Whether you’re getting ahead of the game for later in life, or worried about your current retirement fund, our independent financial advisers can help you to plan for the next stage of your retirement.

‘Later retirement’ is typically when you’ve been in retirement for a number of years already, following on from what we call ‘early retirement’. We’ll help to review your pension fund, plus any investments or other income sources to ensure that they are still appropriate for your current requirements. Our advisers can help you understand the level of income you currently need, and whether any changes should be made accordingly.

Later Retirement

Providing guidance on your pension

The later retirement stage is primarily a phase of life where you might be drawing benefits from accumulated pension funds – likely to comprise of two different options.

The first is annuity, where a pension pot may have been exchanged for a guaranteed regular lifetime income and therefore set for life. This works when flexibility isn’t a major concern.

The other is flexi-access income drawdown, where income is drawn from an invested pension pot.

Should I consider Will planning & powers of attorney?

Most people at this stage of life will have a Will already in place, however this definitely isn’t the case for everyone – or if they do, it may require updating or re-writing if circumstances have changed.

Many retirees in later retirement do not appreciate the importance of having a power of attorney (PoA) in place. In both of these instances, we’ll help to show you the important reasons to have both a Will and PoA in place, and assist you in any way you need to make these things happen smoothly and efficiently.

Investments and cash flow

Savings will likely be in the form of accumulated capital on deposit as emergency funding, or in collective investments such as ISAs or General Investment Accounts (GIAs). We will advise how best to maintain adequate emergency funding, and how to establish the perfect balance between security and growth for your assets.

We can also guide you on later life mortgages, including equity release, which could be considered as a means of freeing up extra cash whilst being able to remain in your home.

Senior couple in sports car

Long term care and financial protection

Because people are generally living longer, demand for long term care is expected to grow. As a result, long term care planning is a vital element of later life financial plans, to reduce your risk of running low on funds.

As well as planning for long-term care, there is also the added consideration of funeral cost cover, plus whole of life protection for potential inheritance tax liabilities. At this stage of life, it’s likely that any children you have will be financially independent adults, so security provisions are no longer a necessity, as they may have once been.

By the time you reach later retirement, you’ll have built up pensions for income, as well as other assets over your working years. We can provide you with guidance to best make use of your assets for an enjoyable retirement, and to leave a tax efficient legacy behind for children and grandchildren.

Just like any other major life change, the journey through retirement does involve significant emotional changes. As well as financial planning, we’ll also help with the emotional side of your retirement too, if you need us.

An initial consultation is completely free of charge, simply get in touch with our team of expert advisers today.

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