Less than half (39 per cent) of 25-39 year olds in Scotland consider putting money into a pension ‘important’. This isn’t surprising – when it comes to saving for our pensions, we tend to stick our heads in the sand, worried it’s all too complex and will sort itself out.
The likelihood is you will retire with a respectable amount in your pension pot, “enough to get by”. What you don’t realise is that planning ahead can be simple, and could mean you enjoy life post-nine-to-five a whole lot more.
A well-managed pension pot can help you to achieve your goals, whatever they may be – early retirement, a new car, or the trip of a lifetime – and it needn’t be a complicated process.
First things first, think about what you’d like to achieve in retirement. There might even be more room for blue-sky thinking than you imagine.
We then work backwards from there using a cash flow model, working out how much you’ll need each year to achieve your goals. This is where we differ from other firms, which tend to talk about investments first, which can complicate things. If investments are right for you, we will discuss them after we’ve assessed your current position and your objectives, and you can be sure it will be the right choice for you.
It’s also important to stay calm when you start spending your hard-earned money. Assets start to reduce when we retire and once we come to terms with this and start planning, it takes the pressure off.
What’s more, we will continue to monitor your plan to keep things on track. Life moves on and circumstances change, but this doesn’t necessarily mean you need to change your goals.
We take the time to advise you, not your money, and we believe this sets us apart. We’ve recently been listed as one of Money Adviser’s top 100 in the UK, something we’re very proud of. You can read more about the achievement here