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When can I retire? The Schofield guide to effective retirement planning.

Want to retire now? Here's how we can help.


When can I retire? At Schofield, we often hear this question from our clients. And it’s not just the over 55’s that are asking. Some of our younger clients have ambitions to retire at 50 (or even earlier) and want to know how much they need to save to make it happen.

So, when should you start retirement planning? The short answer is – as soon as possible. Put simply, the more you pay in, the more you get out. The best piece of advice is to make sure you take advantage of your employer’s scheme as most employers also contribute to your pension, doubling up your investment.

Unfortunately, not everyone has access to a great employer scheme. That’s where a personal pension can help. Having more money in pensions means you can significantly increase your options for a well-financed retirement. You can also consider other tax efficient retirement strategies such as Individual Savings Accounts (ISAs).

It’s vital to stay ‘pension aware’ and ensure that your retirement arrangements continue to meet your needs for all life stages. It’s a fact that lifestyles have changed over the last 50 years. In the past, people tended to remain married for longer and often worked in a single company for their whole career, accessing a ‘Defined Benefit’ (guaranteed income) pension at the end of their working lives. Once the state pension was added to this – most people were assured of a good income in their retirement.

Nowadays, life is more complex. People are living longer, divorce rates are up and people often have many jobs throughout their career, with multiple smaller pensions. So called ‘final salary’ (or Defined Benefit) pensions are a rarity, so the onus is on you to ensure you have enough money to meet your needs once you stop working. What’s more, if you have several pensions, it can be difficult to know whether you are on track to meet your retirement goals.

At Schofield, we make sure you are on track to retire when you want to. During our annual meeting, we review your existing finances and check your income and expenditure as well as all your existing pensions and investments. We also advise you about how to withdraw income sustainably and tax efficiently to ensure you make the most of your money.

We use our Lifetime cashflow planning tool to analyse whether you’re on target to meet your retirement goals and to recommend new strategies. At a recent meeting, a long-term client mentioned that he hated his job and was keen to retire as soon as possible. Following our review, he was delighted (and utterly amazed) to realise that he had sufficient retirement funds to stop work immediately. He resigned from his job that day and is currently living his dream life.

So, don’t wait until it’s too late. Come and talk to the experts at Schofield to check that your retirement and pension plans are up to date. Our cash flow planning tool will clearly show you whether you are on target to live the retirement you want.

Call us now on 01423 368000 or email us on

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