If you want to achieve a comfortable standard of living in retirement, it is important to plan ahead. Some of the key issues to consider include the following:
Your exit strategy
You should consider your exit strategy ahead of time. Do you plan to withdraw from the business, leaving it for the next generation, or will you hope to sell the business? Do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of the tax implications of the timing of disposals?
Do you have adequate pension provision, and do you have the right type of pension? Are you aware of all the pension options that may be open to business owners and directors? Are you making full use of all your allowances?
Savings and investments
Have you struck the right balance between savings and investments, and between exposure to high and low risks?
Life assurance and long-term care
Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse, should you need to make use of them in your later years?
We provide retirement and tax planning advice to a large number of clients, and our expert team will work with you to help ensure that you can enjoy the comfortable retirement you deserve.
For more information, please contact us today.