Everyone hopes to maintain the same standard of living in retirement as they enjoy while working but achieving that takes a lot of forward planning. There are a variety of things you should start thinking about as soon as possible.
If you’re currently in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or do you hope to sell it to an outside successor? If you intend to hand the business over, do you have a workable succession plan? If you’re selling, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?
Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?
Savings and investments
Do you have the right balance between savings and investments – and between high and low risk exposures?
Life assurance and long-term care
Do you have adequate life assurance? Have you made provision for long-term care and medical insurance for you and your spouse in your later years?
We can help you answer all these questions and recommend solutions tailored to your particular needs.
Our retirement strategy service includes…
- Review of current retirement provision
- Exit and succession planning
- Pension planning
- Wills and estate planning
- Advice on care and healthcare cover
They call it ‘self-assessment’ but many taxpayers struggle to understand the complex tax return process and so risk filing late, paying too much tax, or paying too little. Let us handle this for you and get it right.
Few of us like to think about dying but, equally, few of us could live with the thought that we’ve failed to make adequate provision for the family and friends who survive us. That’s why planning matters.
Trusts are a relatively easy and tax efficient way to set aside assets for future beneficiaries, outside of the inheritance tax net that can so easily reduce the amount passed on.