With a team of specialists able to provide solutions on an extensive range of business issues, and a network of business partners providing expertise in other areas, we aim to add real value to your business.
Retirement strategies
Are you confident that you have made sufficient plans for your retirement?
These days, with growing life expectancy and advances in healthcare it is not uncommon for people to live for twenty to thirty years after they retire. This can be more than half the time they spent working! Therefore it is important to ensure you have thought carefully about the following areas:
- Supplementing your pension provision with other sources of retirement income, such as savings products, investments and even property income. The tax and financial implications of such decisions are complex and require timely and expert advice.
- The timing of your retirement and how you will leave your business – you may wish to pass it on to others in your family (do you have a workable succession plan?) or sell it and cash out (how will you value the business?). In any event, it is wise to prepare your exit strategy well in advance. You might find it easier to retire in stages; combining some paid or unpaid work with gradually and tax-efficiently drawing down on retirement funds.
- Finally there are matters of life assurance provision, long-term care, and medical insurance to consider if you wish to ensure you maintain a good quality of life throughout your retirement
The three keys to successful retirement planning are:
- Plan well ahead - It is never too early to start retirement planning. The earlier you start the greater your chances of achieving your objectives.
- Maintain balance & flexibility - It is especially important to achieve an appropriate balance between higher and lower risk exposures, and to maintain flexible options with regard to instruments such as pensions, savings, investments, and insurance.
- Seek professional advice – This is a very complex and continuously changing area, and we strongly recommend you seek skilled, professional advice at every step.
Call Mike Kirby on 01730 234500 to arrange a no-obligation initial meeting to discuss how we can help you plan effectively for your retirement.