60 RETIREMENT
PLANNING YOUR GOLDEN YEARS by Taj Johal
Wealth management consultant, Mattioli Woods
Retirement freedom is a dream for many. Yet this can be achieved by starting early with your planning.
Those approaching retirement can often be concerned about how to fill their days after a long career.
Common concerns include boredom, loneliness or even feeling anxious by having more time but less money to spend.
WEALTH MANAGEMENT
COMMERCIAL PROPERTY INVESTMENTS RETIREMENT
FINANCIAL EDUCATION EMPLOYEE BENEFITS WORKPLACE PENSIONS
PROTECTION WELLBEING
COMMUNITY PENSIONS
FINANCIAL ADVICE ASSET MANAGEMENT
These fears may sound surprising to anybody looking forward to the freedom of retirement, but in my experience it is always best to have a plan which incorporates changes in lifestyle, social interaction and financial circumstances.
An often-overlooked approach is to consider a transitional period in the latter years of a working career.
Reducing responsibilities or taking on different roles within an organisation can help promote a healthy work/life balance while offering an insight into retired life.
Mattioli Woods is authorised and regulated by the Financial Conduct Authority.
From a business owner’s personal perspective, this could be interlinked with a planned exit
and passing over the business to others, which helps align business interests and personal goals.
Once retired, most retirees look forward to enjoying their early (or golden) years of retirement whereby they can travel, partake in leisure activities, visit friends and family or undertake charitable work - all great ways to enjoy retired life.
As the years go by, most retirees look forward to the simpler things in later life which may include spending time with loved ones and just enjoying a slower pace of life.
At this point, the need to finance an active retirement tends to reduce, although the focus may turn to the funding of future care and/or leaving a legacy to loved ones.
As always, the earlier a plan for retirement is considered and implemented the greater chance it will be successful.
PENSIONS FOR DIRECTORS AND BUSINESS OWNERS by Angelo Kornecki
Managing director, AKORN Financial Advice
One of the most effective ways to maximise your retirement savings is to look beyond the more traditional personal pension options and opt to take greater control of your pension.
Two of these options often used by directors and owners of businesses are as follows:
The first, a Self-Invested Personal Pension (SIPP), gives you the ability to invest in a wider range of investment options (within the rules of the SIPP provider).
Your pension can be used to invest in stocks and shares, invest in collective investments and, most commonly, invest in commercial property.
A business owner can purchase their business premises within their SIPP and then rent it back.
This option gives you greater control over your future, unlocks higher potential returns than standard savings accounts, and
may benefit from tax reliefs offered by the HMRC.
The second option, a Small Self- Administered Scheme (SSAS), provides all of the investment avenues and potential benefits of a SIPP but can also be used to invest in your own business.
With a SSAS, you and up to 10 others can also acquire your own company shares or provide a loan facility back to your company.
The benefits of the SSAS are two-fold: as well as establishing a potentially lucrative investment portfolio, you are also able to provide affordable financing for your business, which can help with day-to-day running costs or even help accelerate its growth.
Of course, as with all investments, the level of return is not guaranteed and given the complex nature of these two types of pension structures and rules that must be adhered to, they may not be suitable for everyone.
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