Explore how we help
We create a plan tailored to your complex needs
WHO WE HELP
Individuals and families
Your wealth, goals and family priorities
Business owners and entrepreneurs
Your business, wealth and next steps
Corporate executives
Complex income, equity and career transitions
International individuals and families
Life and wealth across multiple countries
UHNW and Family Offices
Significant, complex and multi-generational wealth
YOUR IDEAS & GOALS
Plan for growth
Grow your wealth and open up new opportunities
Live well
Live life to the fullest, today and into the future
Secure your future
Be prepared for whatever may happen
Make a difference
Support the people and causes you care about
WORKING WITH PROFESSIONALS
Intermediaries
Scale, security and investment discipline for your clients
Professional partners
Specialist support to enhance your client offering
Charities
Effective governance, oversight and long-term sustainability
About RBC Wealth Management
Experienced local advisers, backed by global strength
Our offices
Over 30 offices in the UK, Ireland and Jersey
WHO WE ARE
Our history
Generations of clients have relied on RBC Wealth Management and RBC Brewin Dolphin
Awards and recognition
Recognising our service and industry leadership
Leadership
The people guiding our strategy and client experience
SUSTAINABILITY
Responsible investing
Our approach to responsible investment
Community involvement
Supporting communities where we live and work
CAREERS
Work with us
You can thrive here
Diversity and inclusion
Our differences make us stronger
Search careers
Find your opportunity
Explore our solutions
Let’s set your ideas in motion
RBC Private Wealth
Integrated solutions for significant and complex wealth
RBC Brewin Dolphin
Personalised financial planning and investment advice
Brewin Portfolio Service (BPS)
Simple, guided investing through an online platform
RBC International Trusts
Specialist structures for long-term wealth preservation
OUR CORE SOLUTIONS
Wealth planning and management
A bespoke plan to manage and grow your wealth
Investment management
Tailored portfolios aligned with your goals
Pensions and retirement planning
Plan for the retirement you want
Inheritance tax and estate planning
Helping you pass on more of your wealth efficiently
UHNW and Family Office services
Coordinating complex and multi-generational wealth
Banking
Dedicated banking for your personal and global needs
Financial advice for business owners
Guidance for growth, exit and managing proceeds
Responsible and sustainable investing
Invest with greater purpose in line with your values
Philanthropy
Create a lasting impact through strategic giving
Trusts and foundations
Protect and preserve wealth for future generations
Self-directed investing
Choose from a range of ready-made portfolios
Explore our insights and ideas
Analysis, insights and research from our local and global networks
Our newsletter
Subscribe to receive email updates on news, insights and upcoming events
Quarter-century crossroads
Key themes have the potential to shape economic developments and drive certain sectors for decades to come.
Life reimagined: The biotech revolution and longevity
There’s more to a long life than simply a long lifespan. The number of years we spend in good health, or healthspan, is key. With biotech spurring promising medical innovations, we look at how it can fit into investment portfolios.
ADDITIONAL RESOURCES
Insights
Articles exploring the events and trends driving the world and your wealth
Market perspectives
Expert analysis and commentary on current market trends
Case studies
Real experiences showing how we turn ideas into action
Guides
Practical information to help you make informed decisions
Webinars
Conversations with our experts on the topics shaping wealth today
Wanting to retire and being able to afford to retire are two very different things. Here are four questions to ask yourself.
3 December 2024 | 3 minute read
Many of us look forward to the day when we can finish work for good and focus on the things we enjoy the most. You might even have a date in mind, but how certain are you that your target retirement age is realistic?
Jam-packed with essential information on how to enjoy a more comfortable life after work.
Download now
After all, wanting to retire and being able to afford to retire are two very different things. To help you get started, here are four questions to ask yourself.
The first step to working out when you can afford to retire is to determine what you actually want to do in retirement.
There’s no ‘one-size-fits-all’ retirement, so your dreams and ambitions could be very different to those of your friends, colleagues and neighbours. For some it could be moving abroad, travelling the world or taking up a new hobby; for others it could simply be spending more time with friends and family.
An increasingly popular choice is to take a ‘phased’ approach to retirement, where you gradually reduce your hours, perhaps working part-time or on a consultancy basis.
Once you’ve thought about what you want to do in retirement, you can begin to work out how much it is likely to cost.
Your outgoings will probably fall into two broad categories: essentials and non-essentials. The essentials will include things like mortgage repayments, rent, council tax, utility bills, insurance, the weekly food bill, and birthday and Christmas presents. The non-essentials may revolve around entertainment, leisure and holidays; the little luxuries that make life more pleasurable.
A financial adviser can help you add up all these outgoings and explain what level of retirement income this would translate into. They’ll also look at how your income needs may change over time – perhaps starting off high as you enjoy your newfound freedom, gradually reducing as you get older, and possibly increasing again further in the future if you need to pay for care.
