Making preparation to ensure that you and your dependents are well taken care of when you no longer work is a pragmatic approach to retirement planning. However, understanding that even the most comprehensive plans will need adjustment over time can help retirees avoid disappointments and unnecessary stress. Read on to examine three errors to avoid.
Believing planning ends when you retire
Many people mistakenly think that once you retire you can stop planning. However, this is only the end of your pre-retirement plans. From market fluctuations to changes in personal circumstances, having a financial expert revise your plans periodically and ensure they are still fit for purpose is essential.
Disregarding inheritance tax
Using tax-effective strategies can allow you to pass on wealth efficiently to your chosen beneficiaries, while never impacting your standard of living in retirement. Wealth managers help their clients get the best use of their money when no longer working, while reducing the size of inheritance tax bills paid on their estates.
Not accounting for healthcare expenses
Along with ensuring that you have adequate income in retirement, understanding that your needs will change as you age is important. A wide range of protective policies can be put in place to cover assistance, such as ongoing care or medical bills in later life, making certain you are always prepared.
If you require help with retirement planning in Chester or Shropshire, we can help. Get in touch with us here at Hartey Wealth Management to discuss your plans.
