Retirement is a key stage in life for any investor, which is why it requires extensive planning and preparation if you want to retire comfortably, without any worries.

As with any financial journey, modern wealth management can be one of the most beneficial things to include in your planning process.

Read below, where we’ll provide a guide on the top things to do when retirement planning with your modern wealth manager.

1. Discuss your situation with your adviser

A core part of your retirement plan is first discussing your specific situation with your financial adviser in the present.

By letting your expert know every aspect of your current circumstance, they can deliver unique recommendations that are right for building your wealth effectively towards retirement, that suit your financial circumstances for the now.

You can make them aware of your income and how it’s being spent, as well as things like your current assets, investments, and any financial dependents you have – or want to support throughout your retirement.

You can also discuss any concerns or financial worries you have surrounding your retirement such as debt, and this can help your adviser address these directly when building your approach. This can help restore your financial confidence and increase your chances of a successful outcome.

2. Build a comprehensive financial planning

Another key thing to do with your wealth manager is to create a comprehensive financial plan for retirement.

With this plan, you can outline the unique goals you have for the future and implement the right steps needed to reach these targets efficiently whilst keeping to your financial budgets and restraints.

Your adviser can help you establish the right goals that are beneficial for building your wealth, whilst being realistic in terms of your situation.

Your goals could include things like – retiring with a certain amount in your pension pot, having your assets allocated effectively when you retire, retiring at an early age, and much more.

The clearer your plan is, the more accurately you can set achievable steps for reaching your goals before you retire.

3. Structure your investments in line with your goals

It’s also important to use your adviser’s guidance to optimise your investments so that they help you build your retirement savings effectively and comfortably.

This can include planning out your pension contributions to grow your wealth tax efficiently. Your adviser can help you make the most of your annual allowance – £60,000 as of the 2023/2024 tax year – without compromising your financial circumstance at present.

You can also explore other investment options with your adviser, such as Individual Savings Accounts (ISAs), which allow for tax-efficient growth each year.

The allowance for your ISAs is currently £20,000 per annum, which if built over time, can provide a significant sum to withdraw tax-free for your retirement.

Discuss different options with your wealth manager to find the best structure for your financial situation both for the now, and future you.

4. Receive ongoing advice

Financial advice is important, but have you considered ongoing advice?

This allows you to receive constant guidance from your expert on building your wealth for retirement as your circumstance evolves and you get closer to retiring.

For instance, you may undergo changes in your lifestyle, career, or number of dependants. Also, there could be changes in the markets, tax rates, or even interest rate rises which can impact your wealth.

Your adviser can regularly review your plan with you, to help you navigate these impacts, and stay on target for each of your retirement goals in place.

As always, the choice of singular or ongoing advice is entirely up to you and what your requirements are.

Closing Thoughts

With this expert guide on retirement planning with modern wealth management, you have everything you need to start building the right approach for your wealth requirements and be best prepared for retirement.

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Please note, the value of your investments can go down as well as up.

Author Profile

Manuela WillboldOnline Media & PR Strategist

Senior Online Media & PR Strategist at ClickDo Ltd. | Editor in Chief at LBN | Summer Course Student at the London School of Journalism and passionate Digitalist.

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