Regular readers of the Tonic will have seen us referring to ‘Destination Retirement’, and some of you may have wondered what it is. So we thought we’d give you a bit more background information.
If you’re planning to retire soon, things can seem a bit daunting. You’ll need to work out how to convert your hard-earned savings, pensions and investments into an income that will keep you going for the rest of your life. These are important decisions, and there are plenty of routes you can take. It can be hard to know which way to turn.
This is where Destination Retirement can help. It’s a new service that’s designed to prepare you for the road ahead, and then help you navigate your way through retirement. It’s provided by HUB Financial Solutions – part of Just Group, the retirement finance company that brings you The Tonic.
So what exactly is Destination Retirement? Where am I going?!
It’s a new kind of online retirement planning service that simplifies the world of retirement planning by breaking up the journey into five stages.
The first stage gets you into the retirement mind-set, helping you figure out what your retirement might look like. It shares important retirement planning tips, and shows you how to track down all the information you’ll need.
The next stages are where you start planning your retirement in earnest. Destination Retirement will ask you to think about your ambitions for retirement – the things you really want to do, the ways you want to spend your time. It’ll then ask for some basic details – including what pensions, savings and investments you have – and will use this information to provide a free personalised plan showing you how far you money may go and what your retirement could look like.
Is it really free?
The first three stages of Destination Retirement are absolutely free. There’s no obligation to go any further, and nothing to pay unless you decide to put your plan into action.
If you do decide to go ahead, HUB Financial Solutions’ experts will handle the process of buying the financial products. The exact charge for this will depend on which products you need, but the fee will always be agreed with you up-front. Their use of cutting-edge technology means that the fee for this is much lower than the average fee for traditional advice.
HUB Financial Solutions will also monitor your retirement plan and provide ongoing advice to ensure it adapts to any changing circumstances over time.
I can plan this myself, surely?
Yes, of course. But retirement planning can be complex. You want to enjoy your money without the risk of it running out, for however long you live. It’s also really important to make sure you don’t end up paying more tax than you need to.
Destination Retirement helps you navigate a path through all this – a bit like a SatNav for retirement! It’s designed to be used by everyone, with all levels of financial experience, and allows you to do things at your own pace. It’s written in ‘plain English’, which helps cut through the financial jargon, and if you have questions along the way you can easily get support by speaking to someone over the phone.
Destination Retirement is managed by a team of retirement experts at HUB Financial Solutions. HUB Financial Solutions Limited is authorised and regulated by the Financial Conduct Authority.