Planning for the future
While planning for the future may not always take priority amid life's exciting milestones, it is crucial to ensure that your wealth is future-proofed and that you and your loved ones are well cared for.
80% of women stated they are aware of how much money they will need at retirement for the lifestyle they want and the legacy they want to leave for their loved ones or children. This rose to 85% for those aged 55 and over. However, only 38% stated they felt confident in making decisions, placing importance of getting the right legal and financial advice.
When it comes to retirement planning, the women surveyed listed a range of assets that form part of their plan. Cash and savings were the most common with 83% mentioning this, 61% will use a company pension, 45% have stocks and investments, closely followed by a personal pension or SIPP at 38%.
Whilst 26% have property investments forming part of their retirement plan, 21% stated that their current home is their pension.
Helen Hutchison
Partner, Property
We see lots of women making investments in property, who are very confident in doing so. This includes women who purchase their own property to live in, own property portfolios and some who are directors of companies who are buying properties for investment purposes. As a full service law firm, not only do we see these women looking for advice when buying, selling and mortgaging properties, they also take advice on other legal aspects of property investment, for example forming a SPV, tax and landlord and tenant advice.
In terms of retirement planning, we are also seeing more clients asking for advice on such matters as trusts, transferring property and equity release for IHT planning. When investing in property it is important to consider the long-term goal. It’s about having a good team of advisors.
Legal and financial services/support that currently form part of a womens retirement plan:
Legal and financial services/support that currently form part of a retirement plan:
When it comes to putting a Lasting Power of Attorney in place only 37% had done so. Without a Lasting Power of Attorney, family and friends may find it difficult to manage their affairs and they may not know the wishes of their loved ones. Putting a Lasting Power of Attorney in place offers security and lets the attorney decide what should happen if old age, illness or injury leaves loved ones unable to deal with their own affairs. This could include decisions about how to manage finances, what happens to a business, health and welfare, and what happens if the person requires a move into care.
Yousafa Hazara
Senior Associate Solicitor, International and High Net Worth
Every family is different, and every estate is unique, which is why we offer tailored services to meet your needs and ensure the best-possible outcome. Estate planning isn’t just about reducing tax, it’s about giving you peace of mind for the future and providing you and your loved ones with the financial support they need. Preparing for inheritance tax (IHT) is essential so that the value of your estate isn’t drastically reduced for those you pass it down to. Many people believe that it is something you can get around to when you’re older, but it can be more beneficial if used earlier in life and planned for properly.