Exit strategies

Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning. A significant aspect of this may involve your business exit strategy, but other considerations include your pension, savings and investments, as well as life assurance.

Here are some important questions you need to ask yourself:

1. Exit strategies
   If you are in business, this will be a key consideration. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell it? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?
2. Pension provision
   Do you have an adequate pension in place? Do you have the right type of pension? Are you aware of all the pension possibilities and are you making full use of all your allowances?
3. Savings and investments
   Do you have the right balance between savings and investments, and is your portfolio split adequately between exposures?
4. Life assurance and long-term care
   Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your family in your later years?