Retirement Planning for the Self Employed: Secure Your Future Now!
Introduction Self Employed Retirement Planning is an increasingly important topic for entrepreneurs and freelancers. With
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At retirement, you need savings to maintain your standard of living. In the UK, pensions are the best way to save for retirement. They are used to provide a regular income. It is a type of investment that your or your employer contributes to.
The payments you make are invested. The aim is to generate income when you retire.
Getting pension advice is now more important. People are living longer, and the number of retirees is increasing.
The Government has confirmed that you should not rely on the basic state pension.
When you reach state pension age you are entitled to basic state pension. A single person’s pension is £156.20 per week.
Over the last few years, the state retirement age has increased. With people living longer it was necessary to increase the retirement age. The state pension age is 66 but will increase to 67 in 2028.
National Insurance would need to increase to keep the current age at 66. This means you will need to work longer if you rely just on state benefits.
By 2050 the life expectancy of a man will be 89. Women will, on average, live longer, age 91. This is why the state retirement age is increasing.
The current life expectancy is 82 and 84. Living longer could have a dramatic impact when you retire. The amount of savings will need to be larger to maintain your income.
To have a comfortable retirement, you need to start planning and invest for your retirement. It is essential to consider all your options when planning for retirement. It is the best way to ensure a comfortable future.
Each month we send out our newsletter and our latest publication. We cover all aspects of financial planning. It’s free and you can unsubscribe any time.
Our clients have access to our Personal Finance Portal. Clients gain access to valuations and secure messaging. You can share and receive documents.
There is the option to integrate open banking. This allows our clients to see all their finances in one place.
Access to the Portal is available on desktop, tablet or mobile.
If you are looking to save or review your retirement plans, we can help you.
We are located in Bristol with locally based advisers. We can hold meetings face-to-face or online if you would prefer. As part of our service, we assess your risk and help you set up your retirement plan. Consilium Asset Management is Independent. We work on your behalf. We can offer advice from the whole market.
Financial Planners can be either independent or restricted. Restricted advisers can only advise on one or a small number of product providers.
Advice on retirement and financial planning, should include how much to contribute.
Pension payments you make will benefit from tax relief. Payments are made minus Basic rate tax. Higher rate taxpayers claim the difference using self-assessment.
The minimum retirement age is 55. From 2028 this will increase to 57.
When you retire you can take a part of your pension as a tax-free lump sum. The remaining money from your pension will be subject to income tax.
There are free pension calculators, but they are not always accurate.
Do not rely too much on free calculators. The level of pension income they project can vary markedly.
Our financial advisors can help you to understand your retirement. The benefits of financial advice can be very useful. They can help you with your financial planning objectives
The initial call enables us to find out more about you. We can discuss how we might be able to help you. There is no charge for the meeting, and there is no obligation on your part.
Our brief Video outlines our services.
When you reach your chosen retirement age, you might have income from multiple pension schemes. This could be benefits such as defined contribution pension schemes or Personal schemes.
You might be looking to vary the amount of income each year. You might want to secure your income with a pension annuity. With the aim to take it as tax efficiently as possible.
Pension drawdown is an option that might be suitable. This allows you to take a tax-free lump sum and a regular income.
The tax-free cash can be taken once or over successive years. How you take your retirement income is essential; we can help you with this.
If you have more than one pension, it might be worth combining them. It is not suitable for everyone. Some plans will have guarantees. This depends on the type of pension, and others will not.
Since Pensions Freedom, modern pensions are now more flexible. Some older plans are still not as flexible as modern pensions. You should assess the advantages and drawbacks of transferring. You will need to consider the costs of combing pensions. This is balanced against having all your pensions in one place.
Clients with Defined benefits need specialist advice if they wish to transfer. Although we do not provide this advice, some financial advisers will.
Previous governments introduced the pension lifetime allowance. The aim is to restrict the size of a pension pot. Some investors will have pension protection and need specialist advice.
The spring 2023 budget abolished the pension lifetime allowance charge. But there are still some aspects that require advice.
Advice on pensions can include pension tax charges and death benefits over 75.
This is an area we specialise in. Our financial advisers can help you make informed decisions.
If you have worked for several employers, you might have old pensions. Tracing old pension can be a challenge. We recommend that you:-
Introduction Self Employed Retirement Planning is an increasingly important topic for entrepreneurs and freelancers. With
As detailed in a previous post, the normal minimum pension age (NMPA) will increase from
Since the 6th of April 2020, individuals whose earnings are over £240,000 have been affected
Pension Wise is a government-provided service. It is for people aged 50 or older with a pension in the United Kingdom. It can help people understand the kinds of pensions they have.
How to access funds as well as the tax issues. The service only offers guidance and not financial advice. You can arrange a pension-wise appointment from their website.
We are happy to help if you have questions about your pension and your situation. We are open regular working hours Monday to Friday, 9:00 am to 5 pm
Call us on 01454 321511
Alternatively, you can email us
Many of our clients live in Bristol, Bath and South Glos. We also deal with clients throughout the South West and the UK.
If you are retired, want to take benefits, or find out more we can help you.
We can provide advice on all aspects of retirement plans, Including Personal, SIPP and annuity purchases.
If you want to talk to us about retirement advice, please contact us. Instead, you can book an appointment. Our free financial planning meeting is only available to prospective clients that have over £300,000 of pensions or investments.
The value of your retirement savings and income could fall as well as rise. There is no guarantee you will get back more than you invested.
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Consilium Asset Management are Independent Financial Advisors (IFA) based in Bristol and are authorised and regulated by the Financial Conduct Authority. More information can be found on the Financial Services Register under Number 469507. Registered Office: Vayre House, Hatters Lane, Chipping Sodbury, Bristol, BS37 6AA.