Once you have a clear picture of your required income in retirement, the next step is to work out what size pension you need to generate that level of income. This is a complex calculation as you need to take into account things like life expectancy, investment growth, tax and inflation.
A financial adviser can work this out for you. They can also demonstrate the impact of different scenarios or choices, such as reducing or increasing your retirement income, taking your tax-free cash lump sum versus leaving it invested, and retiring earlier or later.
The final step is to compare what you need with how much you already have. It may be the case that you’re on track to meet your goals and that your retirement is in sight; in this case, it’s time to start focusing on how you’re going to access your money in retirement. This can be complicated, so make sure you seek advice.
If there is a shortfall in your savings, try not to panic as there could be several ways to boost your pension. Think about whether you could increase your pension contributions between now and retirement. Personal pension contributions benefit from tax relief at your marginal rate of income tax, helping to supercharge your savings. Another option is to continue working and paying into your pension for a few years longer. Over time, the combination of additional pension contributions, tax relief and investment growth could make a significant difference to your pension pot.
Make sure you consider any other savings and investments you have, as these could also be a valuable source of retirement income. For example, while ISAs don’t benefit from tax relief on contributions, withdrawals are completely tax free, making them a tax-efficient source of retirement income.
There is also the state pension, which pays £221.20 per week for those who qualify for the full rate. An adviser will be able to give you a true picture of all your assets and potential income sources, so you can make a fully informed decision about whether your savings are sufficient.
Working out when you can afford to retire means answering some complex questions, and it isn’t always easy to do this on your own. That’s where getting some financial advice can help.
By understanding you and your ambitions for the future, an adviser can help you decide whether your target retirement age is realistic and, if not, the steps you could take to boost your savings. This will help you feel confident you’re doing the right thing with your money and that you’re on course for the retirement you’ve been dreaming of. Don’t let life get in the way of your goals. Make your ideas happen with our financial planning experts.
The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
This publication has been issued by RBC’s Wealth Management international division in the United Kingdom and the Channel Islands which is comprised of an international network of RBC® companies located in these jurisdictions and includes RBC Europe Limited and Royal Bank of Canada (Channel Islands) Limited. You should carefully read any risk warnings or regulatory disclosures in this publication or in any other literature accompanying this publication or transmitted to you by RBC’s Wealth Management international division.
This publication has been compiled from sources believed to be reliable, but no representation or warranty, express or implied is made to its accuracy, completeness or correctness. All opinions and estimates contained in this report are judgements as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, the value of investments and income arising can go down, future returns are not guaranteed, and an investor may not get back the amount originally invested. Countries throughout the world have their own laws regulating the types of securities and other investment products and services which may be offered to their residents, as well as the process for doing so. As a result, any securities or services discussed in this report may not be eligible for sale in some jurisdictions. This report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice.
This material is prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it. The investments or services contained in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. To the full extent permitted by law none of the entities which comprise the international division of RBC Wealth Management nor any of their affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Wealth Management.
Clients of RBC Europe Limited may be entitled to compensation from the UK Financial Services Compensation Scheme (FSCS) if it cannot meet its obligations. This depends on the type of business and the circumstances of the claim. For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website FSCS.org.uk. Please note only compensation related queries should be directed to the FSCS. Royal Bank of Canada (Channel Islands) Limited is not covered by the UK Financial Services Compensation Scheme. RBC Europe Limited is registered in England and Wales with company number 995939. Its registered office is 100 Bishopsgate, London EC2N 4AA. RBC Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Royal Bank of Canada (Channel Islands) Limited (“the Bank”) is regulated by the Jersey Financial Services Commission in the conduct of deposit taking, fund services and investment business in Jersey. The Bank’s general terms and conditions are updated from time to time and can be found at https://www.rbcwealthmanagement.com/en-uk/terms-and-conditions. Registered office: Gaspé House, 66-72 Esplanade, St. Helier, Jersey JE2 3QT, Channel Islands. Deposits made with Royal Bank of Canada (Channel Islands) Limited in Jersey are not covered by the UK Financial Services Compensation Scheme. Royal Bank of Canada (Channel Islands) Limited is a participant in the Jersey Bank Depositors Compensation Scheme (the Scheme). The Scheme aims to provide protection for eligible depositors of up to £50,000. For further information about the Scheme and to understand your eligibility, please refer to www.jrdca.org.je/jdcs.
Investment services offered by the Bank are not covered by an investor compensation scheme as there is currently no such scheme operating in Jersey, however ‘eligible deposits’ held pursuant to investment services may be protected under the Bank Depositors Compensation Scheme described above – for more information see the Bank’s general terms and conditions. Some of the products that the Bank might recommend to you could be registered overseas and may be covered by a local compensation scheme. Your investment counsellor will provide you with the details of any overseas compensation schemes (where applicable) at the time of making an investment recommendation.
Copies of the latest audited accounts are available upon request from the registered office. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.
We’ll guide you through your options, show how much you need to save, and build a plan that helps you realise your ambitions.