Retirement Planning

Planning for your retirement needs serious consideration and financial planning, this should not be left until the last minute.

The financial decisions you make when planning for your retirement will be in place for the rest of your life this could be up to thirty to forty years, in some cases even longer.

When planning for your retirement, you will need to consider the following factors.

  • The level of income you require to maintain your lifestyle 
  • Amount of guaranteed income you wish to receive
  • Level of your Spouses independent income
  • The effect of inflation on your retirement plan
  • Your State of health today

Factors such as your investment portfolio need to be reviewed, depending upon the retirement income and products you wish to use.


Pension annuities provide a guaranteed income for life; however, this is not as straightforward as it seems.

You will need to decide if you wish for your retirement income to increase each year and if you would like it to be payable to a dependant in the event of your death. If you would like this to happen then there could be a reduction in the level of income you would receive.

When looking to purchase an annuity, your choices will impact the level of income that you will receive.

Annuities can be underwritten based on your health (enhanced annuities) and you should always compare your annuity offer to the open market to maximize the level of income you may receive.

If an annuity is appropriate for you it is generally advisable that you should reduce the investment risk within your portfolio as you approach retirement. This will negate large investment fluctuations as you draw near to retirement.



Some of our clients prefer to leave their capital invested and draw a regular income from it, this is known as drawdown. Drawdown enables you to retain flexibility over your pension options and allows you to delay purchasing an annuity until you feel that an annuity provides value for money, should you wish to purchase one at all.

The drawback to having more flexibility with your Pension over an Annuity is that your Pension fund remains invested. This means that if investment returns are poor or there is a substantial fall in the value of your investments, then there is the chance that your retirement fund could deplete prior to your life expectancy.

At Howard Wright, we provide a range of risk-focused actively managed investment portfolios designed to assist our clients to achieve their income objectives in retirement. If drawdown is suitable for you, then there is usually no need to reduce the level of investment risk you are taking prior to your retirement. Further considerations may need to be made if you intend to withdraw a tax-free cash lump sum.

Your existing investment arrangements also need to be reviewed to ensure that they offer drawdown if this is to be an option to be considered.

Retirement options Report

At Howard Wright, we have developed our very own retirement options report, this covers all of the above issues in detail with illustrations bespoke to your personal circumstances. One of our Chartered Advisers will then recommend and implement a suitable product or range of products, targeted to meet your retirement objectives.

The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.


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 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.

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.


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. As part of your plan we review any existing Wills that you have in place or recommend alteration and amendments. 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

Howard Wright 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 simply do not wish to manage your affairs anymore.

Howard Wright 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 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”


Contact Our Team

Call Us

Visit Us

6 Oaktree House
Oaktree Rise

Howard Wright Enquiry Form

Start planning your financial future today.

Call us on

0345 688 4939