At Price Ferguson Farnham Wealth Management, we recognise that retirement planning represents one of your most crucial financial decisions, which is why our independent financial advisers specialise in guiding clients through the complexities of pension planning and retirement strategies to ensure you achieve the lifestyle you envision during your golden years. Our personalised approach considers your unique circumstances, financial goals, and retirement aspirations, providing expert pension advice and retirement planning strategies tailored specifically to your situation, whether you are beginning your retirement journey or approaching retirement age. From workplace pension optimisation to SIPP management and retirement income strategies, our experienced retirement planning team offers complete support throughout your pension planning process, helping you build a robust financial foundation for your future with unbiased guidance every step of the way.
Deciding when to retire is one of life’s most significant financial decisions and can feel overwhelming without proper planning. Our retirement and pension planning advisers help you navigate this crucial choice by evaluating your pension provisions, State Pension entitlements, and financial readiness to ensure you retire with confidence and financial security.
Identify your desired lifestyle during retirement, including activities, travel plans, and living arrangements, to estimate the financial resources needed for your golden years.
Determine your expected monthly expenses in retirement, including housing costs, healthcare, food, leisure activities, council tax, and any other necessary expenditures.
Evaluate potential income streams, such as State Pension, workplace pensions, personal pensions, ISAs, and any investment income from your portfolio.
Take full advantage of tax-efficient retirement savings through workplace pensions, SIPPs, and personal pensions to benefit from tax relief and potential employer contributions.
Develop a strategy for accessing your pension funds during retirement, considering tax implications, annual allowances, and ensuring sustainable income throughout retirement.
Prepare for potential healthcare expenses and long-term care costs, which can significantly impact your retirement budget and may not be fully covered by the NHS.
Your retirement savings target may depend on your lifestyle, expected expenses, and retirement age. A good starting point is to try to contribute at least 15% of your income (including employer contributions) into your pension from as early as possible.
To determine your specific target, estimate your retirement duration, calculate projected expenses including housing, healthcare, and lifestyle costs, then work backwards from there to establish how big a “pot” you are likely to require.
Start as early as possible. Compound growth means your money has more time to accumulate, making your 20s the ideal time to begin. However, it’s never too late – even starting in your 30s or 40s can build substantial retirement funds if you maximize contributions and invest strategically.
Begin by reviewing your current budget and identifying essential expenses (housing, utilities, groceries, healthcare) versus discretionary spending (travel, hobbies, entertainment). Factor in potential healthcare cost increases and any remaining debt payments.
Consider using financial planning tools or consulting a financial adviser for a tailored estimate. Remember to account for inflation, as costs typically rise over time.
State Pension: Currently 66, rising to 67 (2026-2028) and 68 (2044-2046) Private Pensions: Age 55 (increasing to 57 from April 2028) Key Point: You can retire from work at any age, but pension access follows these age rules. Some occupations have earlier retirement ages, and 25% of most private pensions can be taken tax-free.
Financial: Adequate pension savings, state pension timing, other income sources, debt levels, emergency funds Health:Current health, life expectancy, healthcare costs, ability to continue working Personal: Family responsibilities, spouse’s plans, lifestyle goals, housing situation Employment: Job satisfaction, flexible working options, employer benefits, skills transferability Economic: Market conditions, inflation, interest rates, property values
Start immediately – compound growth makes early contributions extremely valuable.
By Age Group:
Key Milestones: Age 22 (auto-enrollment), 45 (state pension forecast), 50 (pension forecasts), 55 (private pension access), 66 (state pension age)
6-Step Process:
Situation: Marketing manager, £45,000 salary, married with teenagers Current Pensions: £110,000 total, contributing 4% (employer 6%) Problem: Projected £25,000 retirement income vs. £31,500 needed Solution: Increase contributions to 8%, consolidate pensions, add £200/month savings Result: Target £32,000 retirement income achieved
Situation: Senior nurse, £38,000 salary, divorced, wants to retire at 65 Current Pensions: NHS pension (£15,000/year), private pension (£45,000), £25,000 savings Problem: Projected £25,820 retirement income vs. £26,600 needed Solution:Work until 66, maximize NHS contributions, consider downsizing Result: Comfortable retirement income of £27,500 achieved
Our independent financial advisers will guide you through comprehensive pension preparation and provide continued support throughout your retirement journey.
