Sarah Siddons, owner of Siddons & Co Financial Planning in Ilkley, is holding open pension clinics throughout July encouraging anyone who is thinking about retirement in the next few years to establish where they are in terms of their retirement planning.
The aim of these clinics is to help them understand their existing pension plans and define what level of income they are likely to be able to generate for a comfortable retirement. Most people have had several jobs before they retire and during this time there may have also been many house moves and different addresses, which could mean a collection of different workplace and personal pension pots varying in size and value which may be hard to track down and difficult to understand.
Sarah believes that a pension review can really help people feel more in control of their financial position as they ready themselves for retirement. Sometimes it can even make the decision to retore earlier possible.
As Sarah explains: “I find it a little frightening that too many people are sleepwalking into their retirement with no idea about how much money they will need to fund a comfortable standard of living and how much money they will actually have when they retire. During these pension clinics, my aim is to get people to take a step back and, using sophisticated cashflow modelling software, actually look at what they’re doing at the moment with their finances and what that will lead to in the future.
“In my experience, most people aspire to retire relatively early so it is vital for them to work out how much money they have, where that money is in terms of different pension pots and to encourage them to take reparative action where necessary if their retirement plans are not on track. How you create an income from a pension is entirely bespoke to an individual as it depends on one’s tax position, age, other sources of income and types of pension plans. It can be a complex process, which may be even more complicated if someone has many plans in different places.
“My sessions are welcome to anyone who has been putting off thinking about their retirement; they come with no obligation and it will hopefully help people feel more empowered to take action, whether that is by doing it on their own or with the help of a financial adviser ”
The one-to-one financial clinics will run on three Mondays throughout July and Sarah will be available between 10am and 1pm on the following dates: 1st, 8th and 15th July 2024.
She will be offering two x one hour slots on these days available on a first come, first served basis so booking is essential on 07740 070409 or 01943 262600.
They will be held at the practice offices at: 50-52 Skipton Road, Ilkley, LS29 9EP.
Sarah Siddons is a chartered financial planner and principal of Siddons & Co Financial Planning in Ilkley which she founded in 2008.
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