Retirement planning for retirees

Manage your finances with confidence through retirement

Retirement isn’t a one-off event but a life stage that can last several decades. If you’ve already retired then it’s likely you’ve made a retirement plan before now, however market conditions shift, tax legislation changes and your personal circumstances may alter in ways you may not have anticipated. Seeking professional advice can help you protect your wealth so you can enjoy the freedom you’ve worked hard for.

Drawing a tax-efficient income

Navigating the ever-changing tax landscape in retirement can be complex, particularly when your income may come from a variety of sources. Our financial planners can help you structure your withdrawals in the most efficient way, making use of all available allowances to make your money go further.

Protecting your legacy

You may wish to support loved ones in your lifetime through gifting or have started to think about your legacy and potential Inheritance Tax liabilities on your estate. As part of your financial plan, we can arrange your assets to reflect your wishes and ensure you can pass on as much of your wealth to your loved ones as possible.

Learn more about estate planning.

Estate planning

Reviewing your plan regularly

Once you’re drawing down on your investments and taking an income, we recommend reviewing your financial plan at least once a year. It’s important that your plan evolves and your investments remain aligned to your goals, are protected against the impact of inflation and reflect any changes in your health, lifestyle, and circumstances.

Frequently asked questions

I’m already retired. Why do I need advice?

Retirement isn’t just a milestone moment, but a life chapter that can span over 30 years. It’s important to regularly review your finances to make sure your retirement plan is adapting to your personal circumstances. This helps your money work harder through changing markets and supports you in drawing income in a way that’s mindful of tax efficiency.

Our expert financial planners can work with you to review and adapt your plan, providing guidance as you navigate your financial future.

How can I make my retirement savings last longer?

There are lots of ways to help your money go further in retirement. It’s important to set a sustainable withdrawal strategy and review your retirement plan regularly.

We also recommend factoring in any changing income needs and keeping inflation in mind as it can erode the value of your income over time.

Your retirement plan needs to be tailored to your circumstances so it’s best to speak to a trusted financial planner who will help you to make informed decisions and feel confident about the years ahead.

How can I pass my wealth on to my family?

Passing your wealth on begins with careful planning. Every family is unique, so we start by understanding your goals and what you need to maintain your lifestyle, then explore ways to make the transfer smooth and tax-efficient. This could include gifting to family during your lifetime, creating trusts, and using HMRC-approved strategies to reduce potential inheritance tax bills.

Planning early gives you more flexibility, and with the right guidance, you can ensure your wealth supports the people who matter most - now and for generations to come.

Learn more about estate planning.

Estate planning

Should I plan for future care costs?

Yes, we always recommend building care costs into your retirement plan. As we age, many of us will need some form of care, either at home or in a residential setting. The Department of Health and Social Care estimates that one in seven people over 65 will face costs of over £100,000, and for one in ten, more than £120,0001. Rising living costs make it vital to plan ahead, considering the type of care you want and how to fund it.

Our financial planners can build care costs into your retirement plan giving you peace of mind that your financial future is secure.

_{1. Department of Health and Social Care. Social Care Charging Reform Impact Assessment 2022.}

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