With life expectancies rising, considering how to fund your retirement and make the most of your income is an important factor. Whatever your plans it will be important to fully prepare, consider when and where you want to retire, and examine whether your pensions and savings can support your chosen lifestyle in later years.
Our recent webinar reviewed some of the key elements to think about as you approach the end of your career and take steps towards retirement.
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Huw Wedlock, our Director in Singapore, was joined by Peter Webb, Head of Tax Advisory, and George Howard, Chartered Financial Planner, to discuss some of the common questions and concerns that arise, and how to ensure that your financial plans deliver the freedom and stability you need.
The team explored how much capital you may need to support your retirement lifestyle, remarking on how current rising interest rates and rising inflation pose a good opportunity to make the most from your retirement funds. They also looked at some of the potential sources of income to consider in retirement including cash, bonds, dividends, property income and pensions.
Pensions are a particularly tax-efficient way to save for retirement. The pensions landscape has changed significantly in recent years and there is now greater flexibility for those in the UK and overseas. They’re also a good option when Inheritance Tax planning.
The webinar also looked at possible ways to minimise the effect of UK tax on your retirement income, especially given the confiscatory tax regime in place in the UKUltimately time is one of your greatest assets when planning retirement. Building in ample time to properly consider how you want your retirement to look, and the steps you need to take to get there, is vital.
To discuss your retirement income options in more detail please contact your nearest office.