Bespoke financial planning

One of the questions we’re often asked is ‘am I on track for my retirement?’ This isn’t surprising, but it can be quite a complex question to answer.

Pensions are no longer a simple all-encompassing vehicle for funding your retirement. The government has significantly restricted the amount you can contribute and also the maximum value that can be achieved in a pension tax-free. However ISA (individual savings account) allowances have increased, other saving mechanisms have expanded and more flexibility has been allowed for different types of retirement savings.

Defined benefit pension schemes are now almost completely out of favour with employers. Individuals, rather than the organisation they work for, are expected to take more responsibility. So how do you know if you’re on target for a comfortable and sustainable retirement?

Understanding your situation

Your circumstances, priorities and goals are unique. We'll take the time to understand your current situation with careful analysis of your essential outgoings, commitments, income, assets and investments, and with our expert knowledge we can help you make a plan to prepare you for retirement.

Empowering you to make choices – cashflow forecasting

Cashflow forecasting can be an efficient tool to provide an overview of your current situation, and to project how that might change over the coming years and decades. You can plot every aspect of your finances, layered with intelligent assumptions about influential external factors such as inflation and investment returns. Our software paints a picture of your wealth over time. You'll see at a glance whether you are on track to achieve your retirement goals, or if you need to consider adjustments.

Since the 2008 financial crisis, some investors have become cautious about taking risk. Cashflow forecasting can help you establish how much risk you need to take. Setting aside enough to reach your essential goals, may give you the freedom to take more risk with your other assets. Our investment managers can create a bespoke portfolio that balances your risk requirement and your appetite for taking risk. For some clients this may mean having to take more risk to meet income requirements, and for others it may mean taking less risk as it's not necessary to reach their goals.

At Smith & Williamson we take a holistic approach to planning your retirement. Our planning, investment and tax teams can work closely to ensure every element of your financial life is well looked after.

Capital at risk. The value of investments and the income from them can fall as well as rise and you may not receive back the original amount invested.