Retirement Planning

Average UK life expectancy is now around 82 for women and 78 for men, and even though automatic retirement at 65 has ended – and the age at which the state pension is paid is rising – many people can still look forward to a retirement of 20 years or more.

So it is never too early to start thinking about your financial security in later life if you hope to maintain a comfortable standard of living in retirement.

At Banks & Co, we provide comprehensive retirement planning services, designed to put in place arrangements that will minimise your money worries in the future. Our service includes:

exit strategies – if you run a business, do you intend to pass it on to the next generation or sell it to an external buyer? If you intend to hand the business over, do you have a workable plan to achieve this? If you wish to sell, do you know how much your business is worth or how to find a suitable buyer? And are you aware of how to minimise the tax liabilities involved in your plans?

pension provision – do you know if your pension arrangements will be adequate for your needs in the future? Do you have the right type of pension in place? Are you aware of all the pension possibilities open to business owners and directors? And are you making full use of all your allowances?

savings and investments - do you have the right balance between savings and investments and between high and low risk products?

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 in your later years?

We can help you to answer all these questions and recommend solutions tailored to your particular needs, as well as regularly reviewing your arrangements to make sure they continue to reflect any change in your circumstances and needs.

For more information on how we can help you, please contact us.