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RETIREMENT PLANNING

If you haven’t already retired, when do you want to stop working and what sort of income will you need when you do?

For some people Pension policies may be the answer – certainly there are some tax advantages to making this the savings plan of choice.  But a Personal Pension comes with a number of strings attached and even after the Government’s recent revamp, there are considerable restrictions on the way in which you can use your accumulated funds when you come to retire.  So it is worth reviewing the different ways in which you can put money aside.

On the other side of the coin vehicles for saving like ISA's, which have immediate tax benefits could be subject to a 40% tax charge as a part of your estate on death.  Careful planning is essential

However, the stark fact is that whatever the savings means, very few people in our experience have been encouraged to be realistic about the amount of today’s income that needs to be saved to ensure that there is enough income later.  Although it’s true that the earlier you start the less painful the saving decision, that’s not a lot of comfort if you didn't.  For most of us it will be a matter of making the most of what we have.  Here, we believe our experience and expertise will help to define the best route to get you from where you are now, to where you want to be in the future.

THE HOT TOPIC

What is certain is that beyond the basics, nobody can afford to rely on the State.  So if you are approaching retirement, or if you are already retired and income is a problem, what can be done?  This is a field we have been researching thoroughly and there are some possible answers that are worth exploring.  Sometimes this comes down to ways of raising capital; sometimes to better investment of what you have; sometimes both.