A comfortable retirement, free of money worries, is something we all hope for. So it makes sense to begin your retirement planning early. A good place to start is by asking some key questions.
- If you are in business, what is your exit strategy? Will you hand the business over to the next generation or are you planning to sell? If you intend to hand the business over, do you have a viable succession plan? If you intend to sell, how will you value the business and find a suitable buyer, Are you aware of all the tax implications of the timing of disposals?
- What pension arrangements do you have in place? Are you making full use of your pension saving allowances? Are you aware of all the pension possibilities open to business owners and directors? Do you understand the options open to you under the greater freedom to access pension savings effective from April 2015?
- What savings and investments do you have? Do you have the right balance between savings and investments and between low risk and high risk products?
- Do you have life insurance in place? Do you have any medical or critical illness insurance? Have you thought about meeting the potentially significant cost of long-term care for yourself and your partner in later life?
Moore Thompson and our Independent Financial Adviser colleagues at MT Financial Management can provide integrated advice to help you plan for retirement and maximise your financial security in later life. Our support includes MT Financial Management’s Pension Review Service and the At Retirement service, which offers:
- a review of your current financial circumstances to identify the resources will be available to you in retirement
- research into retirement options available to you, taking into account your personal tax position
- recommendations for, and implementation of, a financial strategy that will help you to achieve the best possible standard of living throughout your retirement.