What you have been working towards - now enjoy it!
You are likely to be over the age of 60 and are contemplating a long and fulfilling retirement. After all, this is what all those long hours you put in were for! Unless you have been particularly careful, it is likely that your income will fall during retirement. Making sure that all of your savings are working for you as hard as they can, to provide as high an income as possible, is therefore vital at this stage.
- Review your pension plans - could you improve potential income by consolidating them into one plan
- Review cash savings (including Cash ISAs) - check the interest rate being received as it might be a lot lower than you think. Consider alternatives, such as Stocks & Shares ISAs, to boost your income
- Succession planning - consolidate your investments to make it easier for Executors to deal with your affairs. Don't forget that ISA balances are now transferable to spouses
- Give away some of your accumulated wealth - this helps to reduce Inheritance Tax liabilities as well providing a boost to the financial well-being of your children and grandchildren. For example consider contributing to a Junior ISA
- Plan for long-term care or house modifications as you get older - ensure your savings can meet these potential liabilities
If you need some help to maximise your income, call us and we will be happy to assist. If you require in depth financial planning, we can put you in touch with one of Charles Stanley's experienced financial planners.
Things to consider
Work out how much income you need
Gift some of your savings to your family
Decide on your priorities
Take advantage of our experience - we have been guiding clients for over 30 years