Client Newsletter – November 2021

Welcome to our Autumn newsletter

The progress made over the past 6 to 9 months with the easing of restrictions has at last allowed us to get back to some form of normality.   However, some of the changes brought about by the pandemic us will become permanent.  For example, embracing the use of technology has allowed us to continue delivering the service you, our clients, have come to expect.  

What hasn’t changed is the importance of regularly reviewing your finances.  Our client review meetings cover all aspects of your personal and financial situation, but the area we get most questions about tends to be retirement planning. 

Retirement Planning

How you arrange your pension savings for your retirement and how you use these funds to provide the income you need in retirement should be the primary focus of your long-term financial plan.   Since the pandemic, we have witnessed an increased awareness around retirement planning as our new and existing clients regularly ask about their pension savings with questions such as:

  • In the past I haven’t paid attention to my pensions and don’t know if I am saving enough for my retirement.  What should I do? 
  • I have accumulated several pension plans including workplace and personal pensions.  How do I know if these are still appropriate for me?
  • I haven’t been spending as much during the pandemic.  Should I be putting this into my pension?
  • If I have to reduce my working hours because of the pandemic, can my pension be used to supplement my income?
  • I’m now considering retiring to spend more quality time with my family. Is this achievable?

These questions can be answered by carrying out a comprehensive review of your pension provisions and there is no better time than now because:

  • Assessing the funds you have already accumulated will give you a better understanding of where you are now and allow us to estimate your position at retirement.
  • Agreeing a specific target income and retirement date will help us identify what actions you should take to achieve your goals.
  • Pensions are long terms investments and you must ensure the level of investment risk you are taking is suitable for your aims and objectives.  If you haven’t reviewed your pensions for some time, you could be investing in funds that are too risky or perhaps don’t take enough risk and lack the growth potential you need.
  • You could be investing excess capital which, if left in traditional bank savings accounts, will be earning very little interest and will not keep pace with inflation.  This could be a lump sum that has accumulated through lack of spending opportunities over the last 18 months, or you could be investing more regularly out of your income. 
  • Recent events may have had an impact on your finances.  For example, if you were furloughed or have been forced to change jobs/reduce hours and now need to supplement your income from your pensions.

We will be sharing more information with you over the next few weeks that we hope you will find interesting.  This will include case studies to help you understand more about pensions and the associated tax benefits as you save for retirement.  We will also soon have our new “Retirement Guide” available as a free download which concentrates on the different ways pension funds can be used to provide the income you need in retirement. 

In the meantime, if you would like to speak with us and enquire about a financial review, please get in touch below and we would be happy to help.

Get in touch

Susan Pringle

Susan Pringle

I lead the team at Henderson Loggie Financial Planning from our head office in Dundee. This requires a thorough knowledge of the advice issues that face clients and our team, along with the systems and…
Ricky Clark

Ricky Clark

I have worked with Henderson Loggie Financial Planning since 2013. Throughout this time, I have provided my client’s services and solutions suitable to help them meet their needs. Ensuring that I build strong ongoing relationships…