Helping you get the most out of your retirement years…
Your retirement could be 20, 30 or even over 40 years long, so it’s wise to have a detailed plan as soon as possible. We are approached by people who are considering retiring soon, those who are in the middle of their career, and also those who have just started working life but want to get off on a good footing. There is never a bad time to start your Retirement Planning as it doesn’t have to be complicated.
We’re here to help you with your retirement planning so you can make the most of your well-earned years of retirement. We can help you to have peace of mind that you’ll have enough money to see you through your retirement – it is of upmost importance when it comes to planning your future. We have years of experience helping people of all ages make these plans, so let us help you.
We are here for you every step of the way to advise, navigate, and structure your assets to achieve financial security and the retirement you desire. We do this by creating a plan for each phase of your retirement, which allows for changes in your lifestyle to be factored in.
Retirement Planning
It’s never too early to start your Retirement Planning, and it doesn’t have to be complicated. We’re here to help you create a retirement plan. We have years of experience helping people of all ages plan their retirement, and we can help you too.
What we offer
Our work is meticulous and we cover an extensive array of Retirement Planning options, including:
New Personal Pension - These are brand-new investment plans solely dedicated to help you start saving towards retirement. We can advise on the best places to invest your money based on your needs and objectives.
Personal Pension Transfers - This a common service that we provide for clients who have multiple pension pots that have accumulated due to having multiple jobs throughout their career. There can be much to consider and review if you hold various pension plans with different providers and more time consuming to manage, so we can help you identify the key things to consider and advise on a suitable solution for your circumstances.
Pension Income Drawdown - This is a way of drawing a one-off lump sum or regular income, whilst allowing your remaining pension fund to stay invested to seek further growth. We can advise you on a suitable timeframe to commence drawdown from your personal pension pot. We do this by creating a cashflow model to understand your expenditure and sources of income. We work carefully and sensitively to ensure this is as sustainable as possible for you, and we can safeguard you from taking out too much too soon.
Annuities - This is a financial product which provides a guaranteed, stable income which can continue to pay throughout your retirement. This makes it an ideal option for risk-averse individuals who seek a high level of financial security during their retirement. It is simple to manage and understand once purchased as it removes the need for ongoing investment decisions, and it can be bought with some or all of your pension pot. There are some drawbacks to this type of pension, which we can guide you through as part of our advice process.
Cashflow Modelling - We can help you pull together all your income, expenditure, savings, investments, pensions and any other assets to create a bespoke cashflow model to help forecast your future finances. This helps to identify how much capital you may need and could have in the future, therefore indicating whether you are currently on track to achieve your financial goals. This is a helpful starting point to understand what your current situation is and to answer any questions you may have around your current finances and their future.
Your Retirement is in safe hands…
Richard French is the Founder of 5 Talents Financial Planning and has a level 4 Diploma for Financial Advisors (DipFA).
As an Independent Financial Adviser, Richard is vastly experienced in all areas of Retirement Planning and is not tied to any provider or products. This enables 5 Talents to consider all available options to advise on the best one to suit your specific needs.
Request a free
Retirement Planning consultation
To request a free Retirement Planning consultation, simply enter your name, email address, and phone number into the form and we’ll be in touch soon!
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What happens next?
I’ve requested my Free Retirement Planning initial consultation,
what happens next?
We will contact you with a choice of dates and times so you can select one that works best for you. We can do your initial consultation over the phone or on a video call.
During your initial consultation, we will discuss your situation with you to develop an understanding of your requirements and objectives. It will also be a chance for you to ask any questions you might have about the services we offer at 5 Talents Financial Planning.
If you choose to progress with us, we will look to get some more in-depth information so we can design a bespoke proposal which details our advice on your available options. We’d look to do this face-to-face or via video call if you are located outside of Dorset.
Our Retirement Planning service is for the long-term. We are experts on this and we’re here to help you now, tomorrow, and well into the future.
Frequently Asked Questions (FAQs) about Retirement Planning
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In 1994 William Bengen developed the 4% rule, which is a guideline for a sustainable annual withdrawal rate for retirees to draw from their pension pot, aiming to make the money last for 30 years of retirement. The rule suggests withdrawing 4% of the initial portfolio value in the first year and then adjusting the monetary amount each subsequent year for inflation.
At 5 Talents Financial Planning we don’t adopt a 1 rule fit for all approach. Rather, we plan specifically for each of our clients, taking into account your lifestyle, goals, and expected expenses. This helps us to calculate how much you will need to regularly withdraw from your pensions and other assets and to check that the withdrawal rates are sustainable. Every clients needs are likely to differ depending on individual circumstances.
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At 5 Talents Financial Planning, we believe the earlier, the better. Starting early gives your money more time to grow and helps you take advantage of tax-efficient savings products like pensions and ISAs.
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There are many things to consider when thinking about planning your retirement. These might include, job satisfaction, current age, your health, family circumstances, desired annual income, and yes to dream about your retirement aspirations! This can all feel a little overwhelming, and that’s why 5 Talents are here to talk things through with you, and create a financial plan that works for you and your family.
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The State Pension provides a basic level of income, but it may not cover all your retirement needs. Many people need additional savings, investments or pension funds they can also draw on during retirement to maintain their lifestyle.
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The UK’s standard retirement age of 65 no longer exists, you can make your own decision on when to retire. Some people wish to retire in their 50s when they are in good health, whilst others may continue working into their late 60s or even early 70s (even if it’s on a part-time basis). There is no single, fixed answer and it will differ on an individual basis. We’re here to understand your financial situation and retirement aspirations to help you live out the best possible retirement for you and your family.
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You can set retirement goals by thinking about your passions and interests and deciding how you want to spend your retirement. A retirement goal could also be identifying a certain age you want to retire at e.g. 60 and then working to a plan to help you achieve it.
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There isn’t one universal definition, they can be whatever you want them to be. Some believe they are Rediscover, Relearn, and Relive, whilst others wish to Retire, Recharge, and Reconnect. A more practical view is Reliability, Risk, and Results.
