With the average age of life expectancy gradually increasing year on year, we are clearly living and working for longer. Planning for retirement has become increasingly important for individuals who wish to have financial security in later life and who need to consider the possibility of long-term care in the future.
The introduction of auto enrolment by HM Revenue & Customs (HMRC) in October 2012 means that by 2018 all employers must provide their employees with a work place pension scheme to which they both contribute.
The result will be that more people, particularly those in the lower earning wage bracket, will build some savings to see them through their retirement.
For many, retirement seems like a long way off but taking action now for provision in later life can save a lot of stress and money later on. Protecting assets so that loved ones can benefit after death should be a priority.
Seeking advice is recommended as experts can capitalise on complex tax liabilities in order to manage your property and assets in the most tax efficient way such as making the most of any gifts and exemptions available under the inheritance tax (IHT) regime.
Business owners should also consider their future and that of their organisation; a business exit strategy or succession planning are among the matters that can be arranged and set in motion in a timely manner to avoid unnecessary impact on finances and management structure if left unaddressed.
At JW Hinks, our lifestyle services team have many years’ experience in advising on all aspects of retirement planning including business exit strategy and inheritance tax planning. To find out more information about our lifestyle services please contact Paul Jones, Neil Hale or Dan Morgan.