IT’S TIME FOR A FINANCIAL HEALTHCHECK
Rather than slowing down, today’s fifty-somethings are winding up to enjoy their later years, putting twenty-somethings to shame, writes Emma Brereton
According to the Financial Reporter, only 37 per cent of over 50s are planning to speak to a professional when it comes to financial planning during their winter years. Yet this is the perfect point in life to have conversations about money, assets and business to ensure everything is in place for retirement and old age – to put it bluntly.
“Fifty-something is a good age to sit back and evaluate everything you have accumulated over the years,” says Mick Gornall director at the Garstang based accountants, Towers + Gornall.
“Being proactive is at the core of our values and we want to make sure others are doing the same with their retirement plans and finances in general. When you evaluate everything you have, it’s astonishing to see what has been achieved and this raises questions about who to pass assets to and how to plan for winter years.”
Your fifties are often one of the most energetic decades of your life, children have flown the nest, there are less financial burdens and it can be a time to really enjoy life again. It’s easy to forget about financial planning when you’re wrapped up in the present, however the earlier you plan, the easier and less stressful your financial life will be.
“Let’s take into account, succession planning,” says Kevin Taylor who heads up the tax department. “If you own a business, you will need to plan what happens when eventually you decide to retire. Planning may need to be put in place for gifting or selling the business, with consideration given to Capital Gains Tax and Inheritance Tax. Income planning for retirement is also an important consideration.”
Kevin explains that it doesn’t take much to push a person into the bracket where you’re liable for Inheritance Tax, when you list everything such as property, savings and other assets.
“The good news is that there are ideas you can put in place to avoid or mitigate an Inheritance Tax bill, such as gifting assets, investing in tax efficient products or insurance cover,” says Kevin. “Every situation is different but there are a variety of potential tax saving options available.”
Towers + Gornall work with all types of clients, from many different backgrounds and no issue is too big or too small.
“It’s just important that you have the conversation sooner rather than later,” says Mick. “We hold a free tax clinic every month and we are happy to speak to anyone free of charge to put their mind at ease so they can live life to the full. We will also be at Garstang Agricultural Show on Saturday 4th August, so come along and have a chat if there is anything you would like to talk about.”
Towers + Gornall
Abacus House
The Ropewalk
Garstang, Preston PR3 1NS
01995 600600
admin@tagac.co.uk
