Please use our new search engine to find out more about the range of products available from Corrigans.
|
 |
|
|
You, or someone important to you is:
51-65
years of age
|
|
There were times when you didn't think you would get here, but hopefully, life is starting to look much rosier now. From a more solid financial foundation, and with the strength of the plans that you made earlier, you should now have more freedom to take greater investment risks if you so wish.
|
 |
A clear understanding of what the risks are and
the conviction that the benefits outweigh them must be held before you
do so, but Corrigans believe that you should make no investments unless
you fully understand and are comfortable with what you are embarking
upon.
Margaret and Gordon first came to Corrigans for
advice about their pensions in their early 50s following the demise of
Gordon's employer. Thankfully their earlier decisions had been prudent
and Gordon was able to find fresh employment quickly.
After many months
of discussion and consideration Margaret and Gordon agreed to invest
the redundancy money into what would become a series of Maxi Equity
ISAs and other collective investments which have all been in high to
very high risk funds. They understood that although retirement was only
10 to 15 years away that the investments would last long beyond that,
perhaps into their 80s. With such a long time for the investments to
operate it was perfectly possible to take high degrees of risk.
There have been moments of great delight and disappointment along the
way, but both Margaret and Gordon are delighted to find that they can
now afford to spend more than 4 months a year exploring the world
through exotic holidays whilst using their pension income to maintain
their normal UK lifestyle.
.......................................................................................................................................
|
 |
You will probably start to take more holidays now than you did in the past and so an annual travel insurance is worthwhile.
These are usually bought on cost, and that is the one of the worst mistakes that can be made. Quality or value is far more important than cost if things go wrong but even with the most suitable policies you are likely to save enough money to pay for one more city break each year when compared to the cost of buying insurance for each individual trip.
This is now certainly the case for Delia. The savings she makes on one annual policy means she can afford to visit her sister in Barcelona far more often.
.......................................................................................................................................
|
 |
If you have your own business you should
be thinking about your own exit strategy, even if this is simply making
everyone redundant, selling the assets, turning the key on the premises
for the last time and going home.
Although you may not
have needed too much in the way of detailed plans to operate your
business so far, you will need great clarity of thought to get the best
possible outcome from the closure of your business in the long run.
Talk to Corrigans about the different solutions that may exist for you. Melvin did just that, and was able to fully satisfy all his personal criteria in terms of continuity for his staff, customers and suppliers, but more importantly, for himself and his family.
.......................................................................................................................................
|
 |
You will probably find that you have more disposable income now that you have ever had before, and there are so many different things that you can do with it. Spending is always a very good option and so is saving or investing, but it will not take great effort to remember just how difficult life was when you bought your own property, got married or started a family.
Investing in the education of your grandchildren is an excellent way of giving them something that will last for ever and it is a luxury that few parents can afford to given to their own children out of unearned income. The children may even need help with the deposit for their first home or a move to a larger and more suitable accommodation when grandchildren are expected.
.......................................................................................................................................
|
 |
Planning for your own financial security is clearly the first priority, but it also makes sense to consider how that wealth can ultimately remain within the family rather than become subject to Inheritance Tax.
You may make regular gifts out of your ordinary income without limit or alternatively up to £3,000 per year from any source without any tax complications for you or the recipients.
When your children marry, a further gift of up to £10,000 per parent can also be made, or £5,000 per grandparent - and much larger sums can also be given away into a variety of trust funds. Generosity on that scale needs exceptionally careful planning and so you should talk to Corrigans before discussing this with the possible recipients.
.......................................................................................................................................
|
|
Back to the main LifestageTracker page
|
|
|
