Retirement Planning

Helping you to secure a comfortable retirement

After spending decades working hard, retirement should be your moment to kick back, relax and live a little.  We work with you to understand your short, medium and long term capital and income requirements and structure your affairs to ensure your income and lifestyle expectations are met, as tax efficiently as possible.

Clients find our approach refreshingly different. We tend to build long-term relationships, so get to know your wants and income needs at the outset without the constant intrusions. It means your retirement plans are always on our radar and we are constantly reviewing your pension provisions and investment arrangements to ensure they are in harmony with your later lifestyle expectations.

Making it simpler

From your perspective, retirement planning need not be daunting or convoluted. We ask the questions, draft a report, draw your attention to glaring issues and deliver practical recommendations. It is all jargon-free and centred around your goals. Our retirement planning specialists will help you to consider some or all of the following situations:

  • Providing parents, your partner and siblings with financial support
  • Maximising the value and selling price of your business whilst minimising tax liabilities from any capital gains
  • Clearing outstanding borrowings
  • The implications of drawing your pension whilst continuing to work and whether to take a tax-free cash lump sum
  • Cashflow forecasting to check if your capital and retirement income will cover everything comfortably
  • Deciding when to start reducing investment risks
  • Releasing equity in your home or other properties
  • Rearranging trusts to better meet your family’s current needs and priorities
  • Distributing assets and inheritance tax planning
  • Revising wills when family circumstances change, to reflect your personal wishes
  • Updating insurance cover and other protection benefits
  • Care provisions – for yourself, parents and possibly vulnerable dependents.
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Albert Goodman Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Sorting out the worries

We received a call from a lady in her 70s who had discovered her husband had been receiving letters from HM Revenue & Customs for some time but he had not been opening them. He had been a Chartered Accountant in his working life, but he was now suffering the early signs of dementia and was no longer able to manage their financial affairs easily.  His wife had never had to deal with the family’s finances and was living in a state of high anxiety about the mounting paperwork.

With his permission, we took over the administration of the couple’s finances, sorting out the tax returns and arranging for the couple’s bank account to be in both their names – allowing her to sign cheques and clear some outstanding debts.

We also determined that they were entitled to receive Attendance Allowance and helped them claim for this. We organised a Power of Attorney to be set up, enabling his wife and their children to sort out the husband’s affairs should his health decline further, and we set up a Trust with the aim of reducing the potential inheritance tax liabilities of the couple’s estates by over £100,000.

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