Having enjoyed many years of retirement you are now considering how to pass on wealth to loved ones as tax efficiently as possible whilst ensuring that your assets are organised well for the next generation.
The focus of the latter retirement years is a balance between ensuring you maintain a comfortable lifestyle with changing personal needs as well as preparing your estate for passing on to your beneficiaries, writing up your will, and ensuring future funeral arrangements are taken care off to avoid added stress to family members.
Health is wealth
Building wealth for the future was the focus in the earlier stages of your life, now the priority is health and wellbeing. As we age, experiencing health issues is natural so having arrangements for long-term care is important whether that is with family or professional help. The better you take care of your health, the longer you have to enjoy time with loved ones.
Gifting to loved ones
At this phase of your life, it can bring significant personal satisfaction to gift money to loved ones, and it can have a significant positive impact on their lives. Whilst lending a helping hand with getting on the property ladder, paying for education, or helping family clear debts, it is important to seek the appropriate advice to do this in a tax efficient fashion.
New lifestyle
With deteriorating health as you age, mobility and physical ability will likely not be what it was. Adapting your lifestyle, hiring support, and making changes to your home to make it easier to live in can all help to maintain a comfortable lifestyle during retirement.
Evolving needs
Your health is your number one priority now. You might consider either modifying your family home to make life easier, or potentially even moving to make things more manageable. A new retirement home closer to family or even abroad with better weather to suit your health can offer a new lease on life.
