Our retirement review is designed to help you know whether you will have sufficent money in retirement to live rather than survive. A surprising number of people will, and many will be better off than they think.
It's about you, not about us
It starts with asking about what retirement will mean to you. You may have a clear vision, a hazy dream or no idea whatsoever, but we use tried and tested questions to find this out, because only when you know what you want to do can you know how much money you need.
We will then obtain all the information needed to assess what you already have in place to achieve your dreams. This looks at all sources of potential income, not just pensions.
Crucially we then calculate all of your expected income in retirement
after tax and measure that against your likely expenditure. This can give a very different outcome to the traditional method of comparing current gross income with pension income. The process takes a little longer but the result is an accurate picture that could save you thousands of £s
How our different approach gives a clearer picture and could save £0,000's in pension contributions
Because we look at the bigger picture we get some suprising results.
The example below shows the size of the pension gap using the traditional sales led approach for someone currently earning £30,000 and an existing pension that will be worth £12,000.
Covering this gap could cost a 40 year old man who wanted to retire at 65, £162,000 in pension contributions
after tax relief.
The Difference
Because our objective is to show you what your income in retirement is likely to be, rather than sell you a pension, a different story is told. For example if we make three simple differences:
- Look at likely expenditure, not current income
- Take into account state pension
- Assess income after tax and National Insurance
The chart below shows what a difference this could make:
We can't promise this will apply to you, but we can promise you will have a clear, honest view of your money position in retirement.