Planning for your retirement can be a daunting, and often confusing experience, with people living longer than ever and pension pots needing to last for an average of 40 years. It’s never been more important to have a strategy in place that allows you to live out your retirement safe in the knowledge that you can maintain your financial independence.
“It’s important to carefully consider the quality of life you’re expecting when you stop working, as well as your financial goals. Are you planning on having enough money to pay for family holidays, buying property, contributing to family wedding costs? You’ll also need to factor in how your circumstances might change in the years ahead,” says Granville Turner, Director at Company Formation Specialists, Turner Little.
“Topping up your pension plan can improve your financial security. It can also be combined with other savings vehicles such as ISAs and assets including property to maximise your funds for retirement,” he adds.
“Whilst you can carry on working for as long as you like, it’s important to understand that when you retire, you will still be liable for income tax on your pension income if it exceeds your personal allowance. Inheritance tax can also have an impact on your estate, so it’s important to put together a carefully considered plan to protect your liabilities,” adds Granville.
Turner Little specialises in creating bespoke solutions for both individuals and businesses of all sizes. The knowledge and expertise of our specialists, ensures we are able to assist with any enquiries, no matter how complex, ensuring you are able to achieve the retirement you want. To find out more about how we can help you plan, get in touch with us today.