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Retirement Planning Advice

Achieving a sufficient level of retirement income requires careful planning. It’s never too late to start your retirement planning process; no matter your age, the earlier the process begins, the more realistic your income goals will be.

 

Retirement planning is a minefield, but it doesn’t need to be. Deep Blue Financial aims to eliminate the headache of planning for your financial future by providing sound and reliable retirement planning advice.

What you need to consider for post-retirement life

It’s important to understand what you need and why retirement planning advice from a professional financial adviser is essential.

Calculating the cost of your retirement

For us to be able to provide retirement planning advice, we need to start by looking at your requirements. It is important to ascertain what plans you wish to pursue in retirement. Things to consider; basic cost of living, any holidays you wish to take, social events, home improvements, shopping trips and how often you wish to make large purchases such as cars etc. All of these factors will provide a clearer outcome of what to expect within the retirement planning process.

Methods to pay for your retirement

As well as your pension, you could have plans to use your savings and investments to help fund your retirement, particularly for larger purchases or more extravagant holidays, or you may wish to only use them in case of an emergency.  You also could stand to receive an inheritance from loved ones, but then this can never be guaranteed. You may know how much your state pension will be, and what additional funds you will require to live comfortably in retirement. Whilst providing our retirement planning advice, we will discuss your possible plans as each person’s future needs are unique to them and it is our role to make your pension work for the future you have planned for yourself.

External economic factors which may affect your living expenses

We are happy to assist with your retirement planning. We do this in a number of ways depending on how much pension income you require and how much it will increase over your life expectancy due to inflation and other economic factors. We use cash flow tools, which can help determine how much pension income you will require, and whether you can achieve this. If there is a shortfall we can show you options on how to get this back on track.

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Success story from our retirement planning team

“Mary and Fred contacted us as they received an annual pension statement and realised they just filed these without looking into it too much. Fred was 57 and Mary was 53 and they weren’t ready to retire but thought they ought to get prepared so they contacted Deep Blue Financial and spoke to one of our Advisers.

They visited the Fareham office with all of their paperwork and our Adviser talked to them about their family, their health, their dreams and aspirations for retirement plans, and looked at their paperwork. Our Adviser said he would look into everything and contact them. Once we had all the information needed, we invited Fred and Mary back into the offices. 

Out of the 4 pensions, one being Fred’s current employer, he advised him to leave that where it was. As for the remaining 3 pensions, he recommended moving to one Pension Provider with a managed portfolio. This would ensure their portfolios would remain within their chosen attitude to risk, they would be annually reviewed and all their monies were in one place (apart from the workplace pension which once Fred retires, could be transferred if it was deemed suitable).”

Fred and Mary felt they were much better prepared for their retirement with a plan in place and they were working with their Adviser on their future. 

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What retirement support can Deep Blue offer you?

We aim to provide information on all elements of retirement planning so you can be reassured that your retirement choices fit your needs, with expert support to evaluate your options. 


Live the life you want in retirement with our expert retirement planning advice. Get in touch today to get the process started sooner rather than later and set yourself up for a financially secure future.

Retirement Planning FAQs

This is something we can help you do, we can ascertain how much you will need in retirement and advise you on how you can achieve that.

There are a number of factors that can contribute to whether or not you can retire early, we recommend you contact one of our financial advisers today to discuss your early retirement plan.
We will help you plan your retirement and start drawing from your pension as and when you require. This will be something we will work on very closely with you and plan together.

This depends on how much you estimate you will need to fund your lifestyle. If you wish to holiday three times a year in Australia you will more than likely need to save more than if you want to caravan in Dorset. Each individuals retirement plan is unique and we can do cash flow modelling to help you understand how much you will need to save for your future plans.

Once you are drawing your state pension, and maybe your other pensions, you can continue to work but we recommend you speaking to one of our advisers about what implications this may have in exceeding income and paying more tax than necessary.

There is no set retirement age, and the age you have in mind may not be the age you actually decide to retire as circumstances can change along the way. 

You can work out your state pensions age from the attached calculator 

In relation to taking pension benefits from other pensions, you can make this any age after 55.  This will depend on personal circumstances, how much is in your pension, and how much you wish to live on in retirement – one of our experienced advisers can discuss your retirement requirements in more detail and help you decide on the age you plan to retire and with annual reviews we can adapt your retirement plan annually. 

The minimum pension age (MPA) in the UK is aged 55 but is due to rise to aged 57 on 6 April 2028. The MPA relates to the age at which you can start to draw funds from your pension.