What happens if I want to plan for retirement or create a Life Wealth Plan? Feb 22, 2019Views: 66
Planning ahead strategically for your retirement is crucial if you would like to make the most of your later years.
According to recent statistics from the Pensions and Lifetime Savings Association (PLSA), four out of five people are ‘unsure’ whether they have saved enough money for when they retire, while a third feel that they should be more pro-active when it comes to planning ahead for the future.
Sound retirement planning is vital for anyone who wants to enjoy a financially comfortable life in their later years and leave behind a sizeable legacy for their family.
At Lamont Pridmore, we believe that one of the best ways to get the most out of your retirement is to create a Life Wealth Plan very early on.
Creating a Life Wealth Plan
A Life Wealth Plan breaks down your hopes and ambitions for retirement into clear goals for the future and ensures that you are able to save wisely, by taking advantage of the diverse range of schemes and reliefs available to you.
This enables you to create a long-term wealth strategy that takes into consideration factors such as life insurance, tax-efficient borrowing, maximising an ISA portfolio and tax-free investments.
A Life Wealth Plan will also look even further ahead, factoring in estate planning, the preparation of a Will and ways of mitigating Inheritance Tax (IHT).
Graham Lamont, Chief Executive at Lamont Pridmore, said that many people leave it too late in life to plan, and that early action will make the process of saving less onerous.
“When you speak to younger savers about retirement they often admit that they do not save or rely exclusively on a workplace pension or simple ISA scheme, but in many cases, as the research suggests, they could be doing much more,” he said.
“While I appreciate that younger savers have other concerns, such as building a deposit for a home, covering their rent or raising a family, early action can make the process of preparing for retirement much less stressful and give them more opportunities to enjoy later life.”
To find out more about how Lamont Pridmore can help
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