75 is a critical point for pensions in respect of potential tax liabilities so it is important that you get some financial advice before you reach this age. You are also, no doubt, mindful of the impact that spending decisions will have on the longevity of your financial resources. Giving money to friends and relatives also becomes fraught with potential inheritance tax implications.

If you haven’t already done so, then it is time to seek guidance from a professional financial adviser, like Ken or James. We can help you plan to ensure that money is available when you will need it and that the rest is invested appropriately to avoid unnecessary inheritance tax.

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Your Pension

75 is the age at which all your pension benefits are tested against your Life-Time Allowance (if you have one) and you will be taxed on anything over this amount. If you aren’t yet 75 then there is still time to take steps that may avoid this.

There are many rules regarding the way different pension schemes provide benefits to dependants and successors when you die and the way that these benefits are taxed all changes when you reach 75. We will help explain what will happen in your individual situation.

Our aim is to help you invest what you have in the right way, withdraw what you need at the right rate, and calculate what you have left to spend, guilt free.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Your Savings

Savings is one way of providing for your funeral costs but if the money isn’t deposited or invested in the right way, then it won’t be available to your family until after your estate has been through probate or administration. We will guide you through simple solutions to this problem.

Savings aren’t always the best option for funeral planning but researching the vast array of alternative schemes is a daunting task. We will explain the different options to help you make the right decision for you and your family.

ISAs and other savings products are taxed differently when they are passed on to your surviving spouse or down the generations. Giving jargon free, clear explanations about this is part of our service and we can help you adjust your savings pots if appropriate.

Earlier in life, unexpected expenses could have been covered by working harder. You may not have the capacity or the inclination to rely on this method anymore and therefore setting aside surplus income becomes the best solution.

Inheritance tax & trusts

If it is important to you to leave a legacy, we will help you understand the tax implications of structuring your investments in different ways. We can advise you on how to us a life assurance policy to mitigate any tax liability that you believe may exist.

Whether you want to allocate monies for your family now, or just pass on what is left, we can advise you on how different approaches to savings and investments are taxed. We can help you use trusts to coordinate your legacy plans. Although this can be complicated, it isn’t expensive to do and the benefits can be substantial.

We are not tax advisers. We do not provide information about your own personal tax affairs. We can explain, in general terms, the tax implications of different investment products.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Equity Release

It has become increasingly popular for homeowners aged 55 and over to release some of the tax-free funds from their homes without having to move. The flexibility and safeguards that are built into today’s plans will allow you to consider including this option in your retirement funding strategy (subject to eligibility).

As with all financial products, it is essential that we establish that a lifetime mortgage is the most appropriate approach given your personal circumstances. As you can’t release equity without professional help, we make sure that you receive this expert equity release advice.

You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone. This is a referral service.