Let’s make retirement planning simple

This is perhaps the most important part of retirement planning. Approaching things tax-efficiently is one way which will help stretch your money as far as possible. It’s also crucial to consider the impact inflation will have over time. This will chip away at your spending power, so it’s important to safeguard against it.

As advisers, we can help by…

Using cash flow projections to estimate how your income might look many years from now, and what steps you can take to potentially improve things. If you have a number of income sources, we can also recommend what order to use them based on your personal circumstances. These are just a few ways we can help, but there are many more.

There’s no golden age you need to begin thinking about retirement, but the earlier you start the better. Doing so gives greater opportunity for you to achieve the best possible outcome. And if you feel like you’ve left things too late, don’t worry – there are always actions you can take. There’s no minimum or maximum age to qualify for advice.

As advisers, we can help by…

Pinpointing the most appropriate steps to take based on where you are in life. If you’re younger, this might involve taking increased risks with your investments to try and generate better returns over the long term. On the flip side, if you’re older, your investing strategy might involve less risk – helping to better protect your money for when you soon need it.

Your spending in retirement is likely to be very different compared to when you were working. For example, you might spend more on hobbies and less on commuting. Because retirement has the potential to span many decades, it’s also crucial that you consider how your lifestyle might evolve as you get older. The key thing to remember is that you’re going to have to be flexible – life happens and things change.

As advisers, we can help by…

Explaining how much you may be able to safely spend each year. We might suggest ways of freeing up more money for the things you love, while still covering essential expenses. Making sure you’ve got wriggle room to cover the unexpected will be a focus, taking inflation and your changing needs into account.

Safeguarding your family’s financial welfare can be a big part of retirement planning. Having an inheritance plan in place can help ensure your legacy goes towards helping those you care about financially. Doing this in a tax-efficient way is key, especially when you consider the average Inheritance Tax bill was £215,000 in 2021/22.

As advisers, we can help by…

Recommending smart actions which protect you against having to pay excess tax. This might include gifting money to loved ones while you’re still alive, or setting up a trust. Life cover is something else we might recommend depending on your personal circumstances. It’s important to note that pensions aren’t usually covered by your will, so need to be accounted for separately. We’ll make sure your beneficiaries are noted where they need to be.