Email: william@merrickfinancialservices.co.uk Call: 01273 835927

Retirement Planning

Reaching your financial goals before retirement

Rather than simply asking our clients how much would you need to retire and at what age, we prefer to ask our clients to visualise their own retirement. Of course, it does lead to some very colourful answers, however, we believe it is an important step in the planning process and measuring the process of planning for retirement. 

As part of our retirement planning process we look at the practicalities and realities of what will happen once you retire.

  • How much money will you need?
  • When will you need to draw funds?
  • Have you got a good pension?
  • What are the most tax-efficient savings methods?
  • How can you minimise the impact of inheritance tax?

As part of our retirement planning process, we seek to use all available tax relief we possibly can to formulate a tailored retirement plan that meets our clients needs. This, coupled with the option of self-investing and independent fund selection, puts our clients on the right road to achieve their own goals.

Before you retire

When you have a clear goal in mind of how your retirement should look and the income you will need, we will take your entire financial position into consideration and work out the most efficient way of saving to meet your objectives.

There is a limit on the amount of pension contributions of which you can earn tax relief. This is called the pensions annual allowance. It has currently been set at £40,000 for the tax year 2019-2020. Any pension payments you make over the £40,000 limit will be subject to income tax at the highest rate you pay. payments you make over the £40,000 limit will be subject to income tax at the highest rate you pay.

In addition to relief on personal contributions, other tax planning opportunities exist. For example, employees and employers can save National Insurance if salary is exchanged for pension contributions and it is now possible to carry forward contributions for up to 3 years and still gain tax relief at your highest rate if your income allows.

Other retirement solutions may include rental payments, dividends from shares, Unit Trusts or ISAs, deposits, income from insurance bonds or even trusts. As part of the financial planning process it is our job to blend the savings vehicles which would yield the most efficient income in retirement.

After you retire

When people think pensions they tend to think of Final Salary Schemes, Private Pension arrangements and State Pensions. However, income in retirement can take many forms. Your income could also include rental payments, dividends from shares, Unit Trusts or ISA’s, deposits, income from Insurance Bonds or even Trusts.

As part of the financial planning process it is our job to blend income steams to minimise tax and maximise return.

Unfortunately, due to a lack of trust that some consumers sometimes have in the financial services community, some people choose to go online and buy an annuity with money they have spent their entire lives building and often, these uninformed choices regret not having taken qualified advice.

You may be retiring early and in some cases, you potentially maybe having to live with your decisions for 40 years or even more. The importance of a proper discovery session with your adviser is vital.

Merrick Financial Services provide unbiased and qualified advice with the requisite qualification of Chartered Financial Planner. This status is the ultimate symbol of professionalism and the title is granted by the Chartered Insurance Institute (CII), the professional body for insurance and financial services and applies only to appropriately qualified CII members who are providing financial planning advice or related activities, to individuals or corporate entities.

Ongoing Advice

Every financial plan will need to be reviewed at some stage but pension planning needs constant attention in order to keep your goals on track. Salary increases, inflation, investment returns and career change are all events which require us to reevaluate your plans and in the absence of any of major changes to these we would always recommend a review every three years as a minimum.

As one of our clients, you will know and have access to see the value of your plans and monitor their performance against your goals. Depending on the decisions you make regarding your pension options, you may very well need ongoing advice from us to manage your income in the most efficient way.

Retirement Planning Hurstpierpoint

Providing the very best financial advice for our clients

We work in partnership with our clients, building long-term relationships and most importantly, we are committed to giving you the confidence and control of your finances you need. Whatever the stage in life you’re at, or what your financial objectives or goals are, we will get to know you and work with you to help you achieve them.

Independent Financial Advice

We are completely committed to providing our clients with totally independent and unbiased financial advice for life. In practice, this means transparent charges, tax-efficient fee based solutions, and above all, never allowing provider incentive to cloud our judgement during the advice process.

 We offer advice on an ‘Independent’ basis. This means that we provide unbiased, unrestricted advice based on a comprehensive and fair analysis of the relevant market, giving due consideration to the full range of retail investment, pension and life products available in the marketplace which may be suitable for you.

Chartered Financial Planner

What is a Chartered Financial Planner?

Chartered status is an aspiration all firms try to achieve and shows that we, and our financial planners have committed to the highest levels of technical knowledge and understanding through professional examinations.

Chartered Financial Planner status is the ultimate symbol of professionalism. The title is granted by the Chartered Insurance Institute (CII), the professional body for insurance and financial services and applies only to appropriately qualified CII members who are providing financial planning advice or related activities, to individuals or corporate entities.

Why choose Merrick Financial Services

Experienced

We have over 30 years financial services experience in providing Independent Financial Advice to clients both locally and across the UK. 

Proven

We have a proven track record in providing sound financial advice to hundreds of clients who we have built strong relationships with over many years.

Chartered Financial Planner

Qualified

The Chartered Insurance Institute (CII) consider a Chartered Financial Planner as the “gold standard of financial planning” for ethics and professionals. 

Professional

We provide a professional approach to financial planning, undertaking a genuinely empathetic interest in your personal concerns in order to achieve your objectives along the way.

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