There is never a right time to start planning for your retirement, when other financial priorities always take the bait. Family or other financial commitments such as a mortgage puts paying in to a pension plan to the back of your mind.
Retirement planning is not some complicated and boring process that should be put off – but a savings scheme with great tax advantages. The downside is that you can’t touch your pension pot for decades. But that’s because a pension is simply a way to save for your future, and is why the government is keen to contribute.
What happens if you do not pay in to a pension?
Why should you save for your future? However indestructible you may feel, there is going to come a time when you can’t work anymore and therefore can’t earn. That may seem a long way off but the sooner you start saving for that future, the sooner you will ensure it’s a happy and enjoyable one, rather than a miserable existence. And if you actually sat down and did the sums of how much you need to enjoy a comfortable retirement you may be quite shocked, hence the need to start early.
What we offer?
We can advise on a range of retirement planning solutions which are straightforward, simple to arrange and unique to you.
Our advisers are all well established and experienced professionals who are able to help you in any financial matter. As Independent Financial Advisers, authorised and regulated by the Financial Conduct Authority (FCA), we work on behalf of our clients and are able to select the best products to suit their needs from the entire marketplace.
Realising the need for long -term care is not something we all want to face, however it’s essential to get the right care advice straight away for you or your loved ones when you realise you require it.
What happens if I do not get the right care advice straight away?
If you don’t get the right care advice when you realise you need care, you or your loved ones could use what resources you have to fund the care, putting your home and other savings and possessions at risk. If funds run out it could mean moving to a cheaper home and there may not be enough left in the pot to buy an Immediate Needs Annuity to cover the rest of the care fees.
What we offer?
Getting specialised advice from a suitably qualified adviser is critical as the financial and legal framework for the funding of care is very complex. Our advisers who are accredited by the Society of Later Life Advisers are experts in this field and have to follow stringent guidelines to maintain our accreditation. Our advisors will evaluate your current financial situation, and this involves a review of your:
Legal position, including any wills.
Calculation of the potential shortfall
Existing state benefits and allowances that may be available
Funding rules and how they affect you, including:
The means test – when it applies and when it doesn’t.
NHS Fully Funded Continuing Care and how that is assessed.
Care at Home
Wren Sterling has two fully accredited SOLLA advisers who work with a network of other long term care qualified advisers. They can provide fixed fee reports on the options that clients and their families have. In order to advise in this area, the minimum qualification is a Certificate in Long Term Care. Wren Sterling has a number of advisers who meet this requirement across the country.
SOLLA accreditation is over and above this minimum standard, for those advisers who have demonstrated the highest level of knowledge and expertise in the area of later life planning. Please see www.societyoflaterlifeadvisers.co.uk for more information.
Inheritance Tax Planning
Throughout your life you’ve probably worked hard to build up the things you have around you. But have you stopped to think about how much everything you own (your estate) is worth? Your home, your car, your savings and all your possessions – they all add up. If your estate (your assets minus any liabilities) currently totals more than £325,000 inheritance tax will affect you.
What happens if I do not carry out inheritance tax planning?
If your estate (your assets minus any liabilities) currently totals more than £325,000, you are liable to pay 40% tax of on the value on anything over that. So some of what you believe you’re leaving to those you care about may have to be paid as tax instead.
Until your beneficiaries have paid the tax bill, they won’t receive any of your estate as it becomes frozen until the debt is settled. Not a pleasant thought is it? This is probably not the sort of legacy you intended to leave behind.
What we offer?
Fortunately there are ways to reduce a potential inheritance tax liability, all revolving around sensible financial planning and that’s where our advice can benefit you.