Maximise your retirement income
Knowing you have a strong investment portfolio that will be working hard for you as you enter retirement is important. You want to ensure you are making the right financial decisions before you stop working and this isn’t something you can do alone. Your financial needs are unique and so is our advice. We’ll explore a full range of investment and planning options to build a strategy that works for you ahead of retirement.
At Tees, you’ll find independent financial advisers and legal experts working together on your behalf. As a full-service law firm, we can also help you with wills and ways to limit your inheritance tax liability by careful planning, including using inheritance tax trusts.
A relationship that works for you
You’ll have your own dedicated financial adviser, someone who gets to know you, understands your priorities, and is there when you need them. Many of our clients have been with us for years, and even across generations. We take pride in delivering advice that’s clear, practical and jargon-free.
Navigating tax, pensions and investment decisions with confidence
Understanding what changes will happen when you stop working will give you the confidence to make more informed financial decisions. Our team of financial advisers will review your portfolio and financial situation and make sure that when you want to retire, there are no hidden surprises.
Pension advice and retirement planning
The sooner you start to plan for retirement, the better. We can help with the different types of pensions and schemes that exist, including personal pensions, stakeholder pensions, Small Self-Administered Pension Schemes (SSASs), Self-Invested Personal Pensions (SIPPs), workplace pensions and National Employment Savings Trust (NEST) schemes. We can also help you with advice on taking an early pension, annuities, pension drawdown and tax-free lumps sums, and later life lending including equity release. Our Pension Transfer Gold Standard accreditation gives you the confidence that you’re dealing with a firm that is going beyond the minimum requirements when giving financial advice.
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This material is for informational purposes only and does not constitute an offer or solicitation for the purchase or sale of any financial instrument. It is not intended as accounting, legal, tax, or investment advice. Past performance is not indicative of future results, and all investments carry risks, including the potential loss of capital.
Tees is a trading name of Tees Financial Limited, authorised and regulated by the Financial Conduct Authority (FCA), Registered number 211314, and registered in England and Wales (Company number 4342506).
Combined legal and financial services
Tees is a Top-Tier Legal 500 firm with a multi-disciplinary team who can help you with all aspects related to you and your business. Our legal and financial teams work closely together to ensure a joined-up first rate service for all our clients to meet all your business protection planning and implementation needs.
Our wealth planning advisers can help you at every stage, from starting to plan for retirement, reviewing your existing arrangements, looking to access your pension or releasing equity from your home. We can advise on protection for you and your family against accidents and illness and help you with sensitive issues around long-term care planning.
Our independent financial advisers work as part of a bigger Wealth Planning team. We are regulated and authorised by the Financial Conduct Authority, which means we are accountable for all the advice that we give.
As a top tier Legal 500 firm, our financial advisers work closely with our lawyers to give a fully rounded service under one roof.
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Retirement FAQs
I'm 55 and would like to retire at 60. I have £200k that I'd like to invest over the next 5 years. Where should I invest the money?
At Tees, your Financial Adviser will consider:
- your investment strategy – this will reflect when you’ll need the money and how much risk you’re comfortable taking
- your portfolio – it’s best to avoid putting all your savings into one investment – diversification is key, both globally and by sector
- the products available to you – using tax-efficient wrappers such as ISAs and pensions where appropriate
- a financial plan to help balance investment growth with protecting your capital
As retirement approaches, we will review your portfolio regularly to ensure it still aligns with your goals.
When I retire, do I need life assurance and/or critical illness insurance?
It is important to think about where your income currently comes from, do you have an emergency fund? There are several factors to consider when deciding if you need insurance:
- your needs often change once you retire, do your current policies work with your changing needs?
- do you have any financial commitments? If you no longer have financial dependants or a mortgage, life cover may be less of a priority
- critical illness cover generally becomes more expensive with age and may no longer represent good value
- income protection typically ends at retirement
Ensure you review your overall financial position before cancelling any existing policies.
I'm 52. Any tips for financial planning to retire as early as possible?
The old adage goes ‘The best time to plant a tree is 20 years ago, the second-best time is now.’ Small changes made today can make a meaningful difference over the next decade:
understand how much you’ll need each year in retirement
- maximise pension contributions, where possible while you’re still working
- make full use of ISA allowances for tax-efficient savings
- pay down an expensive debt before retirement
- review your retirement plans regularly to keep them on track
- a cashflow forecast can show whether your target retirement age is realistic
How do I plan my retirement income? How much will I need?
- start by calculating your monthly spending, think about what changes will be made in retirement – Round up what you need, just in case!
- consider different stages of retirement—your spending may change over time
- include all income sources, including pensions, savings and the State Pension
- don’t forget inflation, tax and unexpected expenses. Keep an emergency fund
- the answer depends more on your lifestyle than the size of your pension
- consider your expected spending, other assets and retirement age
- will you receive the State Pension or any defined benefit pensions?
- think about how long your money may need to last
- a personalised retirement plan and cashflow provides a much clearer answer than general rules of thumb
Speak to a Financial Adviser today – Contact us
Should I consider equity release to supplement my pension in retirement, or should I downsize?
Both options can unlock wealth tied up in your home. Downsizing may reduce your household costs while releasing capital whereas equity release allows you to remain in your home. Equity release does have long-term implications which could impact your estate and beneficiaries. Explore all options before making a decision. At Tees, our specialists regularly work with individuals exploring these options, get in touch today to discover what’s best for you.
Can I take my work pension before 65?
Many workplace pensions can be accessed from age 55 (rising to 57 from 2028), although scheme rules may vary. Taking benefits early may reduce the income available to you later. Early access could also have tax implications. Understanding how accessing your pension early may affect any future contributions, is essential. It is also important to not only understand if you have a DB or DC scheme, but also if there are any rules in place around these schemes. Speak to an adviser today to explore your options – Contact us.
Should I consolidate my pensions before I retire?
Consolidation of pensions can make your retirement savings easier to manage, reduce paperwork and potentially lower any charges. However, some pensions include valuable guarantees or benefits that could be lost when you consolidate. It is sensible to always compare investment options and costs before you transfer anything and work with an experienced Financial Adviser who can ensure you are making the best decision for you.
Read our article on pension consolidation
Am I allowed to retire before my State Pension age?
Yes, you can retire whenever you want and can afford too. There is no requirement to work until your State Pension age. You will however need sufficient income from pensions, savings or investments to bridge the gap when you stop working. It is important to consider how retiring early affects your long-term financial security. Also check whether your workplace pension can be accessed when you plan to retire. A financial plan can help assess whether early retirement is sustainable for you. Speak to one of our Financial Advisers today who can provide you with tailored advice and support – Contact us.
Do the changes to ISA rules affect my Stocks & Shares ISA?
Yes. But in many instances, no. Under the most recent guidance, 100% of a stocks and shares ISA would need to be held in cash for it to become susceptible to the new taxation rules. Holding some cash and money market funds to provide income, pay fees or buying and selling investments will not generate a tax liability. It’s important to note:
- ISA rules are reviewed regularly, so it’s worth keeping up to date
- most changes don’t require existing investors to take immediate action
- continue making the most of your annual ISA allowance where appropriate
- ensure your investments still match your objectives and attitude to risk
- seek advice if you’re unsure how any rule changes affect your circumstances
