Advice for approaching retirement

Throughout our many years of helping clients with their finances there are a number of ‘ age related’ questions we have been asked on a regular basis. We strongly believe there is no question too small. They are all relevant…and if they are relevant to you they are important to us and our ability to help you. We have therefore categorised a few of the most common questions which we hope you find helpful.

However, if you are anxious or confused about your financial future feel free to book a free consultation here.

This will depend on your personal circumstances and goals. Through redundancy or as a personal decision we have helped many clients work out if they have enough to avoid taking a part time role or finding a new job.  If you know what your projected State Pension will be and what pensions and savings you have you can begin to make an informed decision.

Firstly you need to know what your life expectancy is and then you need to know what the future looks like. Of course these are not things you can have the answer to but you can use a number of variables to explore some possible scenarios. There are tools available to us to help you work out if or when your money might run out which will assist in other financial decisions.

If you can define what you need the money for and when you will need it then we have the tools available to decide if it is ‘enough’ and this is different for everyone.

There are a variety of allowances available to ensure that you pay less personal tax.  If you can understand what is available then you can make an informed decision on the best route to take. You may wish to transfer part of your personal allowance from your spouse who is a non-taxpayer.  You may save tax by using ISA allowance and make pension contributions.  You may also use a Rent A Room Scheme to earn extra money from your home when your children have grown up and left.