Where Are You in Life?

You’ll typically be 10 to 20 years off retirement and/or over 50.

What you need to think about

• When will you be able to retire?
• How much money will you need to do the things you’d like to do?
• What sort of savings will you need to achieve that?
• How can you make sure you don’t run out of money?
• What are the gaps in your savings?
• How can you maximise your savings?
• How can you protect your investments through retirement planning?

You’re in the process of retiring – but that may not be an all or nothing thing. You may work part time for a while and take some income from your pension or retire completely. You may be deferring retiring beyond your planned date to build up your savings further.

What you need to think about

• What are the implications of working part time?
• What’s the most efficient way to take some income from your pension?
• How you can make sure you have flexibility for unexpected future needs?
• Should you take some tax-free cash?
• How can you minimise the risk to your investment?
• How can you maximise death benefits?
• Have you taken steps to protect against ill health in later life?

You’re most likely fully retired and want to enjoy the freedom to do those things you’ve planned. But can you afford to?

What you need to think about

• Are your outgoings what you thought they would be?
• Do you need to make your income arrangements more flexible?
• Are you drawing your income from your pension as efficiently as you could be?
• Have you made sure your retirement pot won’t run out?
• Can you afford to gift some money to your children?
• Have you considered how to delegate financial control to your family later in life?
• What’s the best way to plan for funeral expenses?
• How can you pass on your wealth to your family as tax efficiently as possible?

You’re beginning to take things easy, either because you aren’t as strong as you were or because of health issues, or simply because you’ve had the big adventures you dreamt of.

What you need to think about

• Are you confident your income won’t run out?
• Are you drawing your income tax efficiently?
• Have you got your estate planning done and dusted?
• Have you thought about how you would cope with care costs?
• Have you put power of attorney arrangements in place for your finances?

You may have more health issues and are beginning to be more dependent on others. You may need to consider moving to a new home with more support and may be less confident about making financial decisions.

What you need to think about

• How can you meet any increased costs?
• Have you finalised your options for paying for care?
• Are you happy with your legacy and estate planning?
• Should you release further income from your home to pay for care costs?