Retirement & Later Life Planning

Retirement & Later Life Planning

The good news is that we’re all living longer, which means that those reaching 65 today might easily expect to spend around 20 years in retirement. However, if you’re hoping to enjoy your later years, then getting the right financial advice has never been more important. Ensuring that pension pots are used wisely and continue to provide for changing financial needs will be a major concern for many. Nobody wants to face the prospect of running out of funds later in life.

Generating an income in retirement

Working with us will help you see the bigger picture. We will be able to take an objective view of your situation, and can offer valuable advice on how to plan your finances and use your pension pot to provide the retirement income you need. There’s a range of investment strategies that can be tailored to your individual needs, which means you can choose to preserve your capital, generate income or opt for a balance between the two.

You’ll want your plans to be flexible enough that they can be adapted to your needs as they change over the years, and we can advise on the right approach for your circumstances.

Care fees

As we get older, many of us will face the challenge of providing care for ourselves or for a loved one. Whilst medical care in the UK is free at the point of need, social care is means-tested. This means that your wealth will be taken into account when calculating what you have to pay towards the cost of your board and lodging. At present, anyone who has assets of over £23,250 has to pay the full cost of their care (This only applies to England, charges will vary in other areas of the UK).

It makes sense to think in advance about how you would fund the expense if the time came. For many, the solution is to sell or rent out their home to pay the fees. However, there are other options available to you, and we can help you make the best choice for your circumstances.

Passing on wealth

You may want to start planning how you’ll pass wealth on to your family. Putting the right structures in place now can help ensure that your heirs receive more of your estate, and pay less inheritance tax.

Whilst we are unable to advise on or assist you in making a will, we do generally stress the importance of having one in place, and revisiting this periodically to ensure it remains appropriate in ensuring your wishes are carried out after your death. Your chosen legal professional may also explain other pieces of forward planning for you to consider and how these could benefit you, such as a Lasting Power of Attorney, which enables you to choose the person or people you would like to be in charge of making decisions which affect your finances or health and welfare if you were no longer able to do so.

We know that at this stage of your life, taking financial advice can bring considerable peace of mind. You’ll find us friendly, approachable and experienced in providing help and advice on what can often be challenging later-life decisions, so why not get in touch?

A pension is a long-term investment and the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.