Welcome to CharterGroup
Financial Management.

We are a small network of Independent Financial Advisers directly regulated by the Financial Services Authority, and mainly linked to firms of Chartered Accountants in The CharterGroup Alliance.

Retirement: ages 60 to 75

Things that may occur:

  • stopping work
  • Retirementliving abroad
  • downsizing property
  • inheriting lump sums
  • becoming grandparents or (great grandparents?)
  • paying off mortgage
  • health issues
  • selling business
  • parents needing care
  • you or partner needing care

How we help: Investing for income, private medical cover, vesting pensions, Inheritance Tax planning, Long term care planning, trusts for children/ grandchildren.

  •  Stopping work may be the hardest or the easiest thing you ever do? The main difference will depend on how much income you will have once this happens. We can show you how you could get up to 30% or even 40% more income from your pension than if you just take what’s on offer from your pension provider. We can show you how you could get an ever increasing income from your investments and pay little or no additional tax on them ever.
  • Pensions – most people buy a guaranteed annuity when they retire, this takes away any risk, as the pension provider guarantees to pay a set amount every year until you die (this may be level, increasing by a set amount or linked to inflation). The main drawback of annuities, is that when you die, the payment stops, and any money left goes to the Insurance Company not to your next of kin. Of course if you live to a ripe old age you are “quids in”, but many people want to leave any funds they may have built up to their children. This can be achieved by a system called “Income Drawdown” whereby you draw an income directly from the pension funds which remain invested the whole time. In this event any funds left when you die pass to your chosen beneficiaries, that is except for the 55% tax that is paid to HMRC! Having said that, if your pension funds are sufficiently large (over £250,000), we can even show you how you could avoid this tax too!
  • Private medical insurance – such as BUPA for example, we can help you find the best policy for you at the price you can afford. Premiums can be kept to a minimum by agreeing to a high excess, or you can get a policy that will only provide private cover if you cannot get your condition sorted on the NHS within 6 weeks.
  • Inheritance Tax (IHT) planning – it may seem a bit soon to consider what tax your children may have to pay on your estate when you die, but at this age the options are much wider and cheaper than leaving it until you are much older. Why not try our calculators to see what the potential IHT may be on your estate, then come and have a chat with us to see how we could mitigate any liability? We can also help you set up the right trusts for your children to safeguard things like your pension or property.
  • If you decide to emigrate, it makes sense to plan well in advance. Arranging your investments offshore could save you substantial amounts of tax for example. Advice of the tax situation in your chosen destination, arranging international private medical cover and organising your pensions is essential. Will you need to buy property abroad? We could help you with different currency mortgages for example.
  • Long Term Care – probably not for you at this age, but again making plans now could save substantial amounts in the future. Whether considering local authority care or private care, getting your estate in order may help maximise the amount you receive in “state funding” and/or protect the family home if you were to need long term care either in your own home or a “Residential Home”. We can show you ways you can legitimately remove certain assets from consideration when it comes to assessing any funding you may be entitled to.