In Retirement

Today, retirement doesn’t have to mean stopping work at 60 or 65. You have a range of choices about when you leave the workforce and how you take your pension. Many more people are opting for a flexible approach, reducing their working hours in their later years, while some are carrying on into their 70s or even later. The secret is to make sure you have planned your finances so you can work on if you want to, but retire comfortably if you’d rather.

It’s a good idea to take a critical look at your potential expenditure, consider your goals and decide the amount you will need to make retirement a comfortable period of your life. Don’t forget to factor in unexpected expenses, possible gifts of money to family members, the travel you’ve always wanted to do, and give some thought to putting aside some funds that could be used to provide nursing or residential care in the future.

Working with one of our financial planners will help you see the bigger picture. They will be able to take an objective view of your finances and can offer valuable advice on important issues such as how to use your pension pot to secure guaranteed income to cover your basic living costs, and how to invest the remainder to provide the level of income you’re looking for.

You may want to start planning how you’ll pass wealth on to your family. We can advise you on the importance of making your will, or revising an existing will, to ensure your wishes are carried out after your death. Taking advice can help ensure that your heirs receive more of your estate and pay less inheritance tax.

A will isn’t the only piece of forward planning you should consider. A Lasting Power of Attorney 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 can explain how this could benefit you.

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