Looking After Retirement

The fact is that people are living on average 10 years longer than they did 50 years ago. Lifetime saving into pension funds needs careful husbanding and planning. 50 years ago the average life expectancy after retirement was around 10 years, compared with more than 20 years now.

There are a variety of different options available which include the purchase of guaranteed annuities, providing income through phased payment of the tax free cash allowance and full ‘pension fund withdrawal.

A variety of new flexible ‘third-way' annuities products are increasingly common within the market which further adds to the importance of taking advice.

The onset of retirement and the investment of inheritances requires an ‘holistic' planning approach. At this stage there may emerge a need for planning for Inheritance Tax and Later Life Care to mitigate the often very substantial impact on family wealth.

Typically we will work alongside the family solicitor to set up appropriate Trusts to maximise the benefit to the next generation while enhancing the standard of living of retired individuals through efficient tax planning.