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Retirement is a time to enjoy yourself, but it’s not time to stop planning. Your retirement could last for 25 years or more. In that time, your needs might change – and you might have to change your financial plans as well.
We all want a happy retirement, where we can enjoy life and do the things we promised ourselves, if we could only find the time. But retirement isn’t a time to stop planning. You shouldn’t let your financial plans stand still.
Chances are you’ve bought an annuity, so your pension fund is accounted for. Are your other investments producing the returns you hoped for, or need? And what about your assets – have you made a will and taken advice about passing on your wealth tax efficiently?
If your pension fund has been used to buy an annuity, that’s fine – there are no more decisions to be taken there.
If you opted for income drawdown, you need to keep a close watch on how your pension fund investments are doing and what’s happening with annuity rates. You can still use the rest of your fund to buy an annuity.
Savings and investments
The interest you receive from investment bonds and fixed term savings can supplement your pension income. RBS usually has a range of fixed term bonds with terms up to five years. Some of these bonds offer at least a return of your original investment at the end of the term. That way you’ll not be reducing your retirement pot.
Protect your assets
If you’re affairs aren’t in order, your family may have to pay inheritance tax unnecessarily when you die.
Giving the taxman more than we need to isn’t something many of us would choose to do. But without inheritance planning, some of your estate could be subject to taxes when you die.
Inheritance tax is charged on the value of an estate in excess of £325,000 (2010/2011)– currently at up to 40 percent. When you think about the value of your home, savings and other belongings, you can see how easy it is to be affected by this tax.
Luckily there are some things you can do to minimise any potential tax liability. Insurance policies can also provide the money to meet an inheritance tax liability when you die.
Our inheritance and tax planning service can help you put your financial affairs in order - and take away the worry of inheritance tax.
Life assurance
Straightforward cover to pay your Inheritance Tax liability or take care of your funeral expenses.
Common questions
Some of the questions we’re most often asked about retirement are answered here.