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  • Coast to Coast Financial Services Limited
    42 Cheyne Walk
    Hornsea, East Yorkshire
    HU18 1BX
    Tel: 07836 620 305
    Fax: 01964 537 497

    Having decided when you want to retire, you should next look at how you'll want to live. Think of it as a permanent holiday, perhaps?

    A rule of thumb might be to aim for an income of a half to two-thirds of your current one - adjusted for inflation and set to keep pace with it in retirement.

    Consider what you'll be doing. Will you be taking more holidays or pursuing an expensive hobby? The chances are, you'll want to carry on living with the same standards as you do now, maintaining the same quality of life.

    Look at the state benefits you will have accrued by the time you want to retire, is it enough and if not how will you bridge the gap?

    Remember; Pension contributions attract generous tax relief Eg. £100.00/month contribution – you pay £80.00, HM Revenue and Customs (HMRC) pays the other £20.00 for a basic rate and non tax payer. Higher and Additional rate tax payers may also be able to apply for further tax relief

    Do you have pensions from previous employment that you’ve forgotten about or believe they're ‘frozen’? – are they performing well, do you regularly check, is anyone managing them? Talk to an adviser to find out.

    HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.