Everyone hopes to maintain at least the same standard of living in retirement as they enjoy while working. It is vital to plan a way for this to be feasible well in advance.
Important considerations include:
Business exit strategies
If you are in business, you will need an exit strategy:
Will you withdraw from the business and leave it for the next generation to run? If so, do you have a workable succession plan to ensure it remains stable?
Will you sell your business? If so, how will you value the business, and find a suitable buyer.? Are you aware of all the tax implications and reliefs?
Have you made adequate personal pension provision?
Do you have the right type of pension?
Are you aware of all the pension possibilities open to business owners and directors?
Are you making full use of all your allowances?