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Is retirement all it’s cracked up to be?

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We spend the majority of our life working, working and working and then, when we hit a certain age – we retire. Is retirement all it’s cracked up to be?

According to some research by Skipton Building Society, which polled 2,000 British people, it most certainly is. Relaxing; spending time with the family; holidaying etc are all activities that make retirement a good thing. The survey revealed that 65% of those polled viewed it as a positive. Imagine – no more alarm clocks; no more stuffy work suits and waking up each morning and doing all those things that you really, really want to do.

As we tend to be friends with those of a similar age to ourselves, the research also revealed that 40% of those that hadn’t retired admitted being jealous of those that had already retired. Not everyone though was looking forward to it – worries about loneliness; boredom; and health worries often troubled those approaching retirement. This is unsurprising really given that we retire when we reach a certain age, and with age often comes illness and money worries. How many of us in our 40’s and 50’s are encouraged to pay heavily into our pensions, and how many of us actually do? We spend so long working hard to enjoy our retirement and then often don’t have the means to do all those thing we dreamed of?

Whilst it may seem unusual a Solicitor blogging about this, we have been having a big drive and campaign to get our client’s to come in and talk to us about their future and future plans.
Typical scenarios might be:

Personal Wealth Protection
• Do you want to set up a tax efficient Trust Fund to help your children financially in later years?
• Maybe you want to gift assets to your children or grandchildren?
• Do you want to minimise your exposure to Inheritance Tax and Capital Gains Tax?

 Business Protection/Succession Planning
• Have you put arrangements in place as to what will happen to your shares in the business?
• Do you want the shares to go to your family or your business partner?
• Have you appointed anyone to take control of your affairs in case you were unable to do so yourself?

Justine Osmotherley is head of the Private Client Services team at Clarion, so if you want to talk about any of these areas, please call her on 0113 336 3323 or by email on : justine.osmotherley@clarionsolicitors.com


 

Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.