Planning

Planning during your retirement

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Check that your money is still working hard for you

Take a little time to reassess your financial position and consider whether you’re happy with your lifestyle. Depending on whether you want to maintain or improve your current standard of living, you can decide whether your savings are still in the right place or whether you want them to work a bit harder for you. After all, you have the rest of your retirement to enjoy.

Some financial issues you might want to consider include:

  • Ensuring your savings and investments are tax-efficient
  • Reviewing the risk profile of your investments
  • Budgeting for the cost of long-term care.
The National Audit Office believes that 3.2 million pensioners are paying more tax than they need to

Ensure your savings and investments are tax-efficient

The National Audit Office believes that 3.2 million pensioners are paying more tax than they need to*, because they're not checking their tax coding or not using their maximum tax allowance. After assessing your taxes read our Five ways to be tax savvy.

Review the risk profile of your investments

When most people first retire, their spending increases as they enjoy some of life’s luxuries. And why shouldn't you enjoy that round-the-world cruise you've always promised yourself? However, occasional treats aside, make sure that you can maintain the level at which you're spending. If you've purchased an annuity with your pension, your income from it may be fixed.

It's generally considered wise to take a more cautious approach to investing when you're retired. For example, you may want to move money from high-risk investment products to something more secure like a cash ISA which has the added bonus that it's free from any personal liability to income and capital gains tax.

Budget for the cost of long-term care

Even if you're in good health, it's worth budgeting for the possible future cost of long-term care. The cost of care varies vastly, depending on your condition and location. A place in a nursing home in the UK costs an average of £36,000 a year**, but in the south-east of England in particular that figure is likely to be considerably higher, so find out what your options are.

Check if you qualify for advice

If you have £50,000 or more in savings and investments, you may be eligible for HSBC Premier Financial Advice. See the full eligibility criteria.

If you don't qualify for HSBC Premier Financial Advice or if you'd rather not pay for advice, see other ways we can help.

*Our opening hours are Monday to Friday 8am to 9pm and 9:30am to 7pm on Saturday. Calls may be monitored or recorded.

  • *Dealing with the Tax Obligations of Older People, The National Audit Office (October 2009).
  • **'Long-term care: get the best deal now', Telegraph.co.uk (July 2010).

Please be aware that the value of tax benefits will depend on individual circumstances and tax rules can change. If you are in any doubt, please seek professional advice.

 

Need financial advice?

We can help give you expert advice for your individual circumstances.

See how we can help

Need to talk to us?

To discuss options or book an appointment:

0800 032 4710

Our opening hours are Monday to Friday 9am to 6pm (excluding public holidays). Calls may be monitored or recorded.

Everyone's circumstances are different and what applies to one person may not be right for someone else. The suggestions above are based on a general assumption of each circumstance and they are not intended to provide advice or recommendation.