Financial planning questions every retired professional should ask

Enjoy your time to take it easy.

You’ve paid your dues and enjoyed the ride, both professionally and financially. Get ready to pass on your wisdom and wealth to the next generation.

We understand your needs, we’ve helped your peers and can help you ask the right questions…

How do I keep my retirement income flowing at the right rate for me?

Whether you’re newly retired or an old hand, you’ll want to keep your retirement income flowing. Almost half of retirees in the UK worry that they’ll run out of money eventually.1 Even if you’ve saved and invested diligently throughout your professional life, you may still be concerned you’ll extend your lifestyle too far and use it all up. A plan and a strategy will help give you clarity and certainty.

Get stuck into that paperwork and analyse what you’ve got. Then take some time to consider your future goals. Think about what’s really important to you and how much it could cost.

Cash flow planning can be a great tool to help you create a reassuring balance between future and present spending. We can help you experiment with the numbers, testing out different scenarios, estimating how long your savings might last. We have an online system that considers not only your possible financial choices but external elements like investment returns and inflation. You can explore options like ‘What happens if I downsize?’ or ‘Can we afford to visit the grandchildren in Australia every year?’.

If you start drawing money from your long-term investments during a time of low returns, it can have an effect on the size of your retirement pot over the long term. We have strategies to help protect you against this scenario, with some of your money going into short-term vehicles and some remaining invested for potential long-term growth.

We live in a rapidly changing world. And your life and priorities will inevitably change too. Check on the level of risk you’re taking with your investments and consider gradually reducing it for money that you’ll need in the near future. Make sure you review your plans regularly and adjust them for whatever has changed. A financial adviser can help here.

What if I want to live abroad?

There are 247,000 people from the UK aged over 65 living abroad in EU countries.You’ll have lots of financial research to do and decisions to make around property, income, pension payments and healthcare. Setting up with new financial providers such as banks can take more time abroad than it does in the UK. Try to simplify your UK finances and set everything up to run easily from abroad. Remember to do the simple things like cancel direct debits.

Tax is one of the most complex areas you’ll face living abroad, and you may want to ask for professional guidance. Some countries have reciprocal agreements with the UK that allow you to pay tax in only one country. Make sure you get set up for multi-country living and tax in a way that helps you retain choice. You may want to come back to the UK in future. Keep a close eye on how many days you’re allowed to reside in each country and whether that will suit your lifestyle.

Currency is another consideration. Fluctuations add another layer of complexity to your finances. Shop around for the best service and exchange rates, and watch out for fees.

What if my health fails?

Health-related financial planning needs to cover a wide spectrum of possibilities. A gradual reduction in activities could mean you spend less. Needing complex medical care could cost more.

Health insurance can protect you from potentially large and unpredictable medical bills if you choose to bypass the NHS. But some insurers have upper age limits, and the prices go up as you get older or if you have existing health problems. Your company scheme may have ceased and therefore working with an expert to find alternatives will be key to reducing costs in this important area of protection.

If you live in England and you have savings of more than £23,250 (rising to £100,000 in 2025) you’ll be responsible for the cost of any care you may need.This covers care in your home, or residential or nursing care. There’s a huge range of options and price bands on offer for care, so do some research and plan accordingly.

Cash flow planning can help you imagine a range of scenarios and explore the effect they could have on your retirement finances. It can help you make flexible plans to prepare for any eventuality.

How can I leave more of my wealth to my loved ones?

You may feel uncomfortable about making plans for your money after you’ve gone, but your loved ones will thank you for making things easier for them.

With some careful preparation, you could greatly reduce your inheritance tax bill. It’s worth familiarising yourself with the allowances for what you can give away tax free. If your estate is worth more than £325,000, anything which doesn’t go to your spouse could be liable for inheritance tax at a rate of 40%.

Putting money in a trust can help, and there are many different types available. We can help you explore the potential options and benefits. Pensions can also be a good way to transfer money without paying inheritance tax, as your pension plan isn’t normally part of your taxable estate. Another option is giving money to charity. The rules around inheritance tax are complicated, so this is another area where you may want to ask for professional financial advice.

Our article on estate planning is full of helpful suggestions. Or watch our estate planning webinar.

How do I make transferring my wealth easy?

Give some thought to who or where you would like your wealth to go. If you haven’t already, write a will. This makes the transition process much quicker and easier, and your wishes are more likely to be carried out. Organise power of attorney for someone you trust in case you’re not well enough to make decisions in the future.

Make sure all your financial records are organised and brief your loved ones on what’s going on and where to find everything.

If you have a financial adviser invite those who will inherit your wealth to your financial review meetings. See how involved they’re happy to be. Our intergenerational wealth transfer article gives more tips for a smooth transition. Consider streamlining your investments (for example Individual Savings Accounts (ISAs)) but keep in mind the limits of financial compensation schemes.

A financial adviser who understands your situation could be a great help to others taking over your financial affairs.

How can I find out more?

If you’re a retired professional looking for help from a financial professional, get in touch for a free, impartial conversation.

Contact us

0203 418 0257


This is Money – Almost half of retirees worry they will run out of money in later life, as many plan to rely on downsizing or receiving an inheritance instead
2 Office of National Statistics – Pensioners in the EU and UK
3 NHS UK – Paying for your own care (self-funding)


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