planning your retirement

Retirement planning shouldn’t be something you only consider when you’re older. Starting to plan your retirement early gives you a greater chance to build the funds you need for a comfortable lifestyle when the time comes. Acting now will ensure that your long-term goals become a reality.

About Tudor Franklin IFA

Tudor Franklin was established by Richard Meats and Bharat Chudasama, with a vision for a professional financial planning and advice service that can provide clear value to our clients at any stage in their financial life. With over 25 years joint experience advising clients on such matters as investments, pensions, inheritance tax planning and protection, we pride ourselves on being professional and delivering advice in a clear and understandable way.

retirement pension financial advice financial planning retire plan pension retire plan time invested Start plan make contribution save

About Tudor Franklin IFA

retirement pension financial advice financial planning retire plan pension retire plan time invested Start plan make contribution save

MARCH 2023
PLANNING YOUR 
RETIREMENT, 
AND HOW TO 
GET THERE
Why wait for tomorrow? Start planning today
G U I D E  T O
02
GUIDE TO PLANNING YOUR RETIREMENT, AND HOW TO GET THERE
G U I D E  T O
PLANNING YOUR RETIREMENT, 
AND HOW TO GET THERE
Why wait for tomorrow? Start planning today
Retirement planning shouldn’t be something you only consider when you’re older. Starting to plan 
your retirement early gives you a greater chance to build the funds you need for a comfortable 
lifestyle when the time comes. Acting now will ensure that your long-term goals become a reality. 
Welcome to our Guide to Planning your Retirement, and How to Get !ere.
03
GUIDE TO PLANNING YOUR RETIREMENT, AND HOW TO GET THERE
A t every stage of our life it can be 
difficult to take time to think 
about our future when there 
are so many other things competing 
for our attention, but it’s important to 
be prepared and make sure that you’re 
planning ahead for the retirement  
you deserve.
By taking a personalised approach, you 
can develop a retirement plan that will 
work for you throughout your life.
Planning for retirement in 
your 20s
It’s never too early to start planning for 
retirement. Though retirement may 
seem a long way off, the earlier you start 
saving and investing, the more time the 
compounding effect on your money has 
to work. Putting money away now can 
make a huge difference to your retirement 
funds when the time comes.
Here’s why you should start planning for 
retirement in your 20s:
•  It enables you to benefit from the power 
of compounding: Regularly investing 
amounts of money can grow into a large 
sum over time thanks to compounding.
•  You can afford higher-risk investments: 
As retirement may be years away, making 
higher-risk investments such as stocks and 
shares in your 20s can help boost returns 
without putting too much at risk.
•  It encourages good financial habits: 
Taking steps to plan for retirement 
now will highlight how to manage your 
finances better and make smart decisions 
about investments and pensions.
•  You could get help from employers: Many 
workplace pension schemes offer employer 
contributions, which is free money that 
goes straight into your pension pot.
Planning for retirement  
in your 30s
It can be more di!cult to save for retirement 
in your 30s, when you may have greater 
financial commitments such as a family 
or a mortgage. But it’s important to stay 
focused on your retirement goals, because 
the decisions you make now could have an 
impact on your later years.
Here are some tips for saving for 
retirement in your 30s:
•  Minimise debt: Pay down any 
outstanding debts as soon as possible. 
This will free up more money for 
retirement savings.
•  Optimise asset allocation: As you still 
have plenty of time until retirement, 
consider investing in growth assets such 
as equities.
•  Save regularly and often: Try to make 
regular contributions into a pension 
account or tax-efficient investment 
vehicle such as a Stocks & Shares ISA.
•  Take advantage of employer 
contribution schemes: Many employers 
offer generous contribution schemes 
which can boost your savings pot 
significantly over time.
Planning for retirement in 
your 40s
Your 40s are an ideal time to reassess  
your retirement plans and make sure  
that you’re on track. 
Here are some tips to help get your 
retirement plan on track:
•  Calculate how much you need to retire 
comfortably: Seek professional financial 
advice to determine how much money 
you need for retirement.
•  Consolidate pension accounts: If you 
have multiple pension accounts across 
different employers, if appropriate, 
consolidating them could make it easier 
to manage them and provide more 
clarity about your pension savings.
It’s never too early to start 
