In terms of your finances, you’ve said you’re interested in creating and implementing an effective tax strategy. The tax system in the UK is incredibly complex, and by having a well thought out plan in place, you can be assured that you’re only paying what you need to, and no more. Although, not everyone has trouble with tax, those that do rarely solve the problem alone without advice.

You’ve said your primary concern is ensuring your retirement funds last as long as you do. This is a common concern of those thinking about (or approaching) retirement, and luckily, there are calculations which can determine when to retire and what income you can expect. Calculations can offer a great deal of security and enable you to spend freely/avoid unnecessarily scrimping. However, the calculations are highly complex, so you should ask a professional if you’re thinking about, or close to, retiring.

You’ve said you’d like to achieve two objectives in terms of your finances. Firstly, you’d like your finances to support a fulfilling retirement and make sure you aren’t limited in terms of your lifestyle choices. After this, you’d like to be able to pass on any remaining wealth to your family. With Inheritance Tax allowances being as low as they are in the UK, even more families are having to seek advice. With both objectives being priorities, you don’t want to have to compromise on your own retirement to ensure there’s money left, and professional advice can ensure you don’t have to.

You’ve selected the most common reason clients come to PenLife – to get organised! Knowing you have a firm grip on your finances and that you’re getting the most out of your money can seriously change your life. It shouldn’t be underestimated! And this doesn’t mean you have to have weekly meetings to discuss your money all the time…It can be quite the opposite if you don’t like dealing with finance (which most don’t!). A financial adviser puts together a plan with you and then you meet annually, or a couple times a year to make sure you’re still on track with your goals - simple!

You also said you’re currently in work at the moment and you’d like your investments to help you fund the lifestyle you want. It’s good to start thinking about your investments whilst you’re still working because an adviser can help influence your savings. If you involve an adviser sooner rather than later, they’re in a position to tell you how much you need to save in order to achieve the lifestyle of your choice.

If you seek advice early, it reduces the risk of you wanting more freedom in terms of your lifestyle and being disappointed when adviser says you can’t afford to yet.

Additionally, you’ve said that you hope to retire in the near future and stop (or reduce) working. In order to do this, you need to understand that you do need a financial plan ready to be put in place before you take the plunge! Well firstly, congratulations on making that choice – retirement is a big step and it’s also an exciting opportunity to create a lifestyle of your choosing. However, this being said, most people who come to retire have little to no experience…

If you don’t know a lot about financial advice, you should ask for a professional’s opinion before making any important decisions to do with money - to make sure you get the most out of it!

In conjunction with the above, you’ve confirmed that you have already stopped working – which means you’ve already retired! So, congratulations! And don’t worry, it’s not too late to seek advice… a lot of people think that you can’t seek retirement advice once you’ve already retired, and it’s a myth! It’s not uncommon for people to come to us to check their existing plans from other advisers if they’re not 100% confident. And it’s not uncommon for retired individuals to come to us with no financial plan!

Worrying about money isn’t fun for anyone. But financial security is invaluable and can transform a person’s life! So, the important bit, is that you seek advice if you’re not sure.

Following the above, you also said that you have substantial wealth, which usually means you’re in a position where you’ll have little concern about running out in your lifetime. Now your primary focus is to ensure as much as possible can be passed down to future generations. Identifying the liability is the first step, but what most don’t know is that Inheritance Tax advice is time-sensitive. Some products/solutions can take up to 7 years to become fully effective, so it’s always recommendable to get the ball rolling sooner rather than later!

If you know you have a liability, or have good reason to believe you might, please don’t hesitate to find out for sure!