There is no easy way to say it – anticipating one’s death is an uncomfortable topic. Yet it is often worth pushing past the initial discomfort to pursue the potential rewards of effective wealth transfer planning. There are three places your assets can go at your death: to your family and friends, to charity or to the government in the form of taxes.
How could the change impact on your retirement plans?
For the first time in over a decade, the point at which people can claim a State Pension (the ‘State Pension Age’) is simple. If you have reached your 66th birthday, you can claim it. Otherwise you cannot.
‘The secret to happiness is freedom’ wrote the ancient Greek historian Thucydides. And with the introduction of the pension freedom rules, those aged over 55 now have far greater freedom of choice over how they use their pension pot to fund their retirement years.
Giving grandchildren financial security is an important goal for many
If you are a grandparent, it’s natural to want to help out the family. And if you’re able to give a financial boost – whether it’s a loan or a gift – to the younger generation, it can be enormously rewarding for you too.
Why working and retirement are no longer binary terms
Giving up the 9-to-5 doesn’t necessarily mean stopping work. Many people are now considering staggered or flexible working. It can suit some individuals who have caring responsibilities or health issues, or those thinking about retiring in the next few years.
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