Are You Ready For Retirement? | Blog | UnaVida Wealth Management Ltd

Are You Ready For Retirement?

Make sure you are aware of all the possible tax implications that will come into play when you retire, it is not necessarily how much you pay yourself , but how you organise those payments in the most tax efficient manner.

If you have read my book “The10 Worst Retirement Mistakes” you will note that we suggest that many retirees may be better off continuing to work in some capacity following their retirement.

A recent study confirmed this trend and stated that a study carried out two years ago indicated that two thirds of people planning intended to stop work entirely but in the most recent study this had reduced significantly to one third.

I wonder if that is because flexible retirement is becoming more popular or is it a perverse reaction to the aftermath of the pandemic?

If you ask anyone if they are looking forward to retirement, they will inevitably answer yes, but are they really?

Employment provides a means of social interaction and a sense of purpose, now you are considering terminating your employment and possibly looking forward to some holidays, but what happens after that?

Your relationship with your partner is I feel sure a pleasant one, but will it continue to be as pleasant now you are going to have to spend a lot more time together. You may both need time to adjust to your changed circumstances.

When I lived in Cyprus, the Greek Cypriot women would show their husbands the door during the day. The men would sit around a cafe all day playing backgammon and drinking strong coffee. That might be a bit extreme, but it would suit me, because I am a very keen backgammon player.

Retirement is viewed by many as the end of a life, whereas it should be a new beginning to a different phase of your life.

I have read numerous articles on retirement, most are concerned about money. Very few articles mention the considerable anxiety and stress (often hidden) this dramatic change in life can bring.

To have a successful retirement you need to plan; that means facing the facts, that you have 40 years ahead of you, provided you take care of your health.

In order to make your retirement a plan ahead, our guide indicates the things you need to consider, please take these on board to ensure the rest of your life is a life of joy and meaning.

If you are uncertain how well prepared you are, why not spare five to six minutes answering our quiz“Are You Retirement Ready”, it covers all the main topics that I believe people retiring should consider.

Sadly, very few people completing the questionnaire have got top marks, which either means that it is a lousy questionnaire, or as I believe most people have not fully considered all that is required to protect their families and have a successful retirement.

To complete the quiz – CLICK HERE.

If you intend to continue working, then reduce your hours and make sure you do something you enjoy and is fully compatible with the lifestyle you and your family desire.

Over the last twelve months the Federal Bank (FED) has pumped a wall of money at the US stock market, this has driven asset prices higher, resulting in inflation. The FED informed the world it will be transitory, the latest pronouncement mentioned that it would be transitory in the long term!

As if that wasn’t enough on its own to derail the monetary value of your pension income, the tragedy of the war in Ukraine has caused massive supply disruption and huge increases in the price of energy and commodities.

This poses considerable challenges to retirees, particularly if your financial adviser is restricted, as modern portfolios require a very diverse mix of assets to stand any possibility of coping with this more volatile stock market.

A personalised financial plan that considers your assets, lifestyle choices, and aspirations could help you minimise your tax liability and provide you with peace of mind, if you want to get the most out of your retirement resources.

Note that this article is meant to inform, before you make meaningful decisions always take advice from an experienced financial adviser.

A pension is a long-term investment that typically cannot be accessed until age 55. (57 from April 2028). The level of pension benefits available could change if the fund value fluctuated or dropped. Performance in the past is not necessarily a predictor of future outcomes.

If you would like a second opinion on your retirement planning, we offer a limited number of no obligation meetings per month to potential clients with a minimum of £500,000 in investments or pensions – to apply CLICK HERE.

A pension is a long-term investment that typically cannot be accessed until age 55. (57 from April 2028). The level of pension benefits available could change if the fund value fluctuated or dropped. Performance in the past is not necessarily a predictor of future outcomes.

If you would like a second opinion on your retirement planning, we offer a limited number of no obligation meetings per month to potential clients with a minimum of £500,000 in investments or pensions – to reserve your place CLICK HERE.

Registered in England and Wales. Registered Number 5553273.
Registered Address: 8f Millars Brook, Molly Millars Lane, Wokingham, Berkshire, RG41 2AD.

A pension is a long-term investment that typically cannot be accessed until age 55 (57 from April 2028). The level of pension benefits offered could change depending on the value of your investments (and any income they may generate).

The interest rates in effect at the time you begin receiving benefits may also have an impact on your pension income. The tax consequences of pension withdrawals will depend on your unique situation. In later Finance Acts, tax rates, tax bases, and tax relief may change.

The opinions expressed by Ray Best are meant to inform and educate. Before making any investment decisions always take advice that is pertinent to your investment personality and financial situation.

You are aware that past performance will not necessarily be repeated in the future, but you should be aware that persistent poor performance invariably will.

The value of an investment and the income from it could go down as well as up.

The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

UnaVida Wealth Management Ltd. is directly authorised and regulated by the Financial Conduct Authority (440577).

The guidance in this website is primarily aimed at a UK audience and is subject to regulation by the Financial Conduct Authority (FCA).

The Financial Conduct Authority does not regulate tax planning, estate planning, or wills and any form of legal documentation.