Whatever retirement means to you, whether it is lazy afternoons on the beach or endless days of golf, if it is to be successfully achieved its planning shouldn’t be left to the last minute. One of the unsung successes of the last decade has been the significant increase in life expectancy. Thirty years or so ago, it probably was the case that people on average only drew their pension for two and half years. Today, it is not uncommon for clients in their 70s to look forward to a trekking holiday in Peru.
Retirement planning means making proper provisions for retirement and these need to be made and kept under review throughout your working life. There are plenty of tax efficient ways of providing for a successful retirement but all too often it is left until the last few years before retirement.
It also means how to extract value from, for example, a family company in a tax efficient manner and without damaging the future of the company. Even for those who have made significant provision for their retirement, careful planning is needed to extract funds in pension arrangements to optimise the tax position.