Making Choices

Personal

  • Can I afford to stop working when I want to?

    The answer is specific to you and we can take the details of your:

    • Existing pensions and capital
    • Future lifestyle and expenditure
    • Taxation position

    and show you what your finances will look like in retirement.

    You may have a fixed idea of when you want to retire and how you will spend your retirement, or you may just want to see what your options might be. Either way we can help you.

    This is one of the most important planning stages in your lifetime as the structures and plans you put in place need to secure your future. We will undertake a full review of your circumstances and objectives. We will help you assess your likely spending pattern after retirement. We can then show you the amount of capital you need to deliver your desired lifestyle and your optimum retirement age based on that amount.

    If this does not fit with your plans, we can show you what things could be changed, including the tax efficiency of any income you may earn after “retirement”.

    Financial independence means a life free of financial concerns - our job is to ensure this happens to you.

  • How can I remain independent in old age?

    Never an easy conversation, but we can:

    • Talk about your preferred way of life for when it’s difficult to cope on your own
    • Work out how much it will cost
    • Assess how it could be funded

    So you have a contingency plan, which can be activated, if required.

    There comes a time in your life when you may need assistance and support. Family members are an option but many individuals do not want to become dependent on their children - they want to remain independent for as long as possible.

    The costs of employing care staff directly or funding long term care support can be very high. If this is a concern then we can identify all the potential costs involved and include them in a separate ‘what if I need care’ version of your financial plan. We will then need to establish a balance between ensuring you have sufficient funds to cover any contingency and funding your current and immediate future requirements.

    In this way you will have the peace of mind that should you need assistance we will both know how it is to be provided and if necessary we can arrange to put the contingency plan into action on your behalf.

Business

  • What sum do I need from a business sale?

    If we discuss:

    • Your desired lifestyle in retirement
    • The likely level of personal expenditure post sale
    • The risk level you are comfortable with

    We can show you how much sale proceeds is enough to lead the life you want.

    Whether you employ a specialist business sale agent, talk to your accountant or do it yourself, one of the questions that it would be useful to know the answer to before negotiating the sale is ‘How much money do I need to fund the retirement I want?’

    We will need to talk through with you how you want to spend your time post sale and can help you work out your likely level of annual expenditure. We will take this into account along with your other financial assets, your risk profile and the most tax efficient way of extracting the sale proceeds and investing them to produce the level of income you require. We can then produce a calculation to show you the minimum capital sum you would need from a sale to deliver the lifestyle you would like.

    This will help you put any offer for the business into your personal context and following a successful sale we can help implement the financial plan we have designed together to provide the retirement you want.

  • Can I afford to pass on my business?

    We will need to ask:

    • About your desired lifestyle in retirement
    • Who you might wish to pass the business to
    • Whether you wish to sell or gift it or a combination of the two

    So we can show you whether this could be achieved, without damaging the business or your own financial security.

    Deciding when to retire from the day to day routine of running your business and letting the next generation take over is as much an emotional as a financial decision. Are they ready to take over? Are you ready to hand over? - Decisions that we are happy to discuss with you but ultimately you are in the best position to decide.

    Where we can assist most is with your financial deliberations. What are your plans for the future and how much additional capital do you require to meet these? How should it be extracted to minimise tax? Do you require an ongoing income from the business or do you require payment up front? What would be a fair return, will there be an element of gift involved and how would this affect your future financial plans?

    We will provide you with detailed answers to all these questions so you can make the decisions that offer the best possible outcome for the future prosperity of the business, without compromising the personal financial security you have spent a lifetime working to build.