Retirement Advice In Cheltenham
Retirement Advice In Cheltenham
Are you looking for Retirement advice in Cheltenham?
Our team of Chartered Financial planners based in Cheltenham are retirement planning specialists. We have helped many people in and around the Cheltenham and Gloucestershire area, plan for and achieve a successful retirement.
At Howard Wright, we believe that planning for your retirement needs serious consideration and financial planning which should not be left until the last minute.
The financial decisions you make today will be in place for the rest of your life which could be up to thirty to forty years, in some cases even longer.
You will need to consider the following factors when planning for your retirement.
- Level of income required to maintain your lifestyle
- Amount of guaranteed income
- Spouses independence income
- Effect of inflation
- State of health
Annuities
Pension annuities provide a guaranteed income for life however, this is not as straightforward as it seems.
You will need to decide if you wish your income to increase each year and be payable to a dependant in the event of your death even if this means a reduction in the level of income. All of these choices will impact the level of income that you will receive.
Annuities can be underwritten based on your health (Enhanced Annuities) and you should always compare the market to maximise the level of income you may receive.
If an annuity is appropriate for you it is generally advisable that you reduce the investment risk within your portfolio as you approach retirement. This will negate large investment fluctuations as you draw near to retirement.
Retirement Options Report
At Howard Wright, we have developed our very own retirement options report. This report covers all of the above points in detail with illustrations bespoke to your circumstances. Your adviser will then recommend and implement a suitable product or range of products, which is targeted to meet your retirement objectives.
The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.
Drawdown
As annuity rates are near all-time lows, some of our clients prefer to leave their capital invested and draw a regular income, this is known as drawdown. This enables you to retain flexibility over your pension options and can allow you to delay purchasing an annuity until you feel that an annuity provides value for money.
A drawback to having flexibility is that your Pension fund remains invested. This means that if investment returns are poor or there is a substantial fall in the value of your investments, then there is the chance that your fund could deplete before your life expectancy.
At Howard Wright, we provide a range of risk-focused actively managed investment portfolios designed to assist our clients to achieve their income objectives in retirement.
If drawdown is suitable for you, then there is usually no need to reduce the level of investment risk you are taking before your retirement. Further considerations may need to be made if you intend to withdraw a tax-free cash lump sum.
Your existing arrangements also need to be reviewed to ensure that they offer drawdown if this is to be an option to be considered.
What to do Next?
To discuss your retirement planning options with one of our Chartered Advisers in Cheltenham, you can call our office on 0345 688 4939 or complete our enquiry form below, it only takes 20 seconds.
Once you have done this one of our Chartered Financial Planners will contact you as soon as possible, to discuss your retirement options and arrange your free initial consultation. We look forward to hearing from you.
Protection
Some Clients find that their need for protection policies are no longer needed in retirement but for some this is not the case. Clients may find that they have not saved sufficiently for retirement or income is heavily biased in favour of one partner, leaving the surviving partner with insufficient assets to meet their requirements in the event that their partner passes away.
Polices such term assurance or whole of life plans can provide a lump sum in the event of an individual’s death to ease the financial burden on the surviving partner.
As part of your retirement planning your adviser will consider the income that you will receive in the event of either death and provide recommendations for any shortfalls.
Clients may be advised to consider life assurance to provide a payment in the event of their death to either cover a known liability such as funeral costs or inheritance tax.
Trust Documentation
Trust documentation is essential as this ensures that the policy benefits are paid to the right individuals in an efficient manner and avoiding the need of probate and potential Inheritance tax.
At Howard Wright LTD we can help you with the implementation of Trusts.
Private Medical Insurance
Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your partner. This can reduce treatment waiting times and potentially give you access to more specialist treatments.
Estate Planning
In retirement, estate planning is usually concerned with ensuring that your assets on death are paid to the individuals that you wish to inherit your assets or take steps to minimise your inheritance tax liability.
Wills
Often many people think that their spouse or next of kin will automatically inherit the whole of the Estate, in reality this is not the case.
In order for this to happen you will need a completed Will to disclose how your assets are to be distributed, when you pass away.
At Howard Wright, as part of our Estate Planning process we will review any existing Wills you many have and our fully qualified Will Writers, can draft a new Will or update your current Will should this be required.
Inheritance Tax
Our inheritance Tax options report, will provide you with an overview of your Inheritance Tax Liability today and future Inheritance Tax liability and how you can legally minimise this.
The report will review the following areas.
- Inform you of the allowances and exemptions you have available
- Considerations of redistributing assets
- Asses your ability to gift capital and how this would affect your retirement income, today and in the future
- Inform you of the available Trusts for you to use
- Provide Life insurance quotations and inform you on how much this would cost to fund your inheritance tax liability when you pass away
To start your Estate Planning today, with one of our Chartered Financial Planners based in Cheltenham. You can call us on 0345 688 4939 or fill in our enquiry form below it only takes 20 seconds to complete.
Once you have done this one of our Chartered Financial Planners will then contact you, as soon as possible to discuss our Estate Planning process. We look forward to hearing from you and seeing how we can help.
Powers of Attorney
Often overlooked Powers of Attorney, both Health and Financial are crucial to Planning your Estate properly. A Powers of Attorney is a chosen individual by yourself, who you would like to manage your financial affairs should you not be able to do so, due to ill health, a life changing accident, the loss of mental capacity or death.
By having Powers of Attorney in place, this gives you peace of mind that should the worst happen to you, your chosen Attorney or Attorneys can manage your Estate.
At Howard Wright as part of our Estate Planning process we will help you in the completion of nominating your Attorneys.
What to do next?
To discuss your retirement planning In Cheltenham or any other area you require advice. You can call us on 0345 688 4939 or fill in our enquiry form below, it only takes 20 seconds to complete.
Once you have done this one of our Chartered Financial Planners will then contact you as soon as possible, to discuss our Retirement planning process and how we can help you achieve your goals and objectives.
“I have been looked after by Howard Wright for many years now and would say without any hesitation they have been excellent. Now retired, the advice I receive from Gareth Robinson in his updates and annual visits are invaluable. I would recommend them 100% without any doubt whatsoever”
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2 Court Mews
268 London Road
Charlton Kings
Cheltenham
GL52 6HS
