If you are wanting to retire imminently or in the very near future you will undoubtedly already have a list of things you wish to do once retired.
But, have you thought further than that?
Are you fully aware of all the retirement options available to you, the various tax implications and the risks?
There are several things you need to consider right now, and these will be different for everybody but may include some of the following:
What are your income priorities?
CONSIDER YOUR ASSETS
Your whole financial situation needs to be taken into account for retirement income and legacy planning.
What are your expectations for the different stages of retirement?
How do you ensure your assets and income are as tax efficient as possible?
Make sure that the right people receive the right assets at the right time
LATER LIFE/LONG TERM CARE
Have you considered this? It is important
The order in which you take your income and from which sources can have a huge impact on tax-efficiency throughout retirement and on any legacy you leave.
It is important to be clear on your options and plan ahead.
Obviously, the above list is not exhaustive, and there are many considerations. Everyone’s goals, circumstances and concerns will be different.
So, if you are about to retire, then it’s time to plan, so you can have a secure retirement where you are in control.
Remember, planning acts as a bridge between where you are now and where you want to be ....
*The Financial Conduct Authority does not regulate tax advice or estate planning