Post Retirement

Finally! You are retired. You have no doubt been working your socks off for decades and now it’s time to really enjoy what life has to offer. But above and beyond your newfound free time…do you have enough money to see you through your retirement and make the most of it? Are you able to do everything you wanted to do…new hobbies, volunteer work, travel, take care and spoil grandchildren and still comfortably pay the bills that don’t go away?  Hopefully, you will have put a plan in place to ensure that you have the provisions you need for your dream retirement, but circumstances can and do change.

The average 65-year-old can expect to live for another 20 years*, according to the latest government data.…that isn’t a small amount of time, and it should be cherished and enjoyed.  So, once you reach this point, it’s sensible to look over the plans you have in place yearly or bi-annually to make sure you can make any necessary adjustments to help you stay on track.

*https://www.pensionbee.com/pensions-explained/retirement-planning  – 10/03/2023

Pensions

You’ve been working hard and have paid into your pension fund for decades. Hopefully you have built up a healthy amount so how do you wish to receive it?  When you draw on your pension you can take up to 25% of your pension tax free as a pension commencement lump sum. The remainder of your pension is subject to income tax and there are three ways you can access that money…discussing these with an expert in advance is highly recommended as it will impact your retirement income.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

Find out more

Annuity

An annuity is any continuing regular payment with a fixed total annual amount for the rest of your life and any death benefits for a partner, spouse or family usually have to be made at the outset – it’s hugely important you get the best possible deal you can.

Annuity rates vary so there is no guarantee that when you purchase an annuity the rates will be favourable. This could result in your pension being less than you hoped for.

Find out more

Later Life Planning

Dementia affects millions of people and is more common as people grow older. Perhaps you have had a family member suffer from this degenerative disease and know all too well the hardship it can bring to the individual, those caring for them and the family.  You need to think ahead as long-term care can be costly and a nasty shock to your finances if you’re unprepared.

Find out more

Income Drawdown

This is a way of taking variable amounts of income from the money you’ve built up in your pension fund whilst your pension pot remains invested.

If you withdraw money at a rate greater than the growth achieved by your remaining funds you may not be able to maintain the level of income you wish to draw. This should be reviewed regularly.

Find out more

Lump Sum

This gives you the option to take your full pension as a lump sum, where 25% is tax-free and the remainder is subject to income tax in the year drawn.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

We strongly advise you seek professional advice before taking your full pension as a lump sum due to the high amount of tax that will be incurred.

Find out more

Life Cover

If something was to happen to you or your partner, would the surviving person be able to cover the IHT on your part of your estate or would they be forced to sell?

Find out more

IHT Planning

Can you pass funds to your family in the event of your death?  If you have assets valued at more than £325,000 (single person) or £650,000 (married couple) then find out about inheritance tax and what you can do to minimise it.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

Tied-up Capital

Considering releasing capital tied up in your home? Equity release has become more common but it’s a big step so make sure you speak to someone and do your research first to make sure it’s what you need.

This is a lifetime Mortgage.  To understand the features and benefits of this type of mortgage, please ask for a personalised illustration.

Find out more

Investments

Retirement is not the time to put most of your money into high-risk investments, perhaps you already have a portfolio giving you extra income to enjoy.  Are they still the safest option?

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than the amount invested.

Find out more
Only takes 5 mins

TAKE OUR QUESTIONNAIRE

& UNDERSTAND WHERE YOU ARE ON YOUR JOURNEY TO FINANCIAL WELLBEING

WHAT’S IN IT FOR YOU?

Financial Wellbeing is within reach – with the right knowledge you can build a plan, tailored to your individual circumstances. Understanding what plans you already have in place plus identifying any gaps that need attention, can help set a course for making progress towards reaching your financial goals, aspirations and dreams amidst uncertain times.

WHAT’S IN IT FOR US?

We are passionate about what we do; helping people achieve their financial goals, aspirations and dreams, giving them peace of mind and allowing them to live and love life. So, we are asking as many people as possible to fill in our carefully created 5-minute questionnaire as honestly as possible. We want to anonymously use the data and insights we collect to form a bigger picture of what areas are the biggest concern for different age groups and demographics.

To take our financial wellbeing questionnaire, simply click on the button below.

Take Our Questionnaire
Questionnaire Overlay
6 7
4 3 (2)

Sign up to our Newsletters

Wellbeing EditPW& Partners Business Edit

Contact Us

18-22 Melville Street
Edinburgh
EH3 7NS

Telephone

0131 385 7477

Social

We would love to hear from you to see how we could help.

Please fill out the contact form below and a member of our team will be in touch soon.

PW& Partners Ltd together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Privacy Policy or the St. James’s Place Privacy Policy.

Sign up now!

Please select one or both of our Newsletters.

Sent every few months, this newsletter shares relevant information, insights and local experts with you to help support your overall wellbeing - the financial aspect of that being just one element. We also work with small local wellbeing businesses to bring you bespoke client offers on their products/services.

Sent when we have something to share, our Business Edit will contain updates on the industry, helpful insights on the services we offer, important reminders, upcoming events, news about our business and/or team and any other good news we want to shout about!

PW& Partners Ltd together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Privacy Policy or the St. James’s Place Privacy Policy.