Retirement In Cheltenham

 

 

Retirement In Cheltenham

Looking for retirement advice in Cheltenham?

Our team of Chartered financial planners, located in Cheltenham are here to help you, plan for your retirement. 

At Howard Wright we have helped many people in and around the Cheltenham and Gloucestershire area, plan and achieve a successful retirement.

We believe that to have the most successful retirement possible, sound financial planning is needed to achieve your objectives.

The earlier you start to plan for your retirement the greater your retirement plan will be.

To help you plan for your retirement, one of our Chartered Financial Planner’s will initially consider the following areas with you.

  • The amount of income you need to maintain your lifestyle in retirement
  • The amount of guaranteed income you will require in retirement
  • Your spouse’s individual income should you pass away before them
  • The effect of inflation on your retirement plan
  • Your state of health today and how this will affect your retirement plan

Once your Financial planner has reviewed this, we then review you’re your investment portfolio and discuss how you would like to draw your income in retirement.  

There are two main ways in which most of our clients draw their retirement income.

Option 1 – Annuity Purchase

A Pension Annuity provides you with a guaranteed income for the rest of your life.

As part of our retirement planning service, we will inform you of the positives and drawbacks of purchasing an Annuity and the other options available to you.

If you decide you would like to purchase an Annuity, we will then help you consider if you would like your income to increase each year and if you would like it to be payable to a dependant should you pass away before them.

These choices you make will all have an impact on the amount of income you will receive from the Annuity provider.

Once we have established what type of Annuity you require, your Planner will then compare your Pension Annuity to the open market annuity rates.

We do this to make sure you receive the highest amount of retirement income possible from your annuity, as other providers will often provide a better rate (More Income), than your current pension provider today.

This is why we have invested heavily into our Annuity sourcing software at Howard Wright, to find the best Annuity rates possible for our clients.

 

Option 2 – Retirement Income Drawdown

The second option for our Clients to take their retirement income is the option of a retirement Investment drawdown. A retirement investment drawdown involves keeping your Pension invested and drawing a regular income from it.

Many of our Clients prefer this method of taking their retirement income for the following reasons.

It gives you greater flexibility and control over your retirement plan, rather than a fixed income for the rest of your life.

It allows you to grow your Pension beyond retirement allowing you to potentially have a greater lifestyle rather than a continuous guaranteed income.

It allows you to take lump sums from your pension, which you wouldn’t be able to do so if you had purchased an Annuity.

It’s important to bear in mind that an investment drawdown approach doesn’t have the guaranteed element like an Annuity, investment markets fluctuate all the time and this will have positive and negative effects on your Pension.

As part of our retirement planning process, your financial planner will also inform you of the most tax efficient ways of taking your investment drawdown and what level of investment risk you require, to achieve your objectives in retirement.

Howard Wright Retirement Options Report

To help further simplify your retirement planning, at Howard Wright we have created our very own retirement options report. This explains all the benefits and considerations you will need to make to achieve your objectives in retirement.

Your retirement options report will have bespoke illustrations to your circumstances and is tailormade to your requirements.

Your Planner will then recommend and implement a number of products to achieve your retirement objectives.

Our Chartered status the gold standard of our industry, is an assurance we operate to the highest standards and provide the best advice possible.

To start your retirement planning today, with one our Cheltenham based Charted financial planners, you can call us on 0345 688 4939 or email us at [email protected] we will be more than happy to help you in any way possible and look forward to hearing from you.

Protection

Some Clients find that their need for protection policies are no longer needed in retirement but for some this is not the case. Clients may find that they have not saved sufficiently for retirement or income is heavily biased in favour of one partner, leaving the surviving partner with insufficient assets to meet their requirements in the event that their partner passes away.

Polices such term assurance or whole of life plans can provide a lump sum in the event of an individual’s death to ease the financial burden on the surviving partner.

As part of your retirement planning your adviser will consider the income that you will receive in the event of either death and provide recommendations for any shortfalls.

Clients may be advised to consider life assurance to provide a payment in the event of their death to either cover a known liability such as funeral costs or inheritance tax.

 

Trust Documentation

Trust documentation is essential as this ensures that the policy benefits are paid to the right individuals in an efficient manner and avoiding the need of probate and potential Inheritance tax.

