Retirement Strategies
Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning. Listed below are some important questions you need to ask yourself.
Exit strategies
If you are in business, you should consider your exit strategy. Will you withdraw from the business, leaving it for the next generation, or do you plan to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business or find a suitable buyer? Are you aware of all the tax implications regarding the timing of disposals?
Pension provision
With hardly a week going by without some new revelation on the so called 'pensions crisis', what action should you take with your existing pension plans and how should your retirement planning be developed so you can enjoy an adequate level of retirement income? 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 tax allowances?
To discuss how we can advise you about pension planning for your retirement, please call Myers Clark, Chartered Accountants in Watford, on 01923 224411 or click here to email us. Key members of the retirement and pension planning team are Robert Marsden and Peter Horn.
Savings and investments
Do you have the right balance between savings and investments, and between high and low risk exposures?
A range of calculators have been designed to help you consider what your wealth might be in the future, including the Myers Clark’s millionaire calculator.
- Savings calculator – find out by how much your savings will grow.
- Millionaire calculator – inspired by the TV programme, at a return of 4%, one million pounds will provide an after tax income of £2,000 per month for a higher rate tax payer.
Life assurance and long-term care
Do you have adequate life assurance? Have you made provision for long-term care and medical insurance for you and your spouse in your later years? We can help you answer all these questions and recommend solutions tailored to your particular needs.
For reliable, professional advice on life assurance and long-term care, please call Myers Clark, Chartered Accountants in Watford, on 01923 224411 or click here to email us. Key members of the team are Robert Marsden and Peter Horn.