A survey conducted by Aldermore Bank showed that almost three-quarters of business owners expect to be working past the age of sixty-five. This, however, is not out of choice. Two-thirds said that they would have preferred to have been enjoying their retirement by then. The key reason given is that they are looking to enjoy their life while they were still active.
The survey found that more than a third had no choice but to work. While again around a third said that they would continue working to achieve a better standard of living in retirement.
Figures from the survey showed that less than a quarter of those that responded were still “very passionate” about their business. Only a half still enjoyed working life.
What is the solution?
The solution for business owners to enjoy retirement when they want to is in their owner’s hands. Few owners plan far enough in advance for retirement. Although they will be making contributions to their staff’s pension through auto-enrolment, also known as workplace pensions, they often ignore their own retirement plan.
Many business owners feel that their business will be their pension. This can be a risky strategy if the business falls on hard times. The government is also concerned. They have said that they will be looking at bringing the self-employed into the workplace pension scheme at some time.
Making employer payments into a pension can be very tax-efficient for business owners. This is always something that you should be talking about with your independent financial adviser and accountant. Coming up to the end of your company year-end is always a good time. Why pay more tax than you need to?
How Anstee & Co can help you with your retirement plan.
We are Independent Financial Advisers (IFA’s). This means that we are not limited to a few solutions but will look at all available options, from the “whole of market”. The financial planning advice we offer is unbiased. We will work closely with your accountant or other professional tax advisers you may be using to achieve the best results for you.
Meetings can be arranged at a time and location that is convenient for you. This may be at your office or home. To see how we can help you with your retirement plan why not contact us today. The initial fact-find meeting is at our expense and is without obligation. Who knows, you may save some tax and be able to retire earlier?
- Kettering, Northamptonshire
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Also, our financial planners live and make use of meeting rooms in-
- Bedford, Bedfordshire
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- Northampton, Wellingborough, Thrapston and Rusden in Northamptonshire.
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