About Champion Retirement
Champion Retirement can best be described as the website that accompanies you whilst making plans for your retirement and how you adapt those plans to changing circumstances once you have retired.
The website is designed to compliment the services of PensionWise and Money Advice Service and the services that may be provided by financial advisors. However before you begin to plan your retirement adventure you need to understand what you want from your retirement.
Surveys consistently show that many people are perplexed by the decisions they have to make. They either put them off or, just go with a default option which may not be appropriate for them individually. When encouraged to speak to a professional financial advisor, many say they cannot afford to, its too costly or that the do not trust financial advisors.
What does retirement mean to you?
Many people dream of a never ending holiday, and doing all the things that work gets in the way of. However coming down to earth, what constraints will there be on that dream? These could be your family situation; your health and / or your wealth.
How will you move from work into retirement?
Will you retire before or after your state pension becomes due? This could have a significant impact on your retirement plans. Will you slow down by reducing you hours for a period before fully retiring? If you live with a partner what will are their plans? What impacts will this have on your household income?
How much will you spend in retirement? Without knowing the answer to this you do not know how much income you will require.
From the wealth that is available to you what alternatives are available to you to generate that income?
Life never stays the same there will be changes that you will need to adapt to. Can you plan for these eventualities to avoid major shocks to your retirement plans.
The above describes the Foundations chapter of Champion retirement.
Having laid your Foundations you can now begin to use the varying materials available to you to build your retirement. Your materials are the components that create your wealth and provide you with income. They could include your state pension; state benefits; income from defined benefit pension schemes; money purchase pension pots; ISAs; Insurance policies and other investments. But for many the largest source of wealth will be their home.
In the Materials chapter of Champion retirement we examine how the wealth available to you can be used efficiently to increase the income that your wealth can provide.
The impact of regulations
As with all things in life the retirement you plan will be subject to taxes and regulations. Your retirement plans need to be designed around these to ensure you do not pay to much tax, and that you receive your entitlements.
The Regulations chapter of Champion retirement helps you to understand what the rules are.
Managing your project
When you want to get on with your retirement plans you may find it is not as easy as you would have thought to do it yourself. The Management chapter of Champion retirement helps you understand what the obstacles may be; where to obtain free help; and how to find the best advisor for you.
A range of calculation sheets and templates
Finally Champion retirement comes with some calculation sheets and templates to help you with the above.
About Bob Champion
This website is provided by Champion Retirement Ltd a business that was established by Bob Champion FCII APMI, in 2016.
After 35 years working for a large insurance company, many of them in senior pension roles, Bob at the age of 52 was faced with the choice of moving to another part of the country or accepting redundancy in the form of early retirement. On hearing this, his mother said she was too young to have a son who was a “pensioner” and he should find another job. He took the redundancy offer and was quickly approached by other companies to join them.
He then spent two years with an Employee Benefit Consultancy before joining an Investment Platform, where he became responsible for the retirement products that were on offer. In 2015 Bob “retired” for a second time.
He was then approached to do some consultancy work, including being Chairman of the Later Life Academy.
Bob had unfinished business…
For much of his career Bob’s role was to provide solutions for those who engaged Financial Advisers. Retirement Income Planning is very individual matter, which becomes more complicated the smaller the available pension savings. The solutions for those with large pension savings may not always be suitable or appealing to those with less.
Bob wanted to do something to help people avoid doing the wrong thing and avoid making resultant costly mistakes. An alternative approach to Financial Advice was required. Financial Advice when done well, understands the individual, their goals, and comes up with a plan and solutions that deliver the best outcome for the individual.
This involves a lot of work hence the cost of individual financial advice.
He concluded that a web based manual that the user could interact with, helping them build their understanding and how to apply the information provided to their own situation, was the best and cheapest way of meeting his objective without providing individual financial advice.
This website does not give individual Financial Advice.
Champion Retirement is the result
Bob’s ethos is that each day we should try to be better than the previous. He therefore wants to hear from users, what worked for them and what could be improved. Unlike a printed manual, users can access the benefit of all improvements made over the next 3 years at no additional cost. You can give your feedback here.
Bob is also a Director of the Investment and Life Assurance Group; an active Rotarian and Chairs a local charity that supports those in need with long term medical conditions.