Financial Planning in Retirement

By 2026, life expectancy is set to rise from 75.6 years to 79 years for men and from 80.4 years to 83.3 years for women (Source: Office of National Statistics 2003).

This highlights the fact that planning for a long and successful retirement is becoming increasingly important to all of us. An independent financial adviser can help you take stock of your current position and then recommend what course of action is appropriate for you to take next.

A financial wealth check

If you have retired, you should audit your finances at least once a year to ensure that you are benefiting from all the tax allowances, reliefs and exemptions available. In addition to this, a wealth check gives you the opportunity to assess other key areas. Ask yourself the following questions and, if you have concerns, talk to an IFA.

Your financial wellbeing

When was the last time you had a financial wealth check?
Are your investments tax-efficient?
Have you planned to mitigate a potential inheritance tax liability?
Would the costs of long-term care erode your retirement wealth?

There will be more pensioners than children in the UK within five years, according to the government body, the Office of National Statistics, and there will be two million more pensioners by 2026.