By: Matthew Brown
If we think about someone who's just graduated and starting
work for the first time pension playing to them will mean
maximizing the contributions and the matching that they
get from their employer. We might investing correctly and getting those
the the compound investment returns and
actually the money that you put away when you're younger disproportionately
impacts the size of the pot that you have when
you're older.
And the same principle applies actually to parents and
grandparents who are now funding the pensions of
their their children and grandchildren. It's something we commonly see
and it's because they understand that importance of compounding
returns. If you asked a Midlake
career professional, you know, what does pension
planning mean to them? And why does it matter they would
talk about putting money into a pension
and navigating the maze that is the tapered
annual allowance. So conversations with clients
in that category very much
around can we actually put more money into
pensions sooner because we know if we
understand their career trajectory, we know that they'll be
able to put actually quite a small amount of way compared to
what they'll need to achieve to continue their lifestyle. So
can we advance those pension contributions?
If you think about somebody who's approaching retirements
pension planning to that individual may
be around do I take my
Important binary using or do I go
into draw down and keep the money's invested and potentially leave
a pot for my children or grandchildren when
when I die and that's increasingly common root
for people to go down if you
then think forward again to somebody who is in retirement
and they've had a successful career pension planning
for them may mean not touching the
pension at all looking at their various pools of capital
and saying well, although I put this money aside from my
retirement and it's in a vehicle called a pension actually do
I draw on that pool of capital order or
another Investments more heavily and leave
that to be left to my children or my
grandchildren because it sits outside of this thing for inheritance
tax purposes.
And these are the types of discussions. We have frequently.
It's stonehen with our clients.