Portrait of cheerful senior couple enjoy

Enjoying retirement.

55+

Having the security to focus on what matters.

 

Sounds like you?

The financial planning that is right for you will be different depending on where you are on life's journey. Does the below sound familiar?

Are you looking for the right balance between spending and leaving a legacy? Worried about future care costs?

Retirement should be a stress-free time to live the life you want with your friends and family. 

The salary tap is fully turned off. Now is the time to make sure that you are making the most of your savings.

Business woman or accountant hand using

Quick Calculator

What's Your IHT Bill?

Taxes are compulsory. Aren't they? A former chancellor once called Inheritance Tax (IHT) "voluntary". And it could be your biggest tax bill. What might yours be...

Total estate

House value

Potential IHT bill your loved ones would have to pay:

Single

Married

(incl. house value)

(Main residence)

(excl. pensions, some businesses & agriculture)

This is a complex area of financial planning, with multiple reliefs available. We can help you understand your IHT position, and make plans to reduce it.

Please note: This calculator is intended to provide an insight only. It is not a personalised recommendation, and should not be relied upon to make any financial decisions. It is based on various assumptions, including tax rates which cannot be guaranteed.

We have chosen some key topics for people who are enjoying retirement...

 

Cashflow.

Senior couple meeting financial adviser

Things to think about...

HOW CAN YOU TELL WHETHER YOU ARE ON TRACK?

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Ask Yourself:

 

Are you worried about whether you will have enough money to live the life you want now and in future?

 

Would you like to see how much money you need at each stage of your life?

 

Would you like to know what steps you can take to ensure a comfortable future?

For most people, planning for the future is daunting – but it needn’t be.

 

Schofield’s ‘Cashflow’ gives you clarity of your current position and an insight into your future.

 

Talk to us today about how we can transform the way you spend, save and plan your life.

Image by chris ma

HOW CAN YOU STAY ON TOP OF YOUR MONEY?

Ask yourself...

 

Do you have the time, energy and skills to manage your money all by yourself?

 

Are you confident you are making the right decisions?

 

Chances are, like most people, you would prefer to spend your time and effort on other more enjoyable things. 

Get in touch to free up more of your time and ensure you make smart decisions with your money.

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Image by Amanda Dalbjörn

HOW MUCH YOU COULD SPEND IN RETIREMENT?

Did you know...

 

Most people are more frugal than they need to be in retirement, and underestimate how much they could spend.

However it is also very easy to run out of money if you're not careful.

We think it's much better to just know what you can afford.

Would you like to spend more in the early years of retirement, do some of the things you have always wanted, but also have peace of mind that you won't run out?

Do you want to leave a legacy to your loved ones, but also have enough to enjoy your own retirement?

Are you worried about how much you might need for long term care?

Would you like to know whether you need to downsize in the future?

Book a 'Cashflow' session today to get the clarity you need.

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Not your life stage?

 

Pensions.

A family, with parents, children and gra

Other things to consider...

ARE YOUR OLD PENSIONS ANY GOOD?

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Ask yourself: 

 

Do you know where all your pensions are?  

 

How much growth did they make last year?  

 

How much risk are they taking? 

 

What are the associated charges? 

 

If you don’t know the answer to these, you should take a closer look. 

Not all pensions are the same.  

 

For expert help reviewing your pensions, get in touch, and we will clarify what you have and whether they’re right for you. 

CAN YOU TRANSFER YOUR OLD PENSIONS?

Did you know...

 

Transferring your pension yourself is often difficult.   

 

Whilst consolidating old pensions could be in your best interest. The decision to transfer a pension could turn out to be an irreversible mistake.  

 

Some pensions can have complex features and very valuable benefits. So, you may want to think twice.  

We will do all the checks and balances for you, to see whether transferring is a good idea. 

 

If it is, we also do the heavy lifting, so you don’t have to.  

 

Let our pension experts guide you to ensure you make the right decision.   

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HOW DO YOU KNOW WHAT A GOOD INVESTMENT RETURN IS?

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Ask yourself:

 

Which investment is better?

A. 6% Growth

B. 6% Growth

 

Not all investments are the same – even if they look as if they are.  The difference?  It’s all in the ‘risk’.

 

The investment that has taken the least amount of risk is the best.

 

Our concern is when we hear, “I am making money, so I am happy.”

Risk appraisal is a complex area, but we have the tools and expertise to identify whether your investments are producing a ‘good’ return.

