Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning.
Here are some important questions you need to ask yourself:
1) Exit strategies
If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?
2) Pension provision
Do you have an adequate pension in place? Do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?
3) 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 family in your later years?
We can help you answer all these questions.