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Independent financial advice near retirement

Investing is an important part of building up your pension, so as you near retirement and you think more about how you want to spend this time, it’s wise to review your retirement plan carefully. Small adjustments to your investment strategy near retirement now could make all the difference to how you generate and protect your future income. 

A lot depends on what you want your retirement to look like and other considerations like helping children onto the property ladder or having enough for later-life care. Our independent Wealth Planners can work with you to establish how best to save and invest tax efficiently as you near retirement.


Book a free consultation

Book a free consultation to find out how our independent Wealth Planners can help you optimise your pensions and your investment strategy as you get closer to retirement.

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Nearing retirement advice – how we can help you

1. Detailed retirement planning

Your independent Wealth Planner will work closely with you to understand your retirement goals and lifestyle wishes. Based on this, they will create a near-retirement investment strategy to deliver your desired retirement income in the timeframe you need it.

2. Rigorous stress-testing

By carrying out a cash flow planning exercise, your personal Wealth Planner can stress-test your plans against various scenarios, such as rising inflation or market dips to ensure you achieve your retirement goals. The good news is that by investing in certain specialist investments, there are opportunities to mitigate inflationary risks.

3. Advice on pensions and tax

The wealthier you are the more complicated pension allowances and tax reliefs can be. Your Wealth Planner will consider if you are saving too much into your pension and at risk of incurring a tax charge on the amount over the pension lifetime allowance. They will also consider your pension drawdown options, as the tax you will have to pay on this excess amount depends on how it is withdrawn.

4. Regular monitoring and reviews

When it’s your own money, it’s very hard not to react to moves in the markets. Our expert investment managers provide that objectivity and are qualified and experienced to make changes to your investments when appropriate to do so. They will continually monitor your investment portfolio’s performance over time, making enhancements when necessary to keep it on track.

How to invest close to retirement

Striking the right balance when it comes to investment risk is an essential element of any retirement plan, particularly as you near your retirement age. Too much risk and there is less time to recover any potential losses. Too little and it could mean your savings don’t keep up with inflation. 

  • First, consider how you’ve invested up to this point - For example, what’s your level of investment experience? How much risk are you comfortable with? What sort of assets are you invested in now? 
  • Then think about your needs in retirement and how you might generate an income - There are various options to consider. For example, do you intend to trade in your pension for an annuity so that you can have a guaranteed income? Or do you intend to continue investing in retirement?
    If you intend on taking an annuity, it may make sense to start moving money into lower risk assets such as cash, bonds or gilts. On the other hand, if you intend to continue investing, you might want to think about moving some money into investments that drive more income going forwards.

Calculate if you'll have enough money in retirement

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Assumes an inflation rate of 3% p.a. and investment performance return of 5.5% p.a.

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We hope that your report provides motivation to keep building confidence in your financial future. We know it can be a daunting task so if you have any questions, please call one of our wealth planning experts.

Want to review your retirement planning?

Arrange a no-obligation, complimentary consultation with an independent wealth planner now.

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Getting close to retirement? Book a free consultation

Book a free consultation to find out how our independent Wealth Planners can help you optimise your pensions and investment strategy as you get closer to retirement.

Request a callback

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.

The tax treatment of all investments depends upon individual circumstances and the levels and basis of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.

The tax treatments set out in this communication are based on our current understanding of UK legislation. It is a broad summary and cannot cover every circumstance and it does not constitute advice.

The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity.

Our specialist services

Retirement planning for high income earners

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Long-term care planning

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Typically, we provide financial advice to clients with assets over £250,000 or investment management services to clients who have over £250,000 of investable assets. Please note, we do not offer a one-off share sale service below these amounts.

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What happens next?

1. Arranging an initial consultation

First you can expect to receive an email from our team within 48 hours to find a suitable time that works for you, to arrange a voice or video call for an initial consultation.

2. Your consultation 

During this consultation, a member of the team will discuss your situation with you to understand your requirements and answer any questions you might have about Canaccord Genuity Wealth Management and the services that we provide.

3. Referral to a Wealth Planner or Investment Manager

If you decide to progress with us, you will be referred to one of our Wealth Planners or Investment Managers to discuss your situation and requirements in more detail. They will then design a bespoke proposal detailing a unique investment portfolio that matches your individual requirements and attitude to risk, to meet you and your family’s needs.

4. Working with you long-term

With our wealth planning and investment management professionals, your wealth is in expert hands. Our mission is simple - to help you build your wealth with confidence. We will always keep you informed about your investment portfolio and performance and will continue to work with you to build our relationship on your terms. We can meet with you face-to-face, by phone or by email, whichever is more convenient for you. You can also access your account online at any time through our app. Our wealth management professionals are always readily available to speak with you.


Frequently asked questions about investing near retirement

Answers to some of the most frequently asked questions about investing close to retirement: 

Five years before retirement could be a good time to start thinking about converting your pension savings into retirement income. There are many options around this and your Wealth Planner can help determine which approach is right for you.

With your retirement drawing ever closer, it may also be sensible to start reducing your exposure to higher-risk investments to ensure your capital is protected as much as possible. We can help you to balance your assets and manage risk to help you achieve your goals.

Ten years before retirement, the balance and asset allocation of your investments and your pension is going to be critical as it could impact the retirement income you can expect and the lifestyle, you’ll be able to achieve.

So, if you haven't yet prioritised retirement planning, now is the time to do so.

If you can afford it, consider making additional lump sum contributions into your pension to boost your retirement savings. 

A word of caution however, as there are potential tax pitfalls. For example, the annual pension allowance limits the amount you can contribute into your pension in a single year while still receiving tax relief.

The lifetime allowance is the maximum amount you can save into your pension over your lifetime without paying excess taxes.

Asset allocation will be a critical part of your retirement investment strategy, but the right balance is dependent on many different things, which your Wealth Planner can advise you on.

Phasing your retirement offers the flexibility of continuing to work (perhaps part-time) while enjoying more leisure time.

The benefit of phasing your retirement is that you can continue to receive an income and perhaps put more towards your retirement ready for when you stop work completely. It can stretch out the costs of retirement and ensure that your expenditure demands will be met.

If you’re unsure if now is the right time, your Wealth Planners  can look at the long-term impact of reducing your working week slowly over time.

Investment involves risk and you may not get back what you invest. It’s not suitable for everyone.

Investment involves risk and is not suitable for everyone.