In Retirement
How is retirement for you? Going well?
What are your concerns? Have you had a change in circumstances or health which have led you to re-consider your retirement plan?
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, and these will be different for everybody but may include some of the following:
LIFESTYLE
What are your expectations for the different stages of retirement?
LIFE EXPECTANCY & DEPENDANTS
How long do you expect to live? Any financial dependants?
CASHFLOW REQUIREMENTS
Your income needs will change throughout retirement.
TAX
Make sure your pensions and investments are as tax efficient as possible
LATER LIFE
Consider Long Term Care Fees, Lasting Power of Attorney and Wills
LEGACY/
SUCCESSION PLANNING
Make sure that the right people receive the right assets at the right time
The order in which you take your income and from which sources can have a huge impact on tax-efficiency throughout retirement, funding of care fees 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 in retirement, then it’s time to review and plan, so you can have a secure retirement and later life 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