The Retirement Gym

In the first episode of The Retirement Gym, Head of MHA Carpenter Box Wealth Management Roy Thompson talks with Senior Financial Planning Manager Gill Lynes about making a budget plan to better prepare you for your spending requirements in retirement.

In this episode, Roy is joined by Ian Macara who heads the Private Client team at Bennett Griffin Solicitors in Worthing and specialises in contingency planning for life.They discuss the importance of having a Will and Power of Attorney (POA) and the potential consequences for those who do not have one in place. Ian provides some practical steps to help you make informed choices when planning for later life and why you shouldn't leave things to chance.Of the adult population, 2/3rds do not have a Will and only 8% have a registered Power of Attorney.Topics covered in this episode:What's in your Legal Toolbox?Do you have a Will and a Lasting Power of Attorney?Are they still fit for purpose and have they been reviewed recently?Why a Power of Attorney should be like a driving licenceThey should be affordable, flexible and accepted wherever they used.They need a theoretical and practical element so Attorneys understand their responsibilities and appropriate safeguards are put in place.Why seek out professional guidance when writing a Will?Accreditations and experience: investing in the advice now can save unnecessary cost and stress at a later date.Solicitors for the Elderly (SFE) ensures the quality of the advice and how it is delivered.Society of Trust and Estate Practitioners (STEP): STEP members are recognised as experts in their field, with proven qualifications and experience.Practical steps to creating a Will:Prepare a family tree – there is not a 'typical family'.Have a clear overview of your assets and income which can impact Inheritance Tax and funding long term care.Considerations when choosing an Attorney: STEP have guidelines for Attorneys who may not be aware of their responsibilities.Plan in advance and create a strategy for the next step in your life.Lasting Powers of Attorney: have a plan A and B in place.What happens when you don't have a POA in place?Nobody has authority over your affairs.Application to the Court of Protection to appoint a Deputy which can be costly and cause delays.The role of the Office of Public Guardian who oversees vulnerable people.Choice not Chance:It's much better to make informed choices and look at hypothetical situations with less emotion than to react in a crisis.Document your preferences: create a road map for what happens to you in later life.Ian is a full member of the prestigious STEP (Society of Trust and Estate Practitioners), a full member of SFE (Solicitors for the Elderly) and a Dementia Friend. He is also one of only 71 Panel Deputies approved by the Court of Protection to manage the legal and financial affairs of individuals who have lost capacity and are at risk and who don’t have a Power of Attorney or have previously had unsuitable Attorneys or Deputies.

In part 1 of this special 2 part podcast series, Roy is joined by Dan Hobbs, a Tax Partner at MHA Carpenter Box. In the last few weeks Dan has focussed on keeping up to date with the Government updates and support available for businesses during the Coronavirus crises.In this episode, Dan talks through some of the major measures announced for businesses to help them with cash flow difficulties:Coronavirus Job Retention Scheme (CJRS)Self-Employed Income Support Scheme (SEISS)Coronavirus Business Interruption Loan Scheme (CBILS)Please note that this podcast was recorded on 1st April 2020 so the content reflects the Government announcements made at that point in time.Visit MHA Carpenter Box's Coronavirus Hub for the latest information as well as other resources to help you and your business.

In part 2 of this special podcast series, Roy is joined by Kelvin Riches, a Chartered Financial Planner at MHA Carpenter Box Wealth Management. Kelvin has done a lot of work over the last few weeks working with individuals concerned about their personal finances during the Coronavirus crisis.Kelvin speaks through some common concerns he has encountered with his clients, including:Investment funds: considerations for current and future investorsReduction in income: ways to alleviate the pressurePaying nursery and private school feesMortgage paymentsAccessing pensions earlyPlease note that this podcast was recorded on 2nd April 2020 so the content reflects the Government announcements made at that point in time.Visit MHA Carpenter Box's Coronavirus Hub for the latest information as well as other resources to help you and your business.

