Moving into retirement, and we have planned your income strategy out in the previous phase, we now need to monitor this and guide you along your path to ensure you reach your goals and experience your desired lifestyle.
However, it is also the time where we see the largest number of changes to clients ‘Financial Masterplan’.
Everything up to this point, has been a hope or aspiration, based on at some level, an assumption. Until you have lived your retirement for six months / a year / possibly more, you do not fully know how you want this to look.
A great example of this was a client who was a huge golf fan. It was their release from work, they played at least once mid-week and once at the weekend. Their plan for ‘early retirement’ was to play golf every day and undertake a large golf holiday each year.
After around three months, his plans changed dramatically. He had realised that it was not the golf that he loved, it was the release from his stressful job and playing everyday fast became a chore, so went back to playing a couple of times a month with friends – which drastically changed his retirement plans!
Throughout retirement, you will have either guaranteed (such as a final salary pension, annuities or state pension etc.), non-guaranteed incomes (investment incomes, flexi-access pension drawdown etc), or most likely, a combination of the two.
We work with you, in conjunction with your ‘Financial Masterplan’ to generate the income that you require in the most tax efficient manner and to ensure that your plans reflect your provisions.
Using our sophisticated forecasting software we actually put a percentage success rate on you plans. We have all heard so many stories about people wishing they had done things earlier, whilst they could, and then when they wanted to, it was too late. We do not want this for our clients, we want them to live the life that they want, whilst making sure that their future self is cared for at the same time.
Again, we consider the tax efficiency, your exposure to investment risk and your plans going forwards.
It could well be that you have aspirations on leaving a legacy to your family, friends or charities for example, and we can assist you further in ensuring that your estate is as tax efficient as possible – resulting in your beneficiaries receiving as much as possible rather than the Government through inheritance tax.
