THE ROAD
TO RETIREMENT by Anthony Hoskisson
Managing director, Questa Chartered
With so many different retirement options, making the decisions that are right for you and your family’s future can feel like a daunting prospect.
It’s important to leave no stone unturned before simplifying the process to make your decisions easier.
Here’s how:
1. It all starts with you. When and where will you go? What does your vision for a prosperous retirement look like? And how will you balance your dreams with pragmatic financial planning? With a clear understanding of your vision you can balance your expectations with peace-of-mind budgeting.
2. The best journeys are rarely taken alone. Are you married? Separate pensions may minimise how much is taxable. Trusts for dependents can help with tax efficiency too. It’s all about building a better future together.
3. Your investments will fuel your retirement journey. Property, pensions, Trusts, and more, can all combine to realise your perfect later-years lifestyle.
4. Peace-of-mind financial planning is nothing without good health. The health of other family members may impact too. Whilst you may expect inheritance to boost retirement, people are living longer which may mean more healthcare fees.
5. As your journey ends, there can be reassurance in knowing that your shrewd investment decisions have helped make better lives for loved ones. We talk about leaving a little something in the tank.
With a focus on your future, monitor how your finances are holding up with a solid bespoke retirement plan. Questa is happy to help with directions, wherever your road takes you.
Start today by downloading our newly- updated free Retirement Guide by visiting
questachartered.co.uk/lbv
PENSION PLANNING AND ALLOWANCES by Ben Evinson
Independent financial planner, Becketts
Whilst pensions are a brilliant way to save towards your financial future, they also come with great complexity, particularly when it comes to the Annual Allowance and Lifetime Allowance.
Annual Allowance
This is the amount that you can pay into a pension each tax year, whilst still benefitting from tax relief.
Currently standing at £40,000 per year, there is much nuance to this, with current and previous years’ income and contributions all factoring into the allowance ultimately available.
Lifetime Allowance
This is the total amount of pension savings you can accumulate without facing a tax charge.
Currently frozen at £1,073,100, it also has a number of intricacies.
The Lifetime Allowance calculation is complicated, with the method differing for Defined Benefit pensions and Defined Contribution pensions.
Some people may also have Lifetime Allowance protection in place, giving them an extended allowance.
Annual and Lifetime Allowance Planning
Breaching either allowance can result in a tax charge. Through working closely with our clients, we can help to ensure they stay within their Annual Allowance.
Whilst accumulating a vast amount of pension savings (and ultimately paying the Lifetime Allowance tax charge) isn’t necessarily a bad thing, our cash flow planning software can help forecast a potential future charge.
Whilst we can look at ways to mitigate this charge, this type of planning is very bespoke, and there are many considerations as to whether to continue contributing to a pension or whether instead to look at other tax-efficient alternatives.
We can also help explain the different ways this potential charge can be paid.
We’ll help you protect and grow your wealth so you can make the most of it
Where will your retirement take you?
Questa’s independent team of trusted financial planners is one of the most qualified in Lancashire.
We are renowned for shrewd financial advice. We also understand that our clients love the freedom and peace of mind that our expert guidance can give them.
Let’s talk about your future. Call 01253 83 00 50 to claim your no-cost consultation.
Plus, discover our pension and retirement insights for Lancashire Business View readers at
questachartered.co.uk/lbv
Questa House, Croft Court, Plumpton Close, Whitehills Business Park, Blackpool FY4 5PR
Make the most of it. Let’s get talking.
W.
www.beckettsfs.co.uk T. 01253 881 910
Becketts is a trading name of Becketts FS Ltd. Company No. 5122604. Becketts FS Ltd is authorised and regulated by the Financial Conduct Authority FCA Number 409051
LANCASHIREBUSINESSVIEW.CO.UK
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RETIREMENT
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