Interview with pensions expert Baroness Ros Altman

Baroness Ros Altmann was the UK Pensions Minister from 2015 – 2016. She is a leading authority on later life issues including pensions, social care and retirement policy.

What advice do you have for retirement planning and later life care?

Baroness Ros Altmann believes age should be of no significance when planning your retirement. There is no magic retirement age when we will all stop working and live off our pension – rather the question is how much work do you want to do as you get older? This will then impact your plans for retirement and later life care.

Warning of an impending later life care crisis that neither individuals nor the government can afford, Ros Altmann reminds us there are excellent tax incentives around saving for your pension, but nothing specifically available to encourage saving for later life care or to pay for a care home. She says individuals need to take responsibility for their own long-term savings and carefully manage their wealth to provide for the type of retirement they would like as well as contingency for later life care.

Consider a wealth check of your retirement and later life care plan

While we all have regular health checks, Ros Altmann recommends that we should also book a regular ‘wealth check’ to ensure we have adequately planned for our retirement and later life. And like a health check, she says everyone needs professional help with wealth planning, particularly when it comes to retirement planning and later life care planning.

Watch the video to find out more.

 Expert guidance on wealth planning for retirement and later life care

As a leading wealth management firm, we offer a ‘wealth check’ for high income earners and wealthy individuals to make sure your retirement plan is on schedule for the financial future you want.

To find out more about our services:

• Planning for retirement : considering the amount you can pay into your pension based on your income and the lifetime allowance.
• Calculate if you will have enough money in retirement: use our calculator to consider when you could retire and how much money you will need.

Speak to a retirement planning specialist

If you’d like more information on planning and saving for later life for yourself or for your children or grandchildren, call us on +44 20 7523 4500 or book a free consultation with a Canaccord Genuity Wealth Management specialist.

Found this interesting? Further reading:

• When should I start planning for retirement?
• What to think about when reviewing your retirement plans
• How can I cover the costs of a care home?
• Top pension tips if you're about to retire
• Will I run out of money? How does cash flow modelling work?
• How to boost your pension by making use of unused tax allowances
• Make the most of your retirement (PDF)

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