Mapping your retirement journey with a modern wealth manager

For many investors approaching retirement, or those thinking and planning ahead, there’s one key question – how can you map out your retirement journey effectively?

The answer is by seeking a modern wealth management service.

We’ve put together this guide on how you can map out your retirement journey with a modern wealth manager, involving things that range from tailored advice to an advanced retirement planning tool.

Read on to learn more.

Starting your journey – Discussing your situation

When starting your retirement journey, it’s important to discuss your unique situation with a financial expert.

You can discuss your situation in thorough detail, exploring things such as your current income, what you’re spending alongside your monthly outgoings, how long until you reach retirement, and what assets you currently have.

This can give the adviser a clear picture of your situation, so they can offer the right recommendations for how you should proceed with your approach.

Also, you can make the adviser aware of any challenges you might be facing or personal concerns you have for your retirement. This can allow them to incorporate this in your approach, so you have steps in place to directly help you overcome your obstacles and feel confident in your financial plans.

Establishing the end target – Planning your goals

The next step to consider when mapping out your journey, is to determine what you want the end of your journey to look like – i.e., what are your future goals for your retirement?

This is important for helping to have more direction when implementing your steps, as you’ll know what goals you’re building your wealth towards.

Your goals can include a range of things, such as:

• Being able to retire at an earlier age
• Having your pension pot last your entire retirement
• Being able to support financial dependants when you retire
• Living a certain retirement lifestyle

A financial professional can help you when establishing your goals, so you choose targets which are achievable in terms of your financial circumstances. This can further increase your chances of a successful outcome, and help ensure your goals are beneficial for building your wealth.

Laying out your steps – Optimising your investments

When it comes to laying out the steps in your journey, one of the core components is how you optimise your investments.

There are many investment options when it comes to your retirement, such as your pension. A wealth manager can help you navigate your annual pension allowance – £60,000 for the 2023/2024 tax year – to shelter as much of your money from tax.

They can also help you contribute the right amounts throughout your journey, so you both grow your savings towards your goals, whilst also maintaining a suitable risk level for your financial circumstance.

Evolving your journey – Receiving ongoing advice

No matter how you map out your retirement journey, it’s more than likely that your financial situation will evolve with time and potentially impact your wealth. Therefore, it’s important that your plan evolves with it.

You can receive ongoing advice from a financial expert to help you navigate any impacts from various factors in your journey. This could range from changes in your career to the changing financial markets or alterations to tax rates.

You and an expert can review your plan continually, and therefore make the right adjustments when you see fit, so you remain on target to reach the desired outcome for your retirement journey.

If you’re looking to map out your retirement journey as successfully as possible, then a modern wealth management service is one of the right places to start.

We recommend seeking out an expert service with years of experience in the financial industry, and transparent investment fees which provide the best value for your money.

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