financial freedom for women: Are you on track for retirement? Women receive 36% lower pensions than men, so understanding your pension position and how to maximise it is key -Start your pension today. However little you can afford to save, the sooner you start, the more you will have in retirement. -Think about how much money you will need in retirement — what does retirement look like to you? -If you have had more than one job in your career, there is a likelihood that you may have contributed to a pension. If this is the case, it is very important to track down and monitor these pensions Don’t forget about the generous tax relief that is available on pension funding. You are entitled to tax relief on pension contributions at your marginal tax rate so 20% or 40%.The growth on your pension fund is also tax-free and it is advisable to obtain professional tax advice at the point of retirement so you can be as tax efficient as possible with your retirement income. So, if you are dreaming about swapping the daily grind for a more relaxed lifestyle, then a goal this big requires a big plan. If you wish to retire in comfort, take action and start planning today so that it is by no means an impossible dream.

*Do You Wish To Remain Relevant @ Old Age?* 1. Determine EXACTLY what you plan to do daily during your retirement. 2. Note the ailments your parents and grandparents experienced or currently experience. 3. Estimate the cost implications of 2 above. 4. Factor the probability of experiencing 2 above into your 1 above. 5. Have a clear plan for the pension part of your retirement and the luxury part of your retirement. 6. Determine how exactly you plan to remain relevant when you are old and frail; be detailed and clear on this. 7. You ought to be contributing reasonably to your pension fund already. Note down your clear plans to adjust your contributions for inflation. 8. Set up a tamper-proof retirement fund if you haven't done so already. 9. Calculate the number of months you have before you get to retirement and check for adequacy of your planned contributions. 10. Want to remain relevant? Let's talk about annuity plan. 08033441251 #IamUrNeighborhood InsuranceAgent

Did you know Old Age Security (OAS) is designed as a basic pension for Canadians 65 and older, independent of their contribution history, and funded by tax revenues? 💭 While it serves as a crucial support system, OAS typically offers a modest amount in comparison to an average worker's income and is intended as a supplementary income in retirement. With the 'clawback' feature, higher-income earners may see reductions in their OAS benefits. This highlights the importance of looking beyond government programs like OAS and CPP for your retirement. 🚀🌟 Investing for your future IS a necessary step to ensure the lifestyle you dream of in retirement. Don't let your golden years be dictated by the limitations of basic pensions. Take control of your retirement planning today and investments can secure the comfortable retirement you deserve. 💼🌱

https://lnkd.in/dqgA_NN3 In retirement, net worth shows the total result of a lifetime's savings, debts and investments. This measure is often more insightful than income, as it reveal...

UK savers are dangerously underestimating the minimum amount needed for retirement, according to PensionBee research. A survey of 1,000 working-age UK adults found that 23% were unsure of the total pension pot size needed for their desired retirement income. According to the PLSA's Retirement Living Standards, a £150,000 pension pot would only fund a minimum retirement standard for ten years. While 49% estimated they would need around £250,000 or more, there was no clear consensus on desired annual retirement income. Becky O'Connor, Director of Public Affairs at PensionBee, said: "It's hard to plan for retirement without knowing how much you might need. Most Brits seem unaware of or dangerously underestimate the true cost of retirement. "A good pension pot should provide enough money for the entire retirement period. While this amount varies by individual, pension calculators can help set financial goals. Starting pension contributions early increases the likelihood of affording a desired lifestyle, as the pension has more time to grow and reduces monthly saving requirements." Need help managing your pensions for yourself or your employees? Speak to us today. Visit our website at https://buff.ly/3Sudo1i #pensions #retirement #PAYE #accounting #Dartford

We recently took a look at attitudes to retirement in the UK. One of the key findings was that people who get involved in financial planning are three times more likely to feel positive about their finances than non-planners. The same report indicated that, on average, people start to take a keener interest in retirement planning from age 36. However, more than half of the retired people surveyed say that they wish they'd started planning for retirement earlier. Your retirement finances, though important, aren't the only reason for financial planning. There are good reasons for building healthy financial habits at every stage of life, and planning is a good first step towards that. Whatever your age right now, an IFA can help you to develop a financial plan – whether that's looking towards increasing financial security for a growing family, planning for a comfortable retirement or thinking about how to transfer your wealth to the next generation. If you'd like the help of an IFA to get a clearer picture of your financial situation and develop a plan for your retirement you can get in touch with us here: https://lnkd.in/ehS9dfJm

I’ve been a financial planner for 30 years and strongly believe that a good financial plan is so important to enable you to achieve your financial goals and objectives and reach your dreams. At any age….

After inflation and rising housing costs, a young worker today may well need a pension pot of over 1 million according to Interactive Investor to fund a comfortable retirement. This is why it is imperative to take action on your personal finances #pension #finances #wealthgrowth #wealthbuilding #retirementplans #retirementplanning #pensionscheme #investments #investmentplans https://lnkd.in/e2-W4jdk

Your retirement will hopefully be a long and active one, so it’s importantly to get the financial planning right. It may be the first time for many years that you genuinely have the freedom to live life the way you want to, and we want to support you in that. You can use these products, in different combinations, at any stage of your retirement to suit your changing circumstances. 📈 Self-Invested Pension Plans (SIPPs) 📈 Trustee Schemes 📈 Retirement Plans 📈 Drawdown Plans 📈 Annuities You can also use our RETIREMENT CALCULATOR to see what you’d need to save in order to have the money you’ll need when you retire. This figure considers your projected income from existing funds. CLICK HERE: https://lnkd.in/dTebEQn3 The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.