Post Retirement

Clients who approach us for post-retirement planning face a wealth of options available to them, the need to immediately secure an annuity purchase at retirement age has gone. There is greater flexibility in the pension arena than ever before. Therefore, clients require a higher level of advice to ensure that they are aware of the choices available.

Priorities now switch from day to day saving to how to efficiently spend existing savings and investment capital. Cash flow modelling can provide invaluable data and more importantly peace of mind. Tax planning is critical as even though clients may now be eligible for income tax age allowances, many clients will still find, to their great disappointment, that they will still be paying large sums of income tax.

Trust and estate planning is also important as is the need for advice. For example: many people are still unaware that ISA funds cannot be placed into trust.

Most clients experience the following stages of retirement: Immediate retirement; income and expenditure can be uncertain. Active retirement; expenditure may indeed increase and savings capital spent.

Later stage retirement; capital security, care needs and inheritance tax planning become ever more important.

Some of these choices and decisions at retirement and beyond are:

  • Make full use of the new pension flexibilities
  • Pension Annuity (standard, enhanced or impaired)
  • Could your health effect your level of income in retirement
  • Do you require a guaranteed income
  • Release of pension commencement lump sum (tax free cash)
  • Considerations for long term care
  • Downsizing and lifestyle changes
  • Legacies to children/grandchildren
  • Decumulation of savings and Investments
  • Inheritance tax planning, including trusts*
  • Wills*
  • Gifts to charity*
  • Wealth Management**
* Tax planning, Estate planning, Trusts, Will Writing, Deposit Accounts and Gifts to Charities are not regulated by the FCA
** Wealth Management is available to all clients at all life stages but is subject to minimum advice charges