Retirement planning

Michael Chadwick - retirement planning advice

Preparing for retirement


With the official retirement age increasing, how many of us have started thinking about our retirement plans and when we can realistically give up work? In many jobs, there is no choice when it comes to retiring. Physically or manually strenuous occupations have a finite lifespan and you have to be fit and healthy to be able to carry out daily tasks.


Michael Chadwick, founding director at Chadwick & Company, looks at some of the areas that should be taken into consideration


Forward planning is paramount


At the extremes, athletes, for example, only have a certain period in their life when they are able to perform to their optimum level.  Certain sectors, such as dentistry or construction, also rely heavily on physical fitness levels that would not be required for a typical desk job. We all aim to maintain the same standard of living in retirement that we enjoy in our working years. But it’s worth looking at your options early, as this can require considerable forward planning.

Formulating an exit strategy


Deciding when to retire can be one of the most difficult decisions many of us will make. If you own your own business, for instance, you’ll need to formulate an ‘exit strategy’, which will be the moment you step aside, hand over the reins to someone else or sell the business. All these options require extensive consideration, whether it be succession planning or a sale. If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value and sell the business, and are you aware of the tax implications?

Securing your pension pot


Retirement planning also requires adequate pension provision and awareness of the pension possibilities and allowances open to business owners and directors. There are also options around savings and investments, choosing which will be most beneficial in the long-term and getting the balance right between high and low-risk exposures. It may be important to ensure that you have adequate life assurance and if you have made provision for long-term care and medical insurance for you and your partner in later years. All these factors matter when planning long-term, which is where we can help. Our team of specialists can help you make the right decisions for this time of life and safeguard you and your family, whatever the future holds.


For more detailed advice on retirement planning, please email or call us on 0161 370 9600.