Everyone hopes to enjoy the same standard of living in retirement as they presently enjoy while working. Achieving this requires considerable forward planning. Here are some important questions you need to ask yourself:
Exit Strategy
If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope 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 company, find a suitable buyer, etc.? Are you aware of the various tax implications of the timing of disposals?
Pension provision
Have you made adequate pension provisions, and 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 of your allowances?
Savings and investments
Do you have the right balance between savings and investments, and between high and low risk exposures?
Life assurance and long-term care
Do you have adequate life assurance, and have you made provisions for long-term care and medical insurance for you and your spouse in your later years? Through our sister company Darwin Wealth Management we can help you answer all of these questions and recommend solutions tailored to your particular needs.
For more information please contact us.