Financial Planning – taking care of your pensions and savings

Financial Planning – taking care of your pensions and savings

When it comes to later life, financial planning is so important.

Kieron Robertson, Age Space Sussex’s Finance Partner at Concierge Wealth Management, is a Later Life Specialist and an Accredited Member of the Society of Later Life Advisers (SOLLA); the organisation which helps people and their families find a trusted and Accredited Financial Adviser who understands the financial needs of later life matters.

In his latest blog, Kieron highlights are seven simple, handy steps to take to help you make sure you keep on top of your later life financial planning.

Seven steps to keeping on top

    1. Check your State Pension and State Pension entitlement. By doing this, you will be able to establish how much you could / should possibly receive when you finally retire and also when you are eligible to receive your State Pension. It will also give you a good opportunity to see if you need to ‘Top Up’ your State Pension.  It’s also worth remembering that by November this year, the State Pension age for women in the UK will officially been 65 and not 60.
    2. Check your National Insurance record. If, for any reason, you did not pay your National Insurance contributions, or get enough National Insurance credits to contribute to a qualifying year, you may find you have a gap on your National Insurance planning If this is the case, it could mean that you will not have the sufficient amount of National Insurance contributions to ensure you’ll receive the full State Pension.  You can easily ‘Top Up’ your records by making Voluntary ‘Class 3’ National Insurance Contributions. These payments help to fill any gaps in your National Insurance record.
    3. Pension freedoms. Pension Freedoms let you access your Pension pot(s) early. However, some Pension Providers will charge you a fee every time you take money out. The cost and degree of these charges differ greatly depending on the Pension Provider, so it is advisable to research the different options and speak to an independent professional for financial advice who will, in turn, give you all the information you need to make an informed decision.
    4. Regularly check your pension. By monitoring your Pension on a regular basis, you will be able to keep an eye on any activity and ensure your Pension savings are on track. Similarly, if you have a Pension Fund, you can monitor its performance. To do this, get in touch with your Pension Provider or Financial Advisor to find out and agree the best option for you to help you regularly track your Pension(s).
    5. Don’t forget old pensions. It’s easy to forget old pensions from previous employers. It’s wise however, to track down any old pensions especially as the average person will be employed by numerous different companies throughout their working life so pension information can be easily lost and overlooked. If you think you have lost or forgotten any Pensions, don’t worry, tracking them down is easy.Give Concierge a call on the numbers below and the Team will be happy to help you sort everything planning
    6. Get expert help. It is important to get professional, independent advice when it comes to financial planning for your future and retirement years. An Independent Financial Advisor (IFA) will be able to lay out the best choices and options to suit your own bespoke requirements.  The IFA can help you with a wide range of financial tasks, everything from putting a pension or savings fund in place, to investment advice and controls, inheritance issues, annuities, protection against inflation, risk options and much more.
    7. Work a little longer.If you are able to retire later and able to keep working (full or part-time) after you are at the State Pension age, you will still be able to make contributions to your Pension, which will, in turn, enhance your retirement savings.

Think about getting advice

As with every financial planning decision, it is important to get professional advice on the best options for your individual circumstances and take into consideration such things as whether you want protection against inflation, how much risk you’re prepared to take, whether anyone else is dependent on you for income, how much control you want over your investments and whether you want to provide an inheritance for your survivors. Conciergewealth only logo

The above is not meant to constitute investment advice and it should not be relied upon as such, it is purely providing a general overview.

If you’d like any more financial help or advice, please contact Kieron at Concierge Wealth Management via email: telephone 07840 245 968, or visit



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