Why You Should Be Updating Your Retirement Plans Annually

Retirement planning isn’t something you can just tick off your to-do list and forget about, because life doesn’t stand still and neither should your retirement plans. As your circumstances change or your priorities shift, it’s only natural that your plan needs updating to keep on track.

That’s why checking in on your retirement plan every year is so important. It’s your chance to make sure you’re going to reach your retirement goals and if not, where you might need to make adjustments.

In this week’s blog, we’ll discuss why these regular check-ins matter and how you can make the most of them.

Why an Annual Review Matters

Adjusting for Life Changes

Major life events like unexpected medical bills, helping a loved one, divorce or even a positive surprise like an inheritance can significantly alter your plans, including retiring sooner or later than planned.

That’s why taking stock or your current plans with a professional Financial Advisers, is so important. It lets you adjust your plan to whatever it is that life has thrown your way.

Keep Your Retirement Plan on Track

Economic changes that are outside of your control, such as inflation and interest rates, can also have a big impact on your retirement plan and the value of your savings.

During a Joslin Rhodes Update & Improve Meeting, we can help you:

• Rebalance your strategy to ensure it reflects your financial objectives and personal preferences.
• Adjust your savings goals to maintain the purchasing power of your retirement funds.
• Identify opportunities to save on tax or make the most of allowances, so your money works harder for you.

By reviewing your plan regularly, you’re building confidence and staying focused on what truly matters: creating a retirement you can enjoy, stress-free.

Ensuring Tax Efficiency

Changes to tax rules and allowances can influence how much of your hard-earned wealth you get to keep and how effectively your retirement plan supports your goals.

So, a regular review is a great opportunity to ensure you’re on top of your financial strategy and making the most of available options, including:

• Exploring tax-efficient ways to grow your savings, like pensions and ISAs, so your money works harder for you.
• Reviewing how you’re accessing your retirement funds so you can manage your tax position effectively.
• Minimising your Inheritance Tax liabilities and ensuring that more of your assets go to your loved ones, not HMRC.

These regular check-ins give you confidence that your plan remains flexible and responsive, no matter what life or the financial landscape brings.

What to Consider When Reviewing Your Retirement Plan

1. Your Savings
   It’s important to evaluate whether your current savings are enough to meet your retirement goals. If you haven’t already, consider whether you’re making the most of pension contribution allowances.
2. Your Income Plan
   Take time to review whether your pensions, savings, and other income sources will be enough to support your desired lifestyle in retirement. Don’t forget to account for rising costs due to inflation or unexpected expenses like healthcare. Making sure you’re withdrawing money in a tax-efficient way can also help maximise the value of your retirement income.
3. Your State Pension Entitlement
   Checking your National Insurance record is a straightforward way to confirm that you’re on track to receive the full State Pension. If there’s gaps, you might want to explore the option of voluntary contributions to boost your entitlement. The official government website provides tools to check your record, understand your forecast, and determine whether voluntary contributions could help you maximise your entitlement.
4. Estate and Legacy Planning
   Keeping your Will up-to-date and aligned with your current wishes is more than just paperwork – it’s about protecting your legacy and ensuring your loved ones are cared for. Don’t forget to double-check the beneficiary designations on your pensions and insurance policies to make sure they match your current plans. And when it comes to inheritance tax, smart planning now can mean leaving more of what matters most to the people who matter most.
5. Your Retirement Timeline
   Life changes, and your retirement timeline may need to adjust too. Consider whether your planned retirement date is still realistic or if delaying retirement could strengthen your financial position by giving your savings more time to grow or boosting your pension income.

These are just a few things to think about when reviewing your retirement plan. At Joslin Rhodes, we’ve got a process that makes sure everything is on track—whether your circumstances have changed, or you just want to check that your plan still works for you. We’ll help you feel confident that you’re safe, secure, and heading in the right direction.

Ready to take the next step? Let’s review your plan together and make sure it’s built to stand the test of time. Just get in touch to start your journey today.

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People