 

Legacy.

Multi Generation Family On Countryside W

Have you thought about...

CAN YOU DO ANYTHING ABOUT INHERITANCE TAX (IHT) NOW?

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Did you know...

 

Nigel Lawson (former Chancellor) once said: “IHT is a voluntary tax – you can either do nothing and volunteer to pay it, or you can take steps to avoid it”

 

Avoiding IHT however isn’t always straightforward. For example a gift of £300 can still be eligible for IHT and could remain subject to tax for up to 14 years.

This area of financial planning is highly complex and requires expert advice.

 

At Schofield, we know the best ways to reduce your IHT bill and can ensure that your family (not HMRC) gets as much as possible.

 

Call us now to arrange a meeting to discuss your IHT options and prevent costly mistakes. 

Money Down the Drain.jpg

CAN YOU AFFORD TO LEAVE A LEGACY? 

Ask yourself:

 

Are you worried about the potential costs of long-term care?

 

Do you want to feel confident about how much you can afford to pass on to your family and loved ones?

 

Would you like your children to enjoy some of their inheritance while you’re still around?

With the use of our cashflow forecasting software we’ll help you understand how much you need to keep for yourself and can afford to pass on to the next generation.

 

Get in touch to find out the best way of passing your wealth on.

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Preparing Jams
 

Insurance.

Sailboat Top View

Some more things to consider...

IS YOUR LIFE INSURANCE GOOD VALUE?

Did you know...

 

The ‘quality’ and ‘value for money’ of life insurance varies from one provider to another.  

 

Not all critical illness / health insurances cover the same illnesses and injuries. 

 

When people need to make a claim, their cover is often not what they thought it was. 

We can review your existing insurance policies and let you know if they represent good value. 

 

Get in touch today to find out what insurance is right for you. 

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IS YOUR LIFE INSURANCE RIGHT FOR YOU?

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Ask yourself: 

 

Do you have insurance that has just always been there? 

 

Have you forgotten the reason it was taken out and what the benefits are? 

 

Most people don’t know what life cover they need, so they guess.   

 

If this sounds like you, it is worth taking a closer look. 

We can accurately calculate exactly what insurance you need. 

 

Get in touch so we can review your existing policies and check that they are right for you.  

 

Savings & ISAs.

Thoughtful middle-aged woman relaxing at

And lastly, have you thought about...

WHERE SHOULD YOU PUT YOUR SAVINGS?

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Did you know...

 

Pension contributions receive a tax ‘bonus’...

 

...but you can’t access it until age 55.

 

Investment ISAs grow tax-free, but annual contributions have a limit.

 

Venture Capital Trusts (VCT) investments can receive up to 30% tax relief, but they are high risk.

Deciding where to save is not always straightforward.

 

We can help you make sure your existing and future savings are channelled into the right places.

Image by Kara Eads

WHICH ISA IS RIGHT FOR YOU?

There are different types of ISAs...

 

> Cash ISAs 

> Stocks & Shares ISAs 

> Lifetime ISAs 

> Help-to-Buy ISAs 

> Innovative Finance ISAs 

 

Before you can decide which is right for you, you need to know the pros and cons of each one.

We can help you understand your options, what allowances are available to you and ensure your savings are being channelled into the right places.  

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Portrait of cunning curious emotion expr

CAN YOU GET A BETTER RETURN THAN A CASH ISA?

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Most ISAs commonly available on the high street are cash accounts – and very low risk. 

 

If you are prepared to take more risk, you can increase the chance of making more money.  

 

You can hold investments within an ISA which means you benefit from tax free growth. 

Annual returns have been*: 

 

> 3.5%    Cautious Risk  

> 4.2%    Moderate Risk  

> 5.3%    Adventurous Risk  

 

But past performance is not a guide to future returns.

* Sector average over 20 years to 2019.

Tall pine tree rising above others.jpg

HOW DO YOU KNOW WHAT A GOOD INVESTMENT RETURN IS?

Ask yourself:

 

Which investment is better?

A. 6% Growth

B. 6% Growth

 

Not all investments are the same – even if they look as if they are.  The difference?  It’s all in the ‘risk’.

 

The investment that has taken the least amount of risk is the best.

 

Our concern is when we hear, “I am making money, so I am happy.”

Risk appraisal is a complex area, but we have the tools and expertise to identify whether your investments are producing a ‘good’ return.

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Happy Couple

HAPPY MONEY HAPPY ME