Pension & Retirement Planning

Reviewing your pension pot(s) could make financial sense

It’s essential that you regularly review all your retirement plans, to make sure you know what you’ll get when you retire. If you don’t, you could be:

Paying more in charges than you need to.
Investing in funds that don’t suit your goals or attitude to risk.
Paying less than you need to fund your retirement, as it’s difficult to work out what you’ll get if your pensions are paid from several pots.

It’s never too late to review your pensions and be able to make better plans for your retirement

Service

Introduction to retirement provision at RAE Financial Advisory Services Ltd

Young people do not think of retirement provision as a priority since retirement could be 40 years away for them. Young people are likely to concentrate on short-term savings for their house purchases. This is a valid point, however, there must be a balance between short-term and long-term savings.

I would like to highlight a few points and factors that you need to consider:-

People are living longer due to medical advancements and healthy living. This means people need bigger pension provisions to see them throughout their retirement.
You cannot predict what the annuity interest rate going to be in your retirement. If the annuity interest rates are low by your retirement age, this means that you need bigger pension provisions to see you throughout your retirement.
Inflation and cost of living will catch up with you throughout your retirement. This means a dull retirement which will force you to work longer than required.
The state pension retirement age is increasing to 68. This means you Stay Old And Poor SOAP.
The majority of large companies are moving away from providing Defined Benefits (secured income) to their employees as the cost of providing this benefit is very high.
Medical doctor’s pension contribution annual allowance is restricted. This means that Medical doctors are more likely to pay tax on their pension benefits before they receive their NHS pension.

There are many points that I can run you by and the above points conclude that there is a retirement income gap. Hence, you need

Pension Advice as this needs some tax planning strategy

Planning for retirement is a crucial financial step and having the right pension advice can make all the difference. At RAE Financial Advisory Services Ltd, we offer expert pension planning services in Manchester and the North West, ensuring you make informed decisions to secure your financial future.

Are you concerned about the potential impact of inflation, market volatility, or unforeseen life events on your retirement plans? At RAE Financial Advisory Services Ltd, we recognise the significance of achieving a secure and fulfilling retirement. With our independent financial advisers by your side, you can navigate the complexities of retirement planning with confidence, ensuring that your financial future remains robust and resilient.

We Provide a Comprehensive Retirement Planning Solutions

Retirement planning isn't just about saving money—it's about creating a roadmap for your future that addresses your evolving financial needs. RAE Financial Advisory Services Ltd’s independent financial advisers specialise in crafting comprehensive retirement plans that encompass the following:

Strategic Asset Allocation

We'll work closely with you to develop a customised investment strategy tailored to your risk tolerance, time horizon, and financial goals. Whether you're looking to preserve capital, generate income, or grow your wealth, we'll help you build a diversified portfolio designed to weather market fluctuations and support your long-term objectives.

Tax-Efficient Retirement Income Strategies

Minimising taxes is key to maximising your retirement income. Our independent financial advisers will explore tax-efficient withdrawal strategies, Shares Individual Savings Account (ISA) opportunities, and other tax planning techniques to help you optimise your after-tax retirement income while minimising your tax liabilities.

Retirement Planning for Every Life Stage

Whether you're just starting your career, approaching retirement, or already enjoying your golden years, our team at RAE Financial Advisory Services Ltd is here to help you navigate every stage of your retirement journey.

From setting realistic savings goals and maximising employer-sponsored retirement plans to optimising pension benefits and creating sustainable retirement income streams, we'll provide you with the guidance and support you need to achieve financial security and peace of mind in retirement.

Why Choose RAE Financial Advisory Services Ltd for Your Pension Advice?

Navigating the complexities of pension planning requires expertise and a personalised approach. At RAE Financial Advisory Services Ltd, we bring over two decades of collective experience in providing comprehensive financial advisory services to clients in Manchester and the North West.

Our team, led by founder Ramzy Abu-Eda, is dedicated to providing you with tailored advice that aligns with your retirement goals and financial circumstances. We take the time to understand your unique situation and offer solutions that work best for you.

An esteemed independent financial advisor with a wealth of industry knowledge, we are committed to delivering personalised solutions tailored to your unique needs. Our client-centric approach, coupled with our unwavering dedication to excellence, sets us apart as a trusted partner in helping you achieve your retirement goals.

Our Approach to Pension Planning

We begin by conducting a thorough assessment of your current pension arrangements, including any workplace pensions or private plans you may have. This helps us understand your existing provisions and identify any gaps in your retirement savings.

Understanding Your Retirement Goals

Next, we discuss your retirement goals and aspirations in detail. Whether you're looking to retire early, travel the world, or simply maintain your current lifestyle, we tailor our advice to help you achieve your objectives.

Creating a Customised Pension Strategy

Based on our assessment and your goals, we create a customised pension strategy that outlines the steps you need to take to reach your retirement objectives. This may involve consolidating existing pension pots, maximising contributions, or exploring alternative pension options.

Implementation and On-going Support and Guidance

Once a strategy is in place, we help you implement it, ensuring your pension investments are aligned with your goals. We also provide ongoing monitoring and reviews to ensure your pension remains on track to meet your retirement needs.
At RAE Financial Advisory Services Ltd, we believe that retirement planning is an ongoing process that requires regular review and adjustment.
As your life circumstances change and market conditions evolve, we'll be by your side, providing you with ongoing support, guidance, and expertise to help you stay on track toward your retirement goals. Whether you have questions about investment opportunities, changes in tax laws, or updates to your estate plan, our independent financial advisers are always here to help.

