Allan Esler Smith - The Good Retirement Guide 2018

Publishers note

Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publishers and authors cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editor, the publisher or the author.

Thirty-second edition published in Great Britain and the United States in 2018 by Kogan Page Limited

Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned addresses:

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Kogan Page, 2013, 2014, 2015, 2016, 2017, 2018

The right of Allan Esler Smith to be identified as the author of , Starting your own business, has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988.

The right of Kogan Page to be identified as the author of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988.

ISBN 978 0 7494 8173 5

E-ISBN 978 0 7494 8174 2

ISSN 23971967

Typeset by Integra Software Services, Pondicherry

Print production managed by Jellyfish

Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY

The editor is indebted to Frances Kay for her editorship of The Good Retirement Guide for the previous 10 years and guiding me as co-editor in the previous four years. Frances, and her encouragement, wit and wisdom, was fantastic to work with and I wish her a continuing good retirement and a wealth of happiness. Then I have my father, Stanley Smith, a retired senior civil servant who navigated the turmoil of administering in Northern Ireland for four decades and is now assisting me with a valuable perspective in the framing of large parts of this book the assistance and guidance was invaluable. I also value incisive professional input (its not what you know, but who you know), and in this regard Martin Gorvett a Chartered Financial Planner of Old Mutual Wealth Private Client Advisers Limited cuts an effective knife through the complexities and language of investments and pensions. On tax and weighing up the worlds largest tax book, I am indebted to Graham Boar, a Tax Partner of UHY Hacker Young. Graham boils down complex issues into straightforward planning tips and guidance. And on legal matters, wills and powers of attorney I thank the father and son team of Mike and Tom Bottomley of Ewart Price Solicitors of Hertfordshire. Legal issues are so vitally important to smoothing the path of an estate and their 40 years combined experience and resulting contribution and advice is appreciated. Keeping safe and on top of the scammers continues to keep us on our toes and I thank the Metropolitan Polices Organised Crime Command (FALCON) for continuing to support our book. The Financial Ombudsman knows a thing or two about navigating the world of finances, insurances and pensions, and we continue to go to the top of the tree with David Cresswell, Director of Strategy, for help, hints and tips thank you David, and Megan Webster, for your support. Thank you to Rebecca Bush, Anna Moss, Arthur Thompson and Philippa Artus and the team at Kogan Page for the encouragement, patience and belief in this title the teamwork has been outstanding.

Welcome to your very shrewd purchase if you pick up on just two or three of the suggestions in this book, it will have more than paid for itself. But we are confident you will find lots of nuggets so please dont restrict yourself to just two or three. This book is about helping you understand where you are at, where you want to get to and how you achieve your objectives. It might even spark one or two ideas that you never appreciated before.

We are passionate about helping you achieve just one thing a good retirement.

First up: financial decisions. This is about understanding that little bit more about tax (which can be baffling, as we in the UK have the worlds largest tax book). Its also about making the most of our savings and pensions and getting to grips with all the fancy words given to financial matters that can just seem to confuse us. In this book, we hope to take a knife to these complex subjects and cut through some of the waffle.

But there is more to your financial decisions than that much more. There are hundreds, or maybe even thousands, of pounds to be saved by shopping around and maybe even being a little un-British and complaining. Its a sad fact that retirees in particular are singled out when it comes to scams, so we help shield you from this by giving you tips to recognize scammers. We try to tool you up with every single weapon we can to help you have a financially better retirement.

Next, we look at the home. The home is our place of safety and comfort, and the place we look forward to returning to. It is our space. In this book, we help with some of the difficult decisions that lie ahead regarding the home. Some of these choices can be tough but with the right information and pointers, you can get ahead.

Health is essential, but we place just as much importance on developing your personal relationships. Thats why is littered with advice and tips on relationships that could even add a few years to your life. Now thats a result. With our section on leisure and hobbies we sprinkle a bit more of the happiness factor onto your retirement and explore options to help you make the most of these opportunities.

The book then comes back, inevitably, to your financial decisions. What if you have got it wrong and there just isnt enough money for you to live the retirement you want? Well it is never too late to start a new business, which might keep you active, interested and financially flush. That route may appear to be oh so complicated, but its not. You could even get started after reading just one page!

In , Working for others, we cover other opportunities to earn that little bit more. Perhaps it could be a part-time job or even volunteering. We open your eyes to some possibilities that might just work for you.

Life is not always a beach. There will be bumps and bruises and some difficult, challenging or sad times. But we are a resilient bunch so we can gear up and help make sure we take care of elderly parents or relatives in the best possible way that we can. The challenges, as well as the impact of care costs, are significant to say the very least. Guidance is provided that may give you that little bit more knowledge to point your way across the waves that you may be about to navigate.

Then we hit the end of life. It is inevitable, but so very difficult, to bring ourselves to turn the page to this concluding chapter, but tough discussions and decisions are often not so difficult once the subject is broached. The information on wills, power of attorney, executors (even better than a best man or chief bridesmaid and much more vital) and our pointers around funerals should help you. The main message of the final chapter is about worries and how to minimize them.