Retirement

7 Benefits of Financial Planning

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7 Benefits of Financial Advice

Whether you want your money to work harder or if you are approaching retirement and want to make informed decisions about your pension options we will offer expert, qualified advice at every stage of your journey.

  • To help you build your assets
  • To help you achieve your financial goals
  • To plan the right investment strategy for you
  • To help you tax plan efficiently
  • To help you plan for retirement
  • To protect you and your family
  • To give you financial peace of mind

We will work together with you to create a holistic, comprehensive financial plan to achieve your goals. Please get in touch with us for more information.

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How much money will I need to retire

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The earlier you start retirement planning, the better, tut it’s never too late to think about saving for retirement – even if you are planning to give up work in just a few years’ time, you will have options to add to your nest egg.

Start your retirement planning journey today and to discuss your vision for your retirement.

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What is Financial Freedom?

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Professional financial advice matters by helping you make informed decisions about how to best allocate your resources.

Financial planning is a crucial step towards achieving financial freedom and security. By taking the time to thoroughly evaluate your needs and personal goals, you’ll be able to make informed decisions about how to best allocate your resources.

With a comprehensive professional financial plan in hand, you’ll have the confidence and peace of mind to pursue your short-term goals and work towards your long-term future. With professional guidance, you’ll be inspired to realise that you have far more resources at your disposal than you ever imagined.

Early retirement

According to a recent study, UK consumers who receive professional financial advice can expect to retire on average three years earlier than those who do not seek professional advice, with advised consumers planning for retirement at age 66 as opposed to non-advised consumers who expect to retire at 69[1].

This underlines the positive impact that professional financial advice can have on retirement preparations, with those who seek advice feeling better equipped for their later years. The study identified that twice as many people who seek financial advice create a detailed spending plan in retirement compared to those who don’t take advice, with 45% of advised people falling under this category as opposed to 18% of non-advised consumers.

Enjoying retirement

Financially advised consumers expect to fund their retirement for a longer period, with an average of 23 years, compared to 17 years for non-advised people before pertinent cutbacks must be made. In addition, the study reveals that financial planning tends to be beneficial for people already in retirement.

Almost all (96%) of wealthy retirees who did a great deal of financial planning or just planned their finances slightly say they’re enjoying their retirement, dropping to 72% among those who have done no financial planning.

How much do I need to retire

Regrets for non-advised retirees are more pronounced, with the majority stating that they require more money in retirement compared to their original estimates, and that they wished they had planned more thoroughly, compared to advised people.

Despite having a higher household income, 23% of wealthier pensioners, with an income of between £40,000 and £49,999, wished they had planned more thoroughly, indicating that the value of advice remains consistent regardless of income.

Retirement Planning Services

Planning for retirement can be overwhelming, leading to several considerations, making financial advice crucial for people to feel more confident and prepared about their future. The research results underscore the significant variation between the retirement plans and experiences of those who have taken advantage of financial advice and those who haven’t.

The research findings demonstrate the value of professional financial advice in terms of the retirement age and the enjoyment of one’s retired life. Start planning today, and take the first step towards a brighter tomorrow.

Financial Planning Services

Financial planning can certainly feel complicated at first glance, but with the right guidance, it can be a smooth and stress-free process. At every step of your financial planning journey, we’re dedicated to providing you with accessible financial advice to support you in making informed decisions about your finances.

Cash Flow Forecasting

Our Financial Advisers use sophisticated cash flow forecasting software which helps you to visualise your expenditure, income and preferred lifestyle. It also allows us to simulate different scenarios and stress test how much financial resilience you may have to factors outside of your control, such as life events, economic changes and volatile markets.

If you have any concerns about your financial future or would like to find out more, please contact us.

Source data: [1] Boxclever conducted research for Standard Life among 6,000 UK adults. Fieldwork was conducted between 6 Sept–16 October 2022. Data was weighted post-fieldwork to ensure the data remained nationally representative on key demographics. Comparisons to data from last year are taken from Boxclever research among 4,896 UK adults conducted between 16-23 July 2021.

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Cost of living and retirement

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Cost of living and retirement

Over 2.5 million people aged 55+ think they will work beyond their state pension age.

  • 23% are uncertain of how long their retirement savings will last.
  • 18% admit to not having made preparations for when they stop working.
  • 45% worry their health will deteriorate as a result of continuing to work.
  • 35% are concerned their health will affect their ability to remain employed.
  • 16% are concerned about being treated differently because of their age.
  • 16% worry about not being able to spend enough time with their family.

