Already retired
You may be there, but the journey's not over yet
Retirement planning doesn't stop as soon as you retire. You might have 25 years or more ahead of you. In that time, your needs can change - your financial plans need to change with them.
Retirement is a time to enjoy yourself. To do all the things you always wanted to - if only you had the time. But it's not a time to let your financial plans stand still.
You'll want to make sure you're still maximising your retirement income, so it pays to keep an eye on investment and savings deals. And it's time to put some firm plans in place to pass on your wealth.
If you bought an annuity with your pension fund, that’s fine – there are no more decisions to be taken there.
If you opted for income drawdown, you should keep your eye on the performance of your pension fund, and annuity rates, to make sure you’re still making the best choice.
Savings and investments
Fixed term savings and investment bonds can be used to provide you with additional retirement income. There are usually plenty of deals around with terms up to five years. Look for investment bonds that guarantee at least a return of capital at the end of the term. That way you’ll not be reducing your retirement pot.
In England and Wales, state funding for long term care is means tested. If your assets, including your home, are valued at more than approximately £23,000, you’ll be expected to meet your own long term care costs.
Long term care insurance
Long term care insurance is designed to meet the costs of care. You can buy this type of protection with a lump sum payment or with a regular premium plan. It gives you financial independence and means you’ll be able to pass on your assets to your family.
After you’ve worked hard all your life, you’ll want to know that the wealth you’ve accumulated will go to your family and friends, not the taxman.
Without proper planning, inheritance tax can ‘wipe out’ 40 percent of your assets above £325,000 (2010/11). There are many ways to reduce the impact of this tax, and to put protection plans in force to meet any unavoidable tax.
The NatWest inheritance and tax planning service can help you make plans that remove the worry of inheritance tax.
Protection in retirement
Straightforward cover to pay your Inheritance Tax liability or take care of your funeral expenses.
Common questions
Some of the questions we’re most often asked about retirement are answered here.
Get in touch
We’re here to help you cut through the complexities of retirement.
Call today for an appointment with one of our financial planning advisers
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Glossary
Still struggling with retirement planning jargon? Check out those tricky terms with our glossary.