Pensions

In your 20s and 30s - You may be focused on developing your career and building your personal relationships and at this stage in your life your financial needs may be quite straight forward. You might require income protection if you're working, an inflation-beating savings plan or tax-efficient investment plan if you're starting to think about home ownership, or perhaps protection insurance to cover you financially in the event of an accident or serious illness.

If you meet someone and start a family, or have other people who rely on your income, then the need for protection insurance becomes more pressing, and this becomes a necessity if you take out a mortgage to buy your first home.

Managing your money is also essential. Sooner or later, most of us will have to start thinking about providing for our future (and that of our family), as well as our current needs during our working lives. This means building up financial assets from which we can draw an income when we eventually stop working. Setting clear investment goals, and monitoring progress towards these goals, is essential in this stage of our lives.

In your 40s and 50s - this stage in your financial lifecycle often focuses on paying off debts and accumulating wealth. Financial wellbeing is an important part of enjoying a satisfying and healthy life and it's now important to carefully set some of your income aside for the future. The earlier you start saving and the more you can save, the better shape your financial assets are likely to be in when you need to draw on them.

Generating a good investment return has never been a simple matter and there are various factors that can influence your investment strategy, including your own goals and objectives, the level of risk you can accept, tax matters and the ongoing management of your investment.

In your 60s and beyond - When the time comes to draw money from your pension pot, careful retirement planning is needed to ensure you have sufficient income for now and your longer-term future, managed in the most tax-efficient way. The greater the value of your investments, the better your chances of enjoying a financially comfortable retirement.

At this stage of life, you should also ensure your estate is in good order to ensure you can pass your assets on to the people you love in the most tax efficient way. You should consider:

• A Will
• Lifetime gifts
• Trusts
• Exemptions and reliefs
• Tailored investment products
• Pension arrangements
• Life assurance

Wills and Trusts are not regulated by the Financial Conduct Authority.

Pension tracing is a common problem in the UK, as people struggle to track the pensions they've paid into over the years they've been in employment. This is commonplace and leads to lots of people retiring with less than they might otherwise have.

Stan Sherlock Associates helps you trace your pensions as far back as you need, providing advice on how to access your funds as well as the best strategy moving forward. This helps you not only track and manage your pensions more effectively, but gives you greater control of your financial future and retirement plans.