In Retirement

In Retirement

Once you have retired there are important decisions to be made to protect yourself and your spouse.  The first priority is often to ensure that your pensions and investments are arranged to provide the lifestyle you want in retirement.  Choices may be made available to you by your pension provider - taking advice at this stage is strongly recommended.  There may be additional options not offered by your pension provider which an adviser can explain to you.

Protecting your home and your estate for your potential beneficiaries may become priorities for you in retirement.  Sometimes these goals can be in conflict with the goal of protecting yourself and your spouse, so professional financial advice is again strongly recommended.

Putting the rights plans into action now can help you enjoy your retirement. Consider the pointers below, but remember this page is for information only and the list of risks mentioned are certainly not exclusive. We strongly advise taking financial advice before taking any action.

If your pensions, investments or income were reduced, would you be able to cope financially?

 Arranging your pensions and investments such that your needs are met in a stable and predictable manner often becomes a high priority for retirees.  This may be because most of us would find it difficult to replace lost or depleted funds at this stage of life. 

A full financial review is strongly advised at retirement.  Your financial adviser can help you adapt your pensions, investments and savings to meet your attitude to risk and your personal preferences. If you would like to take advice on retirement income, click here to contact us.

If you couldn't make decisions for yourself, who could?

 The risk that one day we might not be able to look after our own affairs is unpleasant for any of us to contemplate.  Whilst the law and the Office of the Public Guardian are there to protect us in these circumstances, it's important to note that our loved ones will not automatically have the power to make decisions for us and that it can be a costly and lengthy process for them to gain that power. 

A Lasting Power of Attorney can be written to ensure that your loved ones can make decisions for you if this situation should arise.  For more information about Lasting Powers of Attorney, click here.

Have you considered planning to mitigate the risk that care-costs or inheritance tax may erode your estate for your loved ones?

 Inheritance tax and the potential for long term care costs can be significant threats to your estate and taking advice earlier rather than later is strongly recommended.  There are steps which can be taken to legitimately minimise your inheritance tax liability and ensure any future care costs are met as efficiently as possible, protecting your home and your estate for your spouse or those you leave behind. For more information on estate preservation, click here.

Is your will written to protect your spouse and minimise risks to your estate after you are gone?
 Having your will written by a professional will-writer, especially one who is also a professional financial adviser, is strongly recommended to help preserve your estate for your spouse and your future beneficiaries.  Writing a simple will without much thought to potential future risk scenarios can leave you unnecessarily exposed.  For more information about will-writing, click here.

Next Steps

If you wish to take advice or simply wish to discuss the options, do feel free to contact us.

Telephone:   02920 009 479 
Or you can message us from this website by clicking here.