A word from the office - May edition

Spring has definitely sprung in Gloucestershire, prompting the team to turn their thoughts toward summer and the anticipation of holiday plans. Have you made plans for a summer holiday? As a team, we understand the importance of not only prioritising pension planning for individuals in Gloucestershire but also recognising that true happiness involves having something to look forward to, such as a holiday. We often emphasise the idea that "The secret to happiness is always having a holiday to look forward to." While you plan for a summer getaway and enjoy the anticipation of relaxation and adventure, we also encourage you to consider laying the groundwork for your retirement. Just as you invest time and effort into planning your holiday to ensure a fulfilling experience, investing in your retirement can provide long-term security and peace of mind for the future. So, while you indulge in the excitement of your upcoming holiday, take a moment to also consider the importance of securing your financial future through pension planning.

Monthly Headline from Quayside

What does retirement actually mean to me? When should I start planning for retirement? How much do I need to save for retirement? If you find yourself asking these questions, then Quayside may be able to help.

Using a financial adviser when retirement planning is essential for several reasons. Firstly, a financial adviser brings expertise and knowledge to the table, helping you navigate the complex landscape of retirement planning. They can fully assess your financial situation, understand your goals, and create a personalised retirement strategy tailored to your needs. Financial advisers stay updated on changes in tax laws, investment trends, and retirement products, ensuring that your plan remains relevant for your circumstances. Overall, working with a financial adviser can significantly increase your chances of achieving a secure and comfortable retirement.

Here are five top tips to consider when planning for retirement: 

1. Start Early: One of the most important tips for retirement planning is to start as early as possible. The sooner you begin saving and investing for retirement, the more time your money has to grow. Even small contributions made early on can have a significant impact over time.

2. Calculate Your Retirement Needs: It's essential to have a clear understanding of how much money you'll need to maintain your desired lifestyle in retirement. Use a financial adviser to help you determine your retirement savings goal. 

3. Maximise Pension Contributions: Take advantage of workplace pension schemes such as auto-enrolment or personal pensions to help maximise your retirement savings. Consider contributing more than the minimum required amount to your pension, especially if your employer offers matching contributions. Additionally, explore other tax-efficient retirement savings options. 

4. Diversify Investments: Diversification is key to managing risk and maximising returns on your retirement investments. Spread your investments across different asset classes such as stocks, bonds, property, and cash to reduce the impact of market fluctuations. Regularly review and adjust your investment portfolio based on your risk tolerance and retirement goals.

5. Plan for Longevity: With increasing life expectancy, it's essential to plan for a potentially longer retirement period. Ensure your retirement savings and investments are sufficient to support you throughout your retirement years.

Remember that retirement planning is a continuous process, and it's essential to regularly review and adjust your retirement strategy as your circumstances change. Seeking advice from a qualified financial adviser can also provide valuable insights and guidance tailored to your individual retirement goals and circumstances.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Auto-enrolment or personal pension schemes are not regulated by the Financial Conduct Authority. 

Top Tip from Piers

Following on from Alex’s piece last month, the focus now turns to ensuring that your retirement is truly the one that you want. Whether you draw inspiration from friends and family or have your own idea of what you want your retirement to look like, it’s so important to put plans in place as early as possible. Life is for living, and your retirement is the time to reap the reward for your hard work in the truest sense. Make sure to not leave a stone unturned in finding what it is that will bring you pleasure in retirement. It may be luxury experiences, items, simple pleasures or perhaps enjoying time with friends and loved ones. It could be a third of your life if not longer, so why wouldn’t you dedicate time to ensure it is everything you want it to be? The point is, make sure you are ready for it. 

It’s not a problem if you don’t know what, how or when, but that’s exactly what the team at Quayside are here to help you with.

The transition into retirement, along with the anticipation leading up to it, evokes a range of emotions. Whether it's excitement, trepidation, joy, or worry, navigating this period requires thoughtful consideration. By following the top five tips outlined above and actively consulting with your Quayside adviser, you can effectively address these emotions and make the most of your retirement journey. 

Last Month’s Headline

The new Tax Year - Starting a new tax year can be an opportunity to get your finances in order and getting financial advice for the new tax year can be beneficial for several reasons. Read more here.

Further Insights

If you’re interested to read further, we also have more useful information on our website which can be found here.

Contact your Adviser

If you’d like to discuss more about this month’s topic, please book a call with your adviser here. 

Alex’s Diary

Amelia’s Diary

Liam’s Diary

Piers’s Diary

Steve’s Diary