Retirement Advice In Kingswinford

Are You Looking for Retirement Advice In Codsall?

Our dedicated team of Chartered financial planners, based in Kingswinford are here to help you.

At Howard Wright we have helped many people in Kingswinford, plan for and achieve a successful retirement.

We beleive that serious consideration and financial planning must be taken when looking to retire.

The sooner you start to plan for your retirement the more successful your retirement plan will be.

Our initial process of helping you plan for your retirement is to consider the following areas.

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

Once we have established the above, we then review your investment portfolio and consider how you wish to draw your retirement income.

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

Option 1 – Purchase an Annuity

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

You need to consider if you would like your income to increase each year and also if you would like it to be payable to a dependant should you pass away before them. These choices will all have an impact on the amount of income you will receive from your Annuity in retirement.

As part of our retirement planning process, we compare your Pension Annuity to the open market annuity rates. This is to ensure you get “the best deal” the highest amount of retirement income possible from your annuity as other providers will often provide a better rate, than your current pension provider today.

This is why we have invested heavily in our Annuity sourcing software to find the best rates possible for our clients when looking to purchase an Annuity.

Option 2 – Drawdown

For those clients of ours who don’t wish to purchase an Annuity, many prefer the option of an investment drawdown. This involves keeping your Pension invested and drawing a regular income from it. This gives you greater flexibility and control over your retirement plan, rather than a fixed income for the rest of your life.

It is important to bear in mind that a drawdown approach doesn’t have the guaranteed element of 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 service we will inform you of the most tax-efficient way of taking your investment drawdown, and what level of investment risk you require, to achieve your retirement objectives.

Howard Wright Retirement Options Report

To further simplify your retirement planning, we have created our very own retirement options report explaining all the benefits and considerations you will need to make to achieve your retirement objectives.

This report has bespoke illustrations to your circumstances and is tailormade to your requirements. One of our Chartered Retirement planners will recommend and implement a number of products to target your retirement objectives.

Our Chartered status is the gold standard of our industry and is an assurance we operate to the highest standards.

To start your retirement planning today, with one of our Chartered financial planners based in Kingswinford, 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 of our 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 our retirement planning process, 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 Mortgage for your requirements, whether this be fixed, variable, capped or discounted. Other features such as offset accounts will also be considered.

At Howard Wright we 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 Wolverhampton 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.

At Howard Wright we 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

A Will is the recommended starting point for most of our clients, who incorrectly believe that their spouse or next of kin will automatically inherit the whole of their estate in the event of their death. At Howard Wright we review any existing Wills that you may have in place and recommend alterations and amendments where required. If a new Will is required our team of fully qualified Will writers are here to help you.

Inheritance Tax

In the majority of cases inheritance tax can been seen as voluntary tax, our inheritance tax options report provides a review of all the options available to legally minimise your inheritance tax liability.
This includes but is not limited to;

Providing an overview of the allowances and exemptions that are available to you.
Provide considerations for redistribution of assets between spouses / partners.
Assess your ability to gift capital without impacting your ability to fund your retirement.
Outline the main features and suitability of various trusts including, bare, discretionary, discounted gift, loan and reversionary trusts.
Provide illustrations for life assurance, which allows you to retain your capital, whilst providing a lump sum in the event of death to cover your liability.

Powers of Attorney

At Howard Wright we would recommend that individuals consider undertaking Lasting Powers of Attorney (Both Health and Financial). These documents allow your nominated attorney to manage your affairs in the unfortunate event that you lose mental capacity or you simply do not wish to manage your affairs anymore.

At Howard Wright we can assist you in the completion of these forms.

The Financial Conduct Authority does not regulate Tax Advice, Will Writing, Estate Planning and Trusts.

What to do next?

To discuss your retirement planning or any other areas you require advice with one of our experts in Codsall. 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”