Maximising your retirement fund – what if your pension isn’t enough?

Planning for your pension is one of the most important financial decisions of your life. Yet, for many people, it’s also one of the easiest to put off. The age when you want to retire always seems a long way off – and yet, as many older people will testify, it can sneak up on you surprisingly quickly.

Starting to save early in life

At Grosvenor Wealth Management, we believe it’s vitally important to start saving for your pension as early in life as you can. Doing so means that you’ll have longer to build up a decent pension pot that can sustain your standard of living when you decide to retire. At the same time, depending on the success of your pension investments, it may also give you the opportunity to take early retirement, safe in the knowledge that you have the funds you need to enjoy a long and happy retirement.

We can sit down with you to look at your individual circumstances. That might include assessing your current financial priorities, as well as discussing your plans for the future, such as buying a home or starting a family, as well as when you want to think about retirement. We’ll give you honest, independent advice on the best approach to take to build a pension pot that could meet your needs, without compromising your other plans.

We’ll also look at your attitude to risk in how your money is invested. If appropriate, one option may be to look at a pension plan that includes greater levels of risk, in the hope of a better return that enables you to build your pension pot quickly. Of course, greater levels of risk also involve greater levels of danger and this is an approach that may result in you having less money than you originally invested.

Structured approach

If your pension pot doesn’t look like it will give you enough for your retirement, there are options available. We’ll sit down with you to talk through your financial situation and help you to develop an individual life plan that’s specific to your needs.

The aim will be to enable you to start saving more for your retirement. This may involve taking a higher level of risk than you’d normally take, to try and build a pension pot quickly. Of course, we’ll make you aware of all the dangers involved in any approach, as higher risk also means a higher chance of losing money at a time when you can least afford to lose it.

Unfortunately, one of the options you may need to explore is to carry on working for as long as you can. We may be able to look at other investment options, but there simply is no magic wand that anyone can wave if you haven’t invested enough into your pension.

This is why it’s so important to start investing in a pension as early as possible. Doing so means you give yourself the best possible chance to build the right amount in your pension pot when you start to think about retirement.

PLEASE NOTE: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested.

Talk to us

Whatever stage of your life you’ve reached, at GWM, we’ll sit down with you to look at all your finances and investigate all the investment options available to you. By helping you to develop a tailored pension plan, we’ll aim to help you maximise your options and build a pension to sustain you in a happy retirement.