Financial Goals for your 70s and Beyond

Introduction

Unless you intend to carry on working for as long as you can, your 70s and beyond should be a time to enjoy the fruits of your labour and the things you have not previously had the time to do.

You’ve worked hard to accumulate your savings, and now you can focus on spending in a way that brings you joy. But you should still be mindful of the need to have a plan, as it will be important to decumulate in the most tax-efficient manner, whilst also considering estate planning and how you may be able to pass on wealth to your loved ones.

As well as our How to guides, our advisers can offer professional advice to ensure your arrangements are as tax efficient as possible, help with budgeting by producing a lifetime cashflow analysis, review assets to ensure they are invested appropriately and in line with your time horizons, and help you consider your legacy and transfer of wealth. This page covers some of the areas you might wish to consider.

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Revisit your planning and budgeting assumptions

You want to live life to fullest, setting aside anything you wish to leave behind, and budget for an undetermined timeline. Whilst no one wants to consider periods of frailty, it is important to consider factors such as later life care for yourself and a partner, which are subject to growing demands and costs. You also need to factor in considerations like inflation and taxation.

A good Wealth Planner or Financial Planner can help you take stock of what matters most, plan for various scenarios and provide you with confidence and clarity through developing a comprehensive financial plan

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"Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree."

Martin Luther

Tax Treatment

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

Optimising Investments and income goals

Your investment strategy may change if you begin to take a more cautious approach in order to draw an income from your assets and focus on capital preservation. However, depending on your age and health, you still potentially have years ahead of you.

You may have previously managed your own investments but feel it is now time to delegate some of the day-to-day decision making, through a discretionary or managed investment service. Whether you have a managed, advised or execution-only service, it is important to make sure you have the right investment strategy, taking into account your risk tolerance and any foreseeable calls on capital for the short to medium term. Our team of Investment Managers work alongside our Wealth planning team, and can advise on a range of services, strategies and assets to create an agreed investment approach and strategy to suit your needs.

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Capital at Risk.

You may not receive back the same amount you put in when you choose to cash out your savings.

For illustration purposes only

The animation above illustrates the potential for income growth through efficient financial structuring and a balanced or growth-focused approach to investing. The actual figures achieved will depend on individual circumstances

Creating a legacy for loved ones

Many people want to leave a legacy for their loved ones and to ensure that as much of the wealth they have worked hard to accumulate, can be passed on. A crucial part of this is thinking about the help you might wish to provide now and what you might like to pass on, taking advantage of gifting allowances and considering legal vehicles such as Trusts.

We can help you with legacy planning and advise on how to pass wealth on to loved ones in the most tax-efficient way possible. For more information, read our Legacy and Intergenerational transfer of wealth page.

Estate planning and protection for yourself and your loved ones

Being organised with important documentation, legal papers and financial affairs can be important should others need access in an emergency. Even a period of short-term incapacity can create challenges if family members are not in a position to find what they need or take control, especially if you have always handled these matters.

Having a Will, letters of wishes, and Power of Attorney in place can help ensure that in the unfortunate situation that you pass away or are too unwell to make decisions for yourself, your wishes can still be carried out. Our teams can also lighten the load with our Personal Taxation Service.

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Getting good financial advice

Taking financial advice is a great way to help you with planning considerations in your 70s and beyond, as you can benefit from guidance on how to meet your own needs, as well as consider your estate and potentially provide for loves ones - all in the most tax-efficient way possible.

We have teams of Planners, Investment Managers and specialists in IHT and Estate Planning, who can work in collaboration, depending on what you are looking to achieve. You can see what some of our clients have to say about us and our Advisers below.

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