Is your retirement income robust enough to keep you afloat?

“There is nothing permanent except change.” – Heraclitus.  

Your retirement can be exactly how you’d like it to be. Perhaps it’s sailing around the world or indulging in your favourite pastimes (the ones you didn’t have time for when you worked), spending time with family and friends, or pottering in the garden? 

Do you have plans for helping your children buy a home, supporting their business, or putting your grandchildren through school or university? 

Either way, your hard-earned income and savings need to work for you.  

That is why the BCA’s insurance partners, Lloyd & Whyte, have put together this helpful article, breaking down the elements of financial planning and how Independent Financial Advisers (IFAs) can help you create a financial plan that works for you.  

Does the day you stop working seem far away?

You might think retirement is a long way off but if you want it to be as you envisaged it, it will pay off to organise your pensions and financial plans sooner rather than later. 

Think about this… 

  • It’s likely you will need an income which will last about 25 years or longer.  
  • £20 now won’t buy you the same item as £20 in ten years.1 
  • Sitting on cash savings is not always the best way forward. 

Do you wonder…  

  • Can I afford to buy my own property? Or fund university? 
  • How long will I have to work before I retire?  
  • How much will I get from each of my pensions?  
  • How do I want my retirement to be? 

That is why, financial planning needs to be approached in a holistic way to address your individual goals and aspirations.   

Financial planning incorporates the following areas and more…

Pensions and investments 

Is inflation set to outstrip your pension? If you’re growing your pension through investments, are you sure you’re on course? 

You need to assess whether: 

  • Your pension is at a healthy level. 
  • You need to switch from low risk to higher risk investments, or vice versa. 
  • Your current returns on your investments are growing as well as they can. 

Integrated Financial Management (IFM) 

To make the most of your financial plan, you need an Independent Financial Adviser who is dedicated to the ongoing monitoring and review of your strategy and is available to provide specialist advice when required. Integrated Financial Management is designed to help you do exactly that. 

Inheritance Tax Planning (IHT) 

The amount of IHT applied to your estate can be reduced through careful planning and understanding of the rules that apply to Inheritance Tax and the various Nil Rate Bands. Whether through ‘gifts’, Business Property Relief Trusts, or charitable donations, an Independent Financial Adviser can help you build a plan that makes the most of your allowances and take steps towards making sure as much of your estate as possible passes to your beneficiaries. 

Wills & Lasting Power of Attorneys 

Although Wills, Lasting Powers of Attorney and Trusts are often thought of as a later life issue, it is important to consider the possibility that life can present the unexpected.  

Aspects you may need to consider are: 

  • Would your family be taken care of?  
  • Would your legal and financial affairs be managed with your best interests at heart? 

There are experts who can guide you when making informed decisions around passing on your wealth and ensure your last wishes are carried out effectively.  

Do you find finances confusing?

There has been a deluge of information in the news and online about the causes of the economic challenges we currently face. Actual solutions seem harder to find. 

Trawling through the internet or getting direction from family and friends can often be confusing. That is why we recommend you review your financial plan on a regular basis with a qualified IFA. 

Why use financial advisers when there’s the internet?

Artificial Intelligence (AI) in finance is a useful tool when it enhances rather than replaces human interaction. However, AI can never replace the understanding and empathy a client receives when talking to a human.  

Lloyd & Whyte’s IFAs in particular use tools that explore options and solutions which automated software alone would not have provided. They think ‘outside the box’ (or ‘bot’). They keep a watchful eye on your investments and develop a strategy for you to have the best chance at growing your finances. As the name suggests, they are independent, which means they’re unbiased and don’t have an affiliation or vested interest in a specific product or plan. You can book an appointment with one of Lloyd & Whyte’s IFAs and choose from an ‘in person’ meeting, video call or telephone call at a time that is convenient for you. 

Of course, products and information can be sourced from many providers, so we recommend that you do your research to find the best solution for your circumstances.   





About Lloyd & Whyte:

Lloyd & Whyte (Financial Services) Ltd are authorised and regulated by the Financial Conduct Authority. Registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA. Calls may be recorded for use in quality management, training and customer support. It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only.  We cannot assume legal liability for any errors or omissions it might contain.