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Please fill in your details to arrange a financial review with one of our financial planning or investment experts.
How it works:
- We will call you back to find out more about your aims and requirements
- We will arrange a meeting with one of our team at a convenient time, either over the phone, on video, at your home or workplace, or at one of our offices
- You will be able to ask any questions you have and find out more about managing your wealth with Saltus
- Your review will be at our cost and there is no obligation to work with us afterwards
Who we work with:
- Individuals with £250,000 or more in investable assets. This includes pensions, ISAs, other tax-wrappers and cash available for investment.
Retirement spending patterns
The ‘retirement smile’ is commonly referred to in the industry – it’s essentially a visual representation of typical spending patterns in retirement:
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From age 65 to 70, most people are still in good health and pretty active. Retirees in this age group suddenly find themselves with more time on their hands and want to make the most of it: they take that round the world trip, go out for those fancy dinners and, of course, spoil the grandkids. As a result, their expenditure can increase quite significantly to pay for these lifestyle changes.
The idea that we suddenly turn into some kind of ‘retirement vegetable’ at 65 is obscene. There is a very active part of retirement for at least the first 5-10 years that needs funding. It’s only in your mid-70s that your spending will start to substantially reduce as you hit the ‘book reading phase’ of retirement.
Full-blown ‘vegetablism’ doesn’t hit for most until they are around 85 and, at this point, spending tends to shoot right back up again due to social care and medical costs.
Enjoying your retirement
We are all different, and my retirement journey might look very different to yours. However, generally this period of our lives should be about doing the things we have always wanted to and having full freedom to do so. This is your ‘life 2’, so it is imperative you plan and enjoy it, but it’s also vital to ensure you have sufficient assets to provide the financial freedom to make it happen.
Yes, your mortgage might be paid off when you hit retirement but it still amazes me that people often knowingly plan for their income to reduce by half or possibly even more.
There are two things I want you to take away from this:
1. When you are working out how much you need, assume your spending might actually increase in the initial stage of retirement. Stop planning for your income to take a big hit at this point – it’s not realistic.
2. You have to remain flexible. Retirement is something you need to work at and review on an ongoing basis. You have to build in the ability to change depending on what life throws at you. Spending patterns in retirement are unlikely to simply decline in a continuous and predictable fashion until death.
So, if you’ve been planning for your spending to drop when you retire, maybe it’s time for a rethink.
All authors have considerable industry expertise and specific knowledge on any given topic. All pieces are reviewed by an additional qualified financial specialist to ensure objectivity and accuracy to the best of our ability. All reviewer’s qualifications are from leading industry bodies. Where possible we use primary sources to support our work. These can include white papers, government sources and data, original reports and interviews or articles from other industry experts. We also reference research from other reputable financial planning and investment management firms where appropriate.
Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.
Find out more about our award-winning wealth management services…
Financial Advisory Firm of the Year
Client Relationships Award
Financial Services, Banking and Insurance Firm of the Year
Investment Performance Cautious Portfolios
Best Medium Firm
Investment Performance: Cautious Portfolios
Investment Performance: Balanced Portfolios
Financial Planning Firm of the Year: Small to Medium Firm
Financial planning can help you reach your goals in life, whether you want to determine when you can retire comfortably, bring organisation to your financial world or pass on your wealth effectively.
Pensions and retirement planning
Deciding when to retire is a challenging decision and can feel like a leap of faith. At Saltus, we gather information on all of your existing assets and then use our technology and expertise to show you exactly how to achieve the retirement you’re after.
Reducing your tax burden
How to structure your wealth and access income should be approached in a sophisticated way. A detailed financial plan may use pensions, ISAs, general investment accounts, offshore bonds and other tax wrappers to ensure you can draw your money in a tax-efficient manner.
Consolidating your wealth
Holding multiple investment accounts and pensions can mean they’re hard to keep track of and administer. We’ll help you overcome this by consolidating your accounts into a single plan so that you can understand your financial position with ease.
Protecting you and your assets
We protect our cars and houses without much thought yet you might be the most valuable asset in your family. Whatever your situation, we can provide advice to ensure you have the right level of insurance in place to keep your finances protected.
Passing on your wealth
Estate planning is more important than just having a Will. We’ll work closely with you to understand how estate planning, which has emotional as well as financial consequences, can impact your overall financial plan.
Significant life events
Significant life events can present great opportunities but also considerable challenges. Whether you are going through a business sale, divorce or are receiving a lump sum, we’ll help build a financial plan to meet your changing lifestyle.