If you are concerned about the cost of living and retirement then please get in touch to discuss how our retirement planning services can help you.

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Benefits of a cash flow forecast

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The benefits of cash flow modelling are forecasting your future finances. Cash flow modelling is a way of planning and analysing your financial goals and sits central to the financial planning and estate planning process and is a powerful tool to help bring your retirement planning goals to life.

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How to decide when to retire

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A couple sat working through their finances and pension planning

Over a third of over-55s think they will work beyond their state pension age.

We are witnessing a surge in the number of people giving retirement a second thought due to inflation rates and the cost of living crisis. Not only are more individuals looking to work beyond their State Pension age, but some are returning to employment after retiring due to increasing financial pressures.

Over 2.5 million people aged 55 and over will be impacted by the long-term effects of financial insecurity and think they will continue to work past their State Pension age. Additionally, half of those aged 55 and over don’t believe their pension is enough to fund their retirement, a survey has revealed[1].

Increasing cost of living

Nearly four in ten over-55s who are not retired anticipate having to work past their State Pension age due to the increasing cost of living. Financial concerns surrounding retirement funding are the top drivers behind working beyond State Pension age.

A quarter (23%) are uncertain of how long their retirement savings will last, and almost one-fifth (18%) admit to not having made any preparations for when they stop working.

Ability to remain employed

Nearly half (46%) of the millions of older workers expecting to work past their State Pension age are apprehensive that doing so will mean they can’t enjoy their later years.

Health, too, is another major concern, with nearly half (45%) worrying their health will deteriorate as a result of having to continue working and more than a third (35%) concerned it will affect their ability to remain employed.

Heavy financial strain

Worryingly, 16% are concerned about being treated differently or worse at work because of their age and the same number worried about not being able to spend enough time with their family due to work commitments.

Looking ahead, the older workforce is expected to be crucial to the UK’s economic recovery as it will help ease severe labour shortages, yet this warning sign points to heavy financial strain many are facing.

Cash flow forecasting

We all want to be in control of our retirement plans and feel confident we can stop working when we want to so that we can enjoy the retirement we deserve.

We use sophisticated cash flow forecasting software and together we can plan and analyse your financial goals, review how changing circumstances could impact this plan and to see how likely it is these financial goals can be achieved.

If you are worried about how your current situation and the cost of living could impact on your retirement savings, we are here to talk through your options. To find out more, please speak to us.

Important information: A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

Source data: [1] Survey conducted by Opinium among 2,000 UK adults between 21-25 October 2022.

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State Pension boosting deadline extended to April 2025

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State Pension boosting deadline extended to April 2025

  • Ensure you are eligible to receive the full State Pension
  • Consider buying extra National Insurance Contributions. You have until April 2025. The standard cost for a week is £15.85
  • Check to see if you can receive the maximum amount of £203.85 (how much you will get depends on how many ‘qualifying’ NI years you have)
  • State Pension Forecast Calculator – check your NI payments record at https://www.gov.uk/check-state-pension

Get in touch with us today for independent financial advice on your retirement planning.

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The deadline to top up missing National Insurance years has been extended

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Check you are entitled to full State Pension, the deadline has been extended for topping any missing National Insurance Contributions.

Chartered Financial Planner, Colin Welsh, discusses the increase to the State Pension, why it is an important part of retirement planning and how you can check what you are entitled to.

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4 reasons it might be time to retire

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4 reasons it might be time to retire

Are you asking yourself ‘Can I retire or do I need to work longer?’

1. Time is the only non-renewable currency

Are you sacrificing time to get more money? At some point, time becomes more valuable than money.

2. You may need to improve your health

Work related stress has a negative impact on your health. A job demands more than just your time Is it time to dedicate time into improving your health?

3. Spend more time with family

What does your job cost in terms of relationships? Your best health years are limited. Capitalise on your active years.

4. When you are financially ready

How do you know this? Cash flow modelling can show exactly how and when.

Start your retirement planning journey

Get in touch to speak to one of our Financial Advisers to find out more about our retirement planning services

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Financial advice for retirement

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Regional Manager and Financial Planner, Dax Bayley, outlines how financial advice can benefit you in your retirement planning.

We will work together to create a holistic, comprehensive financial plan to achieve your goals.

Start your retirement planning journey

To find out more about how Ellis Bates Financial Advisers can help you answer questions such as ‘how much do I need to retire?’ or ‘what are my retirement options?’, then please get in touch.

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