Having spent many years working, you may have a higher level of income and now would be the perfect time to check that your investments are in the right place to meet your goals. The impact of tax and how to minimise it may also have started to play a more important role in your thoughts.
Savings and pensions are likely to have moved up your list of priorities and you may now be considering when you would like to retire. Planning the next few years now will be vital in establishing a healthy retirement pot and the way in which you would like to draw your pension benefits. However, it may also remain important to you to provide cover for your family in the event of death, illness, or disability, particularly to bridge the gap to the time when you can draw your pension.
University fees may still be a consideration or you may wish to help your children to buy their first property. The importance of passing wealth to your beneficiaries is likely to seem relatively remote but now may be a good time to ensure you have planned adequately to minimise any inheritance tax liability.
How we can help
Ensuring that your investment portfolio is well planned and takes advantage of several different tax efficient ‘wrappers’ is often crucial at this point. However, the choice of investments can often be bewildering and even if you have a good idea of what you need, how do you decide who to give your money to?
Our expert service will look at your existing arrangements and consider whether you need to make extra pension contributions or other savings. This could involve increasing your pension fund by making larger monthly payments or lump sum single investments. You may also want to take a more active role in the management of your pension fund through a modern Self Invested Personal Pension.
If you are considering a buy-to-let property, we will be able to advise on the most suitable source of finance.
Things to consider
- Maximising tax efficient savings before retirement
- Reviewing investment portfolios
- Planning for the level of retirement income you require
- Providing financial support for children or grandchildren
- Considering protection needs and private medical insurance
- Repaying your mortgage
- Reviewing your inheritance tax position
- Reviewing your Wills