planning for retirement. 
Though retirement may 
seem a long way off, the 
earlier you start saving 
and investing, the more 
time the compounding 
effect on your money  
has to work. 
04
GUIDE TO PLANNING YOUR RETIREMENT, AND HOW TO GET THERE
05
READY TO START PLANNING FOR 
A BETTER LIFE IN RETIREMENT?
"ere’s a good chance you pay into a 
personal or workplace pension plan each 
month, but do you know how much 
money you’ll need to fund your life a#er 
work? Let us help us you picture what kind 
of lifestyle you could have in retirement. 
To !nd out more, speak to us today.
•  Increase contributions: Consider 
increasing your contributions where 
possible as the higher salary typically seen 
in the 40s may afford this opportunity.
•  Explore other options: Consider other 
tax-efficient methods of saving, such as 
transferring part of your salary into an  
ISA or investing in property, depending  
on what is available to you.
Planning for retirement  
in your 50s
Your 50s are a time to increase your pension 
contributions, review your retirement plans 
and make sure that you’re on track. 
Here are some tips on how to do this:
•  Make additional contributions:  
Consider making additional lump sum 
pension contributions, remembering 
to stay within the annual or lifetime 
allowance limits, with any excess liable  
for further tax charges.
•  Review asset allocation: The closer you 
get to retirement, the more risk-averse 
your investment approach should be, so 
consider reducing exposure to higher-
risk assets such as equities and seek 
professional financial advice for  
tailored advice.
•  Take advantage of tax allowances: 
Familiarise yourself with current pension 
allowances and explore any carry forward 
rules available if applicable.
•  Speak to a financial professional:  
Consult a financial professional who  
can provide you with personalised  
advice tailored to your individual  
needs and requirements.
Planning for retirement in 
your 60s
In your 60s it’s time to prepare for the 
decumulation phase, an important time 
when it comes to your retirement planning. 
Here are some tips to help get your 
retirement plan on track:
•  Prepare a budget: Calculate your 
expenditure levels to help plan for  
the long term.
•  Consider pension decumulation  
options: Explore the various ways you 
can convert your pension savings into 
retirement income and seek professional 
financial advice.
•  Review asset allocation: As retirement is 
approaching, reduce exposure to higher-
risk assets such as equities.
A PENSION IS A LONG-TERM INVESTMENT NOT 
NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM 
APRIL 2028 UNLESS PLAN HAS A PROTECTED 
PENSION AGE). 
THE VALUE OF YOUR INVESTMENTS (AND ANY 
INCOME FROM THEM) CAN GO DOWN AS WELL 
AS UP WHICH WOULD HAVE AN IMPACT ON THE 
LEVEL OF PENSION BENEFITS AVAILABLE. 
YOUR PENSION INCOME COULD ALSO BE 
AFFECTED BY THE INTEREST RATES AT THE  
TIME YOU TAKE YOUR BENEFITS.
•  Review your plan regularly: Regularly 
reviewing your progress will help you 
prepare for retirement and make the 
necessary adjustments if needed. 
Your 50s are a time to 
increase your pension 
contributions, review  
your retirement plans  
and make sure that  
you’re on track.
GUIDE TO PLANNING YOUR RETIREMENT, AND HOW TO GET THERE
This guide is for your general information and use only, and is not intended to address your particular requirements. The 
content should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours 
have been made to provide accurate and timely information, there can be no guarantee that such information is accurate 
as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon 
such information without receiving appropriate professional advice after a thorough examination of their particular situation. 
We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the content. Thresholds, 
percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation 
are subject to change and their value depends on the individual circumstances of the investor. The value of your investments 
can go down as well as up and you may get back less than you invested. All figures relate to the 2022/23 tax year, unless 
otherwise stated.
WHY WAIT? START 
PLANNING NOW FOR 
THE LIFE AHEAD
As you reach each stage in life, your financial needs, 
responsibilities and concerns change. Whether you’re still 
accumulating wealth, looking to retire or transition out of your 
business, or are someone earlier in your career, it’s important 
to have a specialised wealth plan that’s focused on your 
particular stage in life.
To find out more about how we can help, please contact us.
Published by Goldmine Media Limited, Basepoint Business & Innovation Centre,  
110 Butterfield Green Road, Luton, LU2 8DL. Content copyright protected by  
Goldmine Media Limited 2023. Unauthorised duplication or distribution is strictly forbidden.