Why retirement planning matters

It is never too early to start thinking about how you will finance your golden years. Even if you are already retired, you should regularly review your arrangements to ensure you continue meeting your retirement goals.

Approaching retirement

Make sure you are on the right track financially by asking yourself the following questions. There may be steps you can take today to help make your retirement goal a reality.

• Will I be able to afford to retire when I want to?

• What is the best strategy for withdrawing from my business or employment?

• What options do I have for my pensions?

• Will I be able to retain my existing wealth and assets?

• Do I want to spend my retirement abroad?

Let’s say that you plan to retire in Spain within the next few years. You

By Jon Pemberton,

ing assets. Perhaps you have a business to sell and are unsure how best to convert your years of hard work into a retirement nest egg. Then there are the complex residence and tax implications of living in a different country.

Here, professional financial ad- of what you have – your savings, investments, assets, pensions – together with what you want – your timeline, income requirements, legacy wishes – and an objective assessment of who you are – your circumstances, goals, risk appetite – to design a personalised retirement plan for you.

Already retired

Regular reviews allow you to adapt your strategy to suit your changing circumstances and goals, such as incorporating new family members, addressing health issues or relocating. It enables you to keep up with the ever-changing tax and pensions landscape, including new opportunities that could work in your favour.

Your pension options

Pensions are usually the foundations of retirement, so deciding what to do here may be one of life’s most important financial decisions. Pensions are complex and there is more dating several UK pensions into one to provide a coherent, more cost-effective investment platform for your retirement income.

Britons moving or resident abroad may have the option of transferring UK pensions to a Qualifying Overseas Pension Scheme Qualifying Recognised Overseas Pensions Schemes (QROPS). Be aware, however, that Spanish tax regulations now determine that transfers from the UK (and other third country) pensions into an EEA scheme, including QROPS, makes the fund value liable to local income tax. If you have not yet become tax resident in Spain, you have a limited opportunity to transfer your pension out of the UK without this hefty tax liability.

Take regulated, specialist advice before making pension decisions to protect your benefits and establish the best option for you.

Retiring in Spain status and cross-border tax implications in a post-Brexit world and adapt your estate planning to suit Spain’s different succession rules.

And when reviewing and weighing up all the options for your pension funds, it’s important to take the local Spain tax implications into account.

Careful planning is the key to minimising taxation and maximising the available opportunities so you can enjoy the retirement you want for as long as you need. For the best results, take specialist, crossborder advice.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

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THE town of Adra is getting ready to celebrate the festivity of the Virgen del Carmen, which is commemorated every July 15.

The Elder Brother of the Brotherhood of the Virgen