Page 16 - LCNL News & Events August 2021

ADVERTISING FEATURE
What’s your
retirement

game plan?

Understanding your options and
managing your income are
no longer ‘one-off’ decisions

fter the introduction of Ask yourself, what does retirement challenges that you will need help and
Pension Freedoms in look like? How can I make it a reality? advice to navigate.
2015, retirement choices If you’re ‘retired’ already, is it as you
Afundamentally changed. imagined? Being ‘in retirement’ is much For example, stock market volatility
Restrictions around access to defined more than simply drawing an income. can potentially bring with it sequence
contribution pensions were lifted and You’ll need to think about an efficient of returns risk and reverse pound cost
retirees gained more flexibility. You home and use for your tax-free cash averaging when drawing an income,
can choose to stay invested, decide (considering how poor savings rates which is an added layer of complexity
your own level of income, or even are), create a sustainable income that when establishing a retirement income
withdraw the entire pot. Purchasing an will last your lifetime, and manage your strategy. A problematic issue in
annuity is now another choice, rather retirement capital. retirement is underestimating how long
your money needs to last. The 100-year
than a necessity. life is fast becoming normal, with more
Many people find that the of us living much longer, more active
Greater freedoms also bring greater countless choices at lives than ever before.
responsibility to ensure retirement retirement are overwhelming
savings last. Nobel Laureate William The value of advice comes from
Sharpe describes turning your building a strong relationship over time,
retirement savings into income as ‘the With no definitive retirement age to understand you and your family’s
nastiest, hardest problem in finance’. anymore, and different pressures needs. Our expertise in understanding
And it’s no wonder, when you consider on supporting older and younger the intricacies of a modern retirement
how many options are now available. generations, a rethink is needed on how means you can worry less and focus on
to make best use of your retirement the important things in life.
The cliff-edge idea of stopping work savings. This means considering other
at 60 or 65 and ‘being retired’ are assets and sources of income alongside The value of an investment with
fading into obscurity. People today your pension, in such a way to adapt to St. James’s Place will be directly linked
are adopting a phased approach, your changing needs over time. to the performance of the funds you
select, and the value can therefore go
transitioning from working and saving, This new found flexibility is not without down as well as up. You may get back
and moving towards leisure and its risks. Accessing your pension less than you invested.
spending over a period of years. This is pot can present very different issues
all done on their terms, in line with their compared to building your pension Equities do not provide the security
own life plans, rather than restricted by wealth. If you have chosen to remain of capital which is characteristic of a
a pension scheme, or an employer. invested in retirement, there will be deposit with a bank or building society.

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