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Oaklands Details

0121 355 4455
info@oaklandswealth.com
12A Duke Street
Sutton Coldfield
West Midlands
B72 1RJ

Oaklands Wealth Management Ltd

Where to start with retirement planning?

There is a moment in time for us all when the penny drops.

Someday, maybe decades away, maybe just a few years away our working days will end and we’ll have to live on our pension and savings.

It’s pretty scary and once the thought has struck believe me it doesn’t go away. Not until you’ve looked into it properly and put a plan together that is.

Here’s a list of common thoughts which cross our minds:

  1. How much will I need in my pension to retire comfortably on?
  2. What’s the difference between a Defined Contribution or Money Purchase Pension and a Final Salary Pension?
  3. Can my bits and bobs of pensions from different employers be combined into one?
  4. Can I transfer my final salary pension, and if so how do I know if it’s the right thing to do for me?
  5. When will I be able to retire?

The deep-rooted fear is of course – once the work is over how do we know we won’t run out of money?

Back to the question on your mind – where to start with all this retirement planning?

Firstly, it may sound obvious, though unless you want to spend endless hours analysing and worrying about how best to invest your pension money then find a decent advisor you can trust. Some people are put off by the fees. The truth is a good one will more than make up for those fees for taking the stress of managing the money over your lifetime.

Secondly, in preparation for a frank discussion about where you are currently with pensions and savings gather together all statements you have of pensions from current and previous employers and any savings accounts such as ISAs you have. This is the raw data from which a retirement plan can emanate.

Thirdly, start piecing together your situation on an excel spreadsheet. Start in one column with all your current expenditure. Then in another your income. Prepare a version 2 cutting out all those costs which will be over when retired such as mortgage. Then add in the items on your wish list.

Going back to the first of these – your real starting point is to shortlist a few advisors to visit.

Find the right firm and the rest will fall into place. Ask around and see who comes recommended. Though it always pays to do your own research. Google and you’ll soon see from firm websites who is able to give you the information you require.

And don’t forget if you’re going to entrust what amounts to your life savings with a firm you need to see testimonials from those who’ve been clients with them. They need to be professional and friendly – are these people you feel at ease with.

Of course you’ll need to ensure they are appropriately qualified to advise – a minimum of a level 4 qualification in personal financial advice recognised by the Financial Conduct Authority (FCA). And if you are looking to transfer a pension the firm will need appropriate permissions from the FCA to do this and have Pension Transfer Specialists who hold advanced qualifications and relevant experience.

Ask plenty of questions. Fees are a common stumbling block. Some advisors seem to make them up as they go along. Avoid any advisor who can’t explain their fees clearly online or in person. The FCA carried out a survey which found a worryingly high percentage who did not publish fees on their website or were inconsistent in applying them.

As a starting point take a look at our site www.oaklandswealth.com though I’d encourage you to look around at others too. Only then can you make a shortlist, begin a conversation with each and find the right fit for you.

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients around the Midlands on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).

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A WORD FROM OUR CLIENTS...

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Whatever the reason you come to us we care. We really care. Like it’s our own money.

Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.

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