Local Life - St Helens - Mar/Apr 2022

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50 Approaching Retirement? 5 Ways a Financial Planner can help. If you’re approaching retirement, you may be thinking about whether your pension pot and other investments are able to support your income needs. Here are five different ways that an experienced, well-qualified financial planner can help you to better understand and prepare for your retirement journey. They can help you understand what you want from retirement A planner will be able to help you work out your plans for retirement, whatever they are, and assess whether they are financially feasible. They can act as a sounding board for your retirement goals, and help you decide how to approach them. Whether you want to go travelling, pay off your mortgage, give money to your family, or look for ways to flexibly take income, your planner can be there to help you work it all out and plan with confidence. They can give you a greater sense of confidence and reassurance A common worry for retirees is that they might not have enough to live the lifestyle they want. Fortunately, a good financial planner like Callisto can provide you with a longterm written financial plan to help to reassure you that you have the money to achieve your financial goals. Tools like sustainable income planning software can help you to rest easy, knowing that you’ll have enough money to enjoy your future lifestyle. By mapping out your expenditure and income, a planner can make a reliable forecast and see how long it should last while enjoying the lifestyle you want. They can reassess your exposure to investment risk Throughout your investing life, you may have had a higher risk tolerance, and as you approach retirement you want the returns on your money to be a little more stable. Alternatively, perhaps you’ve always preferred to be safer with your investments, but your money isn’t growing at the rate you were hoping, and you may not have enough to see you through. In these cases, speaking to a planner can be vital in helping you assess your investments and your risk profile and working with you to see whether your investment strategy needs to change. They can help you to draw your income in a taxefficient way If you draw too much of your pension too quickly, you may accidentally trigger additional tax charges. Once you turn 55 you can access your pension. Once you do, you can typically only take 25% of your savings tax-free, and the rest could be subject to Income Tax. This could be an issue if you want to take a large amount from your pension in a lump sum and you may push yourself into a higher tax bracket paying more tax on your pension than you had initially thought. By working with a financial planner, you can avoid any potential tax implications and ensure that you get the most out of your wealth. They can help you with your estate planning Estate planning is one of the most difficult financial situations to prepare for, but a planner can help you take the steps needed to reduce your Inheritance Tax (IHT) bill and ensure your wealth is passed to those you want. While it isn’t easy to think about, it’s crucial to plan for. A good financial planner like Callisto will break down important considerations surrounding IHT and establish whether you’re likely to have an IHT liability that you could plan to legitimately avoid. From there, they may advise you to make gifts in your lifetime to reduce the overall value of your estate. They may encourage you to write or revise your will so that they know who you want your beneficiaries to be. Then they can work out a plan to taxefficiently manage your estate. Andrew Platt CFP TM Chartered MCSI A pension is a long-term investment not normally accessible until age 55 (57 from <strong>Apr</strong>il 2028). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future. You should seek advice to understand your options at retirement.
Planning for your future is hard if you don’t have the necessary financial expertise. Callisto Wealth Management will work with you to help you achieve your financial freedom as you approach retirement, Take the first step today towards enjoying the rest of your life. Call us on 01744 881421 to arrange a no-obligation consultation at our Rainford offices. Callisto Wealth Management Ltd The <strong>St</strong>ables | Pasture Lane Business Centre | Pasture Lane | Rainford | WA11 8PU 01744 881421 www.callistowealth.co.uk enquiries@callistowealth.co.uk
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Local Life - St Helens - Mar/Apr 2022

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