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Retirement strategies

Everyone hopes that when they retire, their standard of living can be maintained at the same level as before. In order to achieve this, considerable forward planning is required. R A Clement Associates offer a professional approach to retirement planning which covers the following areas:

Exit Strategies
If you own a business, it is essential that you plan an exit strategy for your retirement. Will you withdraw from the business whilst leaving it to be run by a successor in your family? Do you wish to sell the business? If you intend to pass the business on in the family do you have a workable succession plan? If you are planning to sell up and retire how will you value the business, find and negotiate with potential buyers? Do you know the capital gains tax implications of the sale?

Pensions
If you plan to retire on a pension you must make adequate provision beforehand, but what is this to be and is the type of your pension appropriate? If you own a business or are a director of a company are you aware of the pension possibilities open to you? If you are making contributions to a pension now, are you making use of all your allowances?

Savings and Investments
Many people look to savings and investments to provide additional income in retirement. Do you have the right balance between different saving and investment products? If you have a range of investments and savings is your balance of risk appropriate? Will you feel the need for additional security as you near retirement?

Life assurance
Many mortgage agreements and pension plans provide an element of life assurance, but at different times this may be insufficient to secure your dependants quality of life if you die. Do you have sufficient life assurance cover or too much? Do you want to obtain the most cover without saving or do you want your life assurance premiums to contribute to a savings plan? Are the renewal terms for your life assurance competitive?

Long term care
Most people assume that when they retire their lifestyle will remain much the same until they die. For many this is the case but as people live longer after retirement but what would happen should you need care either in your home or perhaps eventually in residential or nursing accommodation? If you become ill, would private medical care be preferable to relying on the NHS? If you come to rely on paid care will it not be better to have made financial provision in advance than to struggle with unforeseen expenditure?

With professional advice from R A Clement Associates these questions can be all be answered for your long-term benefit. It is vital that you make decisions on your retirement years in advance to avoid costly mistakes and disappointment in old age.