With the UK life expectancy increasing, people can now look forward to a retirement that could last 20 years or more.
While we hope to maintain a good standard of living in retirement, achieving this requires considerable forward planning.
Here are some important considerations when thinking about retirement strategies:
If you are in business, you need to consider what is your exit strategy. Will you sell your business interest, or hand it over to the next generation? In the case of a handover, is there a realistic, workable succession plan? If you plan to sell, how will you value the business or find a suitable buyer, etc? Are you aware of all the tax implications of the timing of disposals?
Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?
Savings and investments
Do you have the right balance between savings and investments, and between high and low risk exposures?
Life assurance and long-term care
Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse?