Retirement Planning Checklist | What Do You Need?

11 May 2023|Related :

Retirement planning is essential in order to ensure you can maintain or improve your standards of living once you stop working. Without adequate planning and preparation, retirement may not meet your expectations, leading to disappointment and potential vulnerability if your pension is insufficient and cannot support your needs.

Astonishingly, 45% of workers in the UK fail to save the recommended 12% of their salary each year towards retirement. What’s more, despite employer responsibility to provide a workplace pension and the government’s contribution to the state pension, the government’s support diminishes as we live longer, and the state pension age continues to rise.

Retirement may be the most significant financial commitment in your life. That’s why it is never too early to begin preparations. In this guide, we’ll be explaining everything you need to consider when planning for your retirement.

Planning Your Exit Strategy

If you’re a business owner, when it comes time to retire, you’ll need to think about whether you intend to withdraw from the business, sell it, or pass it on to the next generation.

If your plan involves transferring the business, ask yourself if you have developed a succession plan. If selling is your preferred option, how will you determine the value of the business and locate a suitable buyer?

At Ryans, we specialise in aiding you with a comprehensive plan and educating you about the various tax considerations associated with the timing of the disposal.

Pension Planning

Ask yourself the following questions:

  • Do you have the most suitable types of pension plans for you?
  • Are you confident that your contributions are sufficient? 
  • Have you explored all the pension possibilities specifically designed for business owners and directors?

If you answered “no” to any of these questions, there’s no need to worry. At Ryans, we are here to help. Our thorough assessment of your individual circumstances and financial situation will ensure that you have the appropriate pension plan in place with ample provisions.

Additionally, we will evaluate the potential sources of retirement income, such as investments. We aim to help you comprehend the nature of your investments and the associated tax implications.

Managing Savings and Investments

Have you achieved the ideal balance between your savings and investments, as well as between high and low-risk exposures?

Many individuals mistakenly consider saving and investing as identical financial activities, however in reality they are very different. 

Although both involve setting aside money for the future, they should be approached differently and serve unique purposes. At Ryans, we specialise in guiding you through these differences, enabling you to make informed decisions and determine the optimal balance that aligns with your needs.

Life Insurance and Long-Term Care Planning

Life insurance plays a crucial role in providing financial security for your family. It serves as a safeguard to protect your dependents from potential financial hardships in the event of your passing.

It is important to carefully consider your options and choose the most suitable protection or investment policy for your specific needs.

At Ryans, we understand the significance of protecting your loved ones. That’s why we strive to assist you in making informed decisions and implementing the appropriate measures to ensure you are well-prepared for long-term care and medical insurance, not only for yourself but also for your family in the future.

Comprehensive Retirement Planning with Ryans

At Ryans, we provide bespoke solutions that cater to your individual needs, ensuring that you can fully enjoy the retirement you have worked hard for over the years.

We offer expert retirement planning advice delivered in straightforward terms, making your journey to retirement much smoother and more manageable.

If you require further information, please don’t hesitate to reach out to our team. We are here to assist you, address any inquiries you may have, and offer the support you need.

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