in order to be able to have a sustainable level of income throughout retirement, which will also be able to maintain the lifestyle we have become accustomed to by that point. Many people do not realise the importance of this until it is too late; whereas if they had started saving for retirement earlier, this would ease much of the pressure as they approach that stage of life. With this in mind, why not start looking at your retirement planning now, rather than leave it to a point that may be too late?
Estate planning As well as helping to save for your retirement, provide tax relief on contributions, and allowing you to invest in a wide array of investments, pensions can also be a useful tool in terms of estate planning and, in particular, Inheritance Tax considerations. Pension funds are not typ- ically included within your estate on death, meaning that these funds can now also be passed through the generations of the family in a tax efficient manner, remaining outside of your estate and, therefore, out- side of Inheritance Tax. Tis means that as soon as funds are invested into a pension, they immediately fall outside of your estate (rather than after two years with Business Relief qualifying investments, or seven years with more traditional types of Inheritance Tax planning, such as gifting or the use of trusts). As a long-standing and trusted wealth management firm based
in Northampton, not only can Cave & Sons provide clients with an ongoing financial planning service in respect of investments, pensions, protection and ultimately helping you to achieve your personal goals, we can also help you plan your retirement and demonstrate what this might look like through the use of cashflow modelling. If you would like to discuss your retirement planning, or any other area of financial advice in more detail, give us a call on 01604 621421.
Cave & Sons Ltd is authorised and regulated by
the Financial Conduct Authority (FCA), Financial Services Register number 143715. Tax and Estate Planning services are not regulated by the FCA. Tis communication is for general information
only and is not intended to be individual product/ investment advice, tax or legal advice. Te views expressed in this article are those of Cave & Sons and should not be considered as advice or a recommendation to buy, sell or hold a particular investment or product. You are recommended to seek professional regulated advice before taking any action.
For more information visit
www.caves.co.uk
ALL THINGS BUSINESS
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