This is often the first thing that people think about when they think about financial planning. But that doesn’t mean everybody is confident in their knowledge and understanding.

Retirement and pension planning is all about securing your financial future whilst you are working so you can enjoy yourself once you finish working - ideally free of money worries.

It involves working out how much money you'll need to live the lifestyle you want and then building up a pot of savings to provide that income.

Pensions are complex, so confidence and understanding are often barriers to people even starting a conversation.

Most people have a workplace pension, where you and your employer both contribute. You might also have personal pensions you've set up yourself. On top of that, there's the State Pension from the government.

Knowing what you have accumulated, and when it might be available, are key pillars of a long-term plan.

You will also need to start thinking about when you want to retire, what kind of lifestyle you want, and how to make your savings last.

The value of pensions and any income from them can fall as well as rise. You may not get back the full amount invested.

Saving and investment planning is a crucial aspect of financial management for individuals and families.

Essentially, we want to feel reassured that you have the right amounts in the right places for the right reasons.

Not everybody with savings will become an investor.

Savings allow us the freedom and flexibility to spend and live our lives, whereas investments are generally more focused towards making your money work harder for the future.

Key steps in any planning might include:

Setting Financial Goals: what do you want your money to do for you?

Assessing Your Financial Situation: are your income and expenditures balanced? Do you have enough space to start building funds in savings and investments?

Saving: if saving is the right option for you, are you making best use of vehicles like ISAs to ensure you retain more of your interest?

Investing: Explore investment options and vehicles to grow your wealth over time (in line with your objectives).

There are numerous strategies and approaches to take, and so it is likely your plan will combine saving and investing - the key is to be clear from the outset on your objectives, your time horizon or key milestones, manage risk appropriately, and continuously review your plans.

The value of investments and any income from them can fall as well as rise. You may not get back the full amount invested

We view this as the cornerstone of any good financial planning.

It can be easy to focus on the future - our dreams and ambitions, and where we want to get to. But it’s just as important to think about what might derail those plans along the way.

For example, becoming ill, losing a job or an income source, losing a family member. These are all things that happen to real people.

Protection planning helps to prepare for unexpected events.

A comprehensive protection plan can contribute to our peace of mind knowing that the financial future we dream of and the well-being of our families and loved ones are secured, regardless of what life may throw at us.

Inheritance tax planning is a strategy to minimize the amount of inheritance tax that your loved ones might have to pay on the assets you leave behind.

More and more of us will find ourselves in a position where our estate would have an inheritance tax liability, but there are a number of ways good planning can ensure more of your assets reach your loved ones. For example:

Gifting: One way to reduce your estate's value is by gifting assets during your lifetime. You can gift up to £3,000 each year without incurring inheritance tax. Larger gifts might be subject to tax if you die within seven years of making them.

Trusts: Setting up a trust allows you to pass on assets while still maintaining some control over them. There are various types of trusts, each with its own tax implications.

Other Strategies: Other strategies include making charitable donations, utilizing business relief, and taking out life insurance to cover potential tax liabilities.

Inheritance tax planning can be complex, so it's advisable to seek professional advice from both a solicitor and a financial advisor. They can help you create a personalised plan based on your circumstances and goals.

The Financial Conduct Authority does not regulate some aspects of Trust, Tax and Estate Planning

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Financial planning can benefit both business owners and their employees in several ways.

For Business Owners:

Improved financial health: managing finances more effectively, ensuring they have enough cash flow to cover expenses and investing in growth opportunities.

Reduced stress: Knowing finances are in order can give business owners peace of mind and reduce stress levels - increasing focus on the job in hand.

Increased profitability: By making informed financial decisions, business owners can increase their profitability and maximise their earnings.

Better retirement planning: Financial planning can help business owners plan for their retirement, ensuring they have enough money to live comfortably after they stop working.

For Employees:

Financial security: Employees who have access to financial planning resources are more likely to feel financially secure, which can lead to increased job satisfaction and productivity.

Improved benefits: Some businesses offer financial planning as an employee benefit, which can help attract and retain top talent.

Better retirement planning: Financial planning can help employees plan for their retirement, ensuring they have enough money to live comfortably after they stop working.