Additional Pension Services

In addition to retirement planning, we also offer a range of pension-related services, including:

Pension Transfers: If you’re considering transferring your pension to a different scheme, we can help you weigh the pros and cons to make an informed decision.
Annuities and Drawdown: We provide advice on annuities and drawdown options, helping you choose the most suitable option based on your retirement goals and financial situation.
Pension Tax Planning: We help you navigate the complex landscape of death benefits pension and annual allowance pension contributions tax rules, ensuring you make the most tax-efficient decisions for your retirement savings.
Retirement Income Planning: We assist you in creating a plan for generating income during retirement, taking into account your pension, investments, and other sources of income.

Pension Financial Advice FAQ

What is a pension?

A pension is a long-term savings plan designed to provide you with an income in retirement. You contribute to your pension during your working life and the money is then invested to grow over time.

What are the benefits of saving for my retirement?

• You get tax relief of up to 40% on your pension contributions. This means that you are saving 40 pence of tax for every pound. You do not get this on your bank account savings.
• The pension pot grows free from income and Capital Gain Tax. You do not get this on your bank account savings.
• In most cases, you can receive up to 25% tax-free lump sum from your pension fund. The rest of your pension will be used to provide you with a regular income in retirement.
• You are in control of your retirement date and the level of the received income from age 55-57 onwards.
• You are in control of employing the right investment strategy that suits your risk tolerance.

When should I start planning for my pension?

It's never too early to start planning for your pension. The earlier you start saving, the more time your money has to grow. However, it's also never too late to start and even small contributions can make a difference. One thing I am sure of the earlier you state your pension provision the better position you are going to be in your retirement.

How much should I contribute to my pension?

The amount you should contribute to your pension depends on your circumstances, including your age, income, and retirement goals. It’s essential that you regularly review all your retirement plans, to make sure you know what you’ll get when you retire. If you don’t, you could be:
• Paying more in charges than you need to.
• Investing in funds that don't suit your goals or attitude to risk.
• Paying less than you need to fund your retirement, as it’s difficult to work out what you’ll get if your pensions are paid from several pots.

It’s never too late to review your pension and be able to make better plans for your retirement. Our financial advisor can help you determine the right amount for you to establish what retirement should look like for you.

What are the different types of pensions available?

There are several types of pensions available, including workplace pensions, personal pensions, and self-invested personal pensions (SIPPs). Each type has its own features and benefits, so it's important to choose the right one for your needs.

How can I track down a lost pension?

Reviewing your pensions could make financial sense as you do not know the size of your pension pot(s) and how well or badly they have been performing since inception. It is not fair on your family to chase pension providers when you are no longer around as you are making life more difficult for them than it should be.

If you've lost track of a pension from a previous employer, you can use the government's Pension Tracing Service to help you find it. You'll need some information about your former employer to use the service.

Can I take my entire pension as a lump sum?

In most cases, you can take up to 25% of your pension pot as a tax-free lump sum. The rest of your pension will be used to provide you with a regular income in retirement

HOW CAN RAE FINANCIAL ADVISORY SERVICES LTD HELP ME MANAGE MY PENSION AND RETIREMENT PLANNING NEEDS? +

RAE Financial Advisory Services Ltd offers a personalised approach to financial planning, ensuring that your plan aligns with your goals and aspirations. Whether you're looking for early retirement, secured pension income, control of your pension investment risk, take a tax-free pension lump sum, control of your pension provisions in your retirement, control of your pension death benefit, or consolidate all of your pension pots with one pension provider. We are here to help.

WHAT ARE THE BENEFITS OF WORKING WITH RAE FINANCIAL ADVISORY SERVICES LTD?

Working with RAE Financial Advisory Services Ltd gives you access to truly independent and unbiased financial advisors in the UK who can help you make informed financial decisions, maximise your pension provisions, save you paying tax than necessary, utalise your tax-free personal allowance, manage your wealth tax efficiently, reduce your investment charges and achieve your long-term financial goals.

HOW MUCH DOES IT COST TO WORK WITH RAE FINANCIAL ADVISORY SERVICES LTD?

The cost of working with RAE Financial Advisory Services Ltd depends on the services you require and the complexity of your financial situation. We offer transparent pricing and will discuss fees with you upfront.
The amount of tax we save you in tax and manage your risk far outweighs our cost.

Contact Us to start your Pension and Retirement Planning Services journey with RAE Financial Advisory Services Ltd.

Ready to take the next step toward a secure and fulfilling retirement? Contact RAE Financial Advisory Services Ltd today to schedule a consultation with one of our retirement planning specialists.

Whether you prefer to meet in person in Manchester or schedule an online consultation from the comfort of your home, we’re here to help you craft a retirement plan. Contact us today on 07957656773 or fill in our contact form below.

A Pension is a Long Term Investment, the Fund Value May Fluctuate and Can Go Down. Your Eventual Income May Depend Upon the Size of the Fund at Retirement, Future Interest Rates and Tax Legislation.

Information is Based on Our Current Understanding of Taxation Legislation and Regulations. Any Levels and Bases of, and Reliefs From Taxation, Are Subject to Change.

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