Understanding retirement options.
Understanding my retirement options
My current situation
I am 65 and plan to retire next year when I am 66.
I want to spend more time with my family, especially my grandchildren.
I am working part-time as a partner in a law firm where I earn £50,000 and have good pension provision.
My husband owns a private dental practice and is also looking to retire in the next couple of years. We own our home and have a holiday home in Spain.
- Short Term – holistic financial planning.
- Medium Term – estate planning and update our Will.
- Long Term – long term care planning.
What I need
We would like to ensure that we withdraw money from our pension in the most tax efficient way.
We also need to update our will and consider implementing a Power of Attorney.
We would like to ensure that any potential inheritance tax liability is kept to a minimum.