Everyone hopes to maintain the same standard of living once they retire, as they currently enjoy while working, if not better! The day you retire is the day you step away from schedules, obligations and deadlines and can begin to relax.
A poll by Scottish Widows found that 18% of workers expecting to work into their mid-60s would be doing so out of necessity rather than choice. 24% of respondents expect to be in a position to retire when they hit the age of 65, while 39% feared running out of money in retirement.
Unfortunately, without proper planning and preparation, your retirement may not live up to your expectations and leave you feeling disappointed, or even vulnerable, should you have an insufficient pension.
45% of workers are failing to save the recommended 12% of their salary towards retirement each year.
Despite employers having an obligation to provide you with a workplace pension and the government contributing to your state pension, the longer we live, the less the government contributes and the higher the state pension age rises.
Retiring may well be the biggest expense of your life, so allowing enough time to accumulate an appropriate sum of money is key to achieving an enjoyable retirement. It’s never too soon to start preparing. Planning your retirement with an accountant ensures you’ll have a well thought out strategy and a sufficient pension to support you in older age.
If you’re in business, the first thing to consider is your exit strategy. Will you be withdrawing from the business, selling it or leaving it for the next generation? If you intend to hand over the business, do you have a succession plan? If you plan to sell, how will you value the business, find a suitable buyer etc…
At Ryans, we can assist you with putting a plan in place and teach you about all of the tax implications of the timing of disposal.
Did you know there is more than just one type of pension plan?Do you know if you are providing adequate contributions? Are you aware of all the pension possibilities for business owners/directors?
If you answered ‘no’ to any of these questions, don’t worry, that’s what we’re here for! We will fully assess your circumstances and finances so you can be sure you have the right pension plan and adequate provisions.
This will involve budgeting because knowing what you’re currently spending each month will give you an idea of how much you’ll need in retirement.
We then look at the retirement income available to you such as investments. We don’t sell your investments, we simply offer guidance to help you understand what you’ve invested in and the tax implications involved.
Savings and Investments
Have you got the right balance between savings & investments and between high & low risk exposures?
Lots of people assume saving and investing are the same financial activity, when in reality they are very different. Whilst they’re both ways of putting money away for the future, they should be treated differently and serve different purposes. At Ryans, we can help you to understand the difference and find the right balance that suits you best.
Life Assurance and Long-Term Care
Life assurance is essential financial protection for any family. This protects your dependents from financial difficulties in the event of your death and requires diligent consideration to make sure you select the right protection or investment policy for you.
At Ryans, we assess all your circumstances and help to put the right measurements in place so you are prepared for long-term care and medical insurance for both yourself and your spouse in the future.
We provide solutions that are tailored to your specific needs to make sure you can enjoy your much deserved retirement after years of hard work. With expert advice offered in easy-to-understand terms, your journey to retirement will become a lot easier.
For more information, please don’t hesitate to get in touch with our team who will be happy to help and answer any questions you might have!