At Howard Wright LTD we can help you with the implementation of Trusts.

Private Medical Insurance

Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your partner. This can reduce treatment waiting times and potentially give you access to more specialist treatments.

Mortgages

Developments in the mortgage industry mean that later life mortgages such as equity release are becoming more and more popular.

We provide advice on the most suitable for your requirements, whether this be fixed, variable, capped or discounted. Other features such as offset accounts will also be considered.

Howard Wright will be remunerated from the mortgage provider which is usually 0.3% of the loan amount. For example, a Mortgage of £150,000 would result in a fee of £450 from the lender. The costs will be confirmed to you before any business is transacted.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Equity Release

Equity release is a product which allows individuals to unlock some of the equity within their property, usually to assist with covering expenditure shortfalls in retirement.

Usually no monthly payments are required, though interest will increase the outstanding debt each year. Both retirement interest-only and equity release mortgages are usually repaid when you sell your property, move into long term care or pass away.

We have advisers in our Cheltenham office who are fully qualified to help you in deciding whether these mortgages are appropriate for you and if so, we have the sourcing systems in place to recommend the most suitable product.

Howard Wright LTD charge a fixed fee of £3,000 for Equity Release advice.
This is a lifetime mortgage (home reversion scheme). To understand the features and risks, please ask us for a personalised illustration.

 

Retirement Interest Only

Retirement interest only mortgages, allow you to keep your interest only mortgage into retirement as long as you can afford the monthly payments.

Your circumstances may mean that you have not been able to clear debt prior to retiring and as such these can provide valuable breathing space, without having to sell your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Estate Planning

In retirement, estate planning is usually concerned with ensuring that your assets on death are paid to the individuals that you wish to inherit your assets or take steps to minimise your inheritance tax liability.

Wills

Often many people think that their spouse or next of kin will automatically inherit the whole of the Estate, in reality this is not the case.

In order for this to happen you will need a completed Will to disclose how your assets are to be distributed, when you pass away.

At Howard Wright, as part of our Estate Planning process we will review any existing Wills you many have and our fully qualified Will Writers, can draft a new Will or update your current Will should this be required.

Inheritance Tax

Our inheritance Tax options report,  will provide you with an overview of your Inheritance Tax Liability today and future Inheritance Tax liability and how you can legally minimise this.

The report will review the following areas.

  • Inform you of the allowances and exemptions you have available
  • Considerations of redistributing assets
  • Asses your ability to gift capital and how this would affect your retirement income, today and in the future
  • Inform you of the available Trusts for you to use
  • Provide Life insurance quotations and inform you on how much this would cost to fund your inheritance tax liability when you pass away

To start your Estate Planning today, with one of our Chartered Financial Planners based in Cheltenham. You can call us on 0345 688 4939 or fill in our enquiry form below it only takes 20 seconds to complete.

Once you have done this one of our Chartered Financial Planners will then contact you, as soon as possible to discuss our Estate Planning process. We look forward to hearing from you and seeing how we can help.

 

Powers of Attorney

Often overlooked Powers of Attorney, both Health and Financial are crucial to Planning your Estate properly. A Powers of Attorney is a chosen individual by yourself, who you would like to manage your financial affairs should you not be able to do so, due to ill health, a life changing accident, the loss of mental capacity or death.

By having Powers of Attorney in place, this gives you peace of mind that should the worst happen to you, your chosen Attorney or Attorneys can manage your Estate.

At Howard Wright as part of our Estate Planning process we will help you in the completion of nominating your Attorneys.

 

What to do next?

To discuss your retirement planning In Cheltenham or any other area you require advice. You can call us on 0345 688 4939 or fill in our enquiry form below, it only takes 20 seconds to complete.

Once you have done this one of our Chartered Financial Planners will then contact you as soon as possible, to discuss our Retirement planning process and how we can help you achieve your goals and objectives.

“I have been looked after by Howard Wright for many years now and would say without any hesitation they have been excellent. Now retired, the advice I receive from Gareth Robinson in his updates and annual visits are invaluable. I would recommend them 100% without any doubt whatsoever”

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268 London Road
Charlton Kings
Cheltenham
GL52 6HS

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