You may still be working part-time or enjoy a form of earned income but you have started to draw some pension income and may be receiving State Pension. You’ve more time available to indulge in travel, past-times and family. Increased longevity means that you are likely to have many more years ahead of you but you cannot guarantee good health for ever.
Hopefully, you will enjoy a long, healthy and prosperous retirement but your circumstances may change and the economy and legislation are certain to do so. It’s important to regularly revisit the performance of your pension against changes to your original plan. At People and Business, we can illustrate the impact of changes against the performance of your pension income and model the impact of making amendments to your planning, if this proves to be necessary.
You probably have a will in place to instruct how your estate should be managed when you pass away. This aspect of your planning needs regular review as your circumstances and the Inheritance Tax rules change.
A holistic view of your retirement situation is beneficial. You need to meet your income objectives, have financial security and strike a balance between Inheritance Tax planning and having available capital and/or income to cover potential care costs in the future.
All of these considerations can be confusing. Our independent financial advisers can help you plan will all of these variables. Contact us today click here.