Finding Financial Peace of Mind in Your Golden Years with St. James’s Place

As you begin to reach retirement age, having plans in place to manage and maximise your savings becomes all the more important. The financial decisions you make at this stage of your life can have huge bearings on the quality of your golden years. With pensions, an investment portfolio, future care costs and tax planning all to consider, the process of securing your future can be a daunting one for many. 

This though is where the value of a trusted financial advisor, such as the team at St James’s Place really comes into its own. Their expertise as highly qualified advisors allows them to create tailored financial plans, taking into account your specific financial situations, that will help you to reach your economic goals and enjoy your ideal retirement. 

In this article, we’ll look at the ways in which working with an SJP financial advisor can help make your retirement dreams come true. 

Making the most of your pension

Throughout your career, you’ll likely have been enrolled in various pension pots, schemes and benefits with different employers. By the time you’re thinking about finishing work for good, it can be hard to keep track of the numerous pensions you have access to. For many retirees, their pension is their greatest source of income post-work, so therefore it’s vital that you’re across your finances and understand the options available to you. 

An SJP advisor can help you navigate your way through your pensions, and provide expert advice on the ways to maximise your returns for many years hard work. Whether you’re considering annuity, income drawdown or a mix of both, your SJP advisor will be able to suggest which will work best for your situation and explain the risks and benefits that come with the options available to you. 

Helping your money go further

Retirement is a significant part of anybody’s life, and one that brings exciting, but also potentially challenging changes. 

While generally your pension pot and personal savings will be in a strong place by retirement, many find that with free time and less responsibility, budgeting for a new phase of life may be difficult to begin with. 

An SJP advisor will have excellent insight into your financial situation, and as a result will be able to work closely with you to support with monthly budgeting and cash flow to ensure you have everything you need while keeping your savings secure for the future. 

Building an investment portfolio

Although a pension often provides the foundation for retirement income, many soon-to-be retirees also look to the investment market to boost their retirement savings. 

Investing hard-earned money can be an intimidating and risky option for those with little experience. Investing through a trusted wealth manager such as St James’s Place however, which has a wide and varied portfolio of investment opportunities can significantly reduce the anxiety in creating a personal investment portfolio. 

An SJP advisor will help you to create a well-diversified portfolio of investments, designed to withstand fluctuations in the market and generate consistent returns. Because of the emphasis SJP places on building trusted relationships with their clients, advisors will regularly check in with you to ensure the investments match your expectations, move with market changes and fit your personal time-frames and goals. 

Tax management with savings 

Efficient tax planning and understanding where to place your money is a key aspect of saving for and enjoying your retirement. 

From the technicalities within pensions to the implications of capital gains and inheritance tax, there are numerous potential scenarios that could greatly affect your savings and retirement plans, both for you and for your loved ones. 

Thankfully, SJP advisors are well versed in the world of taxation within the UK and can provide expert guidance on how to make your money stretch further for you and your family, both safely and legally. Whether that’s through tax efficient vehicles such as ISA’s, an SJP advisor can ensure there are no nasty surprises with your money around the corner.

Planning for the future

Growing old is an inevitable part of life, and many people require extra levels of care in their old age. While a vital need and one that can increase your quality of life, the costs associated with elderly care can very quickly deplete even the healthiest of retirement savings. 

In planning for this potential situation, and SJP advisor will be able to guide you through your options to minimise costs, such as taking out long-term care insurance, or investing early in care related equipment and products to spread the likely cost. 

While hopefully this will only be a precaution, the guidance and support from an SJP advisor can help to alleviate the potential stress and overwhelming cost from you and your family should urgent and long-term care be required in the future. 

Legacy Planning

Many retirees will want to ensure their families are taken care of, even after they are no longer here. SJP advisors can support with legacy planning by creating comprehensive inheritance and estate management strategies to ensure your wealth is shared with your loved ones. 

Whether in the form of trust funds, Wills or charitable donations, and SJP advisor can provide counsel on the array options available to you based on your personal wishes and financial situation. 

Your retirement years should be a joyous and comfortable period of your life, away from stress and financial concerns. With an St James’s Place financial advisor on your side, you can help to ensure that you’re not only in a strong place from the day you retire, but that you’re getting the most out of your savings, as well as securing the futures of your loved ones. 

If you are interested in learning more about what a St. James’s Place adviser can do for you, visit https://www.sjp.co.uk/individuals/advice-and-products/financial-advice.

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