In this episode, Roy speaks with Caroline Clarke, a Psychotherapist based in Brighton who helps people navigate major life changes such as retirement.They discuss how you can prepare for a positive and successful retirement from an emotional and wellbeing perspective, including:The difference between expectations and reality of retirementManaging expectations of others and setting boundariesCoping with a loss of purpose and structure from workThe link between mental and physical healthDealing with unexpected retirement

In this episode Roy is joined by David Cooke, Investment Manager and Partner at Saltus Investment Management. They discuss the importance of investment risk and the returns you can achieve on your retirement funds.Topics include:The returns we can expect on invested moneyConsidering the right level of investment risk for retirement plansFuture gazing in the investment market

Roy Thompson speaks with Phoebe Stone, Head of Sustainable Investing at LGT Vestra. Sustainable (or ethical) investing has become increasingly popular, especially in recent times, as people look to leave the world in a better place for future generations. In this episode, Phoebe explains what sustainable investing is and the effect it can have on financial returns.They discuss:The incorporation of non-financial factors in investing (Environmental, Social and Governance)Academic research that has shown that sustainable investing can produce stronger financial returns for the investorThe effects of Covid-19 on sustainability decisionsHow investment markets can influence corporate governanceThe future of impact investing

Often, young people are synonymous with not starting to save early enough for retirement or lacking an understanding in their pension. In this episode Roy is joined by 24 year old Jack Watkinson who has recently graduated from University and is about to embark on his first graduate role. As a young saver, Jack is starting the process of saving into a pension and thinking about retirement.Roy and Jack discuss:The role of schools in pension and money management educationThe balance between short term priorities and long term retirement plansThe benefits of compound returns when saving early for retirementAutomatic enrolment and workplace pensionsAn example pension statement and understanding the jargonRisks and return: why the level of risk is the most important thing to consider when thinking about investmentsHow much money is needed to have a secure income in retirementFor further information you can contact or visit your pension provider's website, the Money Advice Service or Citizens Advice. A financial adviser will also be able to provide specific guidance on your own pension arrangements – please contact MHA Carpenter Box Financial Advisers for advice on pensions or retirement planning.

In this episode Roy Thompson talks with Gill Lynes, Senior Financial Planning Manager at MHA Carpenter Box Financial Advisers. They discuss the various factors that result in many women under-saving for their pension and what actions can be taken to ensure a sufficient income in retirement.Statistics reveal that women are adversely affected when it comes to pensions. Research published by Unison show that 52% of women are adequately saving for retirement compared to 60% of men. In addition, female pensioners have on average a net weekly income which is approximately 85% of their male counterparts, and yet women account for 61% of pensioners above state pension age.Topics of discussion in this podcast include:Socioeconomic reasons that can contribute to low pension savingsThe impact of National Insurance contributions on state pensionsFinancial planning in couplesChild Benefit considerationsTaking pensions into consideration in a divorceFinancial education and where to find lost pensionsPlease contact MHA Carpenter Box Financial Advisers for advice on pensions or retirement planning.

Often, people aged over 55 decide to release equity from their property as a long-term loan that’s eventually re-paid using your home. Roy Thompson speaks with John Whyte an Equity Release Specialist at Equity Release Sussex on what equity release is, the different variations, common uses and when equitability is not suitable for you.Highlights in this episode:●        What is Equity Release and how is it used?●        The two most common types of equity release●        Why people chose to release equity●        When is equitability not suitable?  More about our guest:John has over 23 years of experience as a financial adviser working for banks, life assurance companies and IFA practices. He set up Whyte Financial in 2006, followed by a short merger with Pavilion FS in 2014. Subsequently, he joined The Right Equity Release at the end of 2014, to specialise in Equity Release. Following their merger John decided to return to operating under his own trading style of Equity Release Sussex. Connect with John now over on LinkedInCarpenterbox resources:Visit our website https://carpenterboxfa.comConnect with us on LinkedInConnect with us over on Twitter @carpenterboxfaCarpenter Box Financial Advisers provide an integrated financial and tax advice service. Our experienced and award-winning financial advisers work very closely with our professional tax advisers at Carpenter Box to provide a fully comprehensive wealth management solution.We work with individuals, business owners and professionals throughout the various stages of life. Whether you are a young family seeking protection against life’s unforeseen events, building a savings portfolio for a specific purpose such as a mortgage or school fees, or planning your retirement or business exit, we have a range of solutions to meet your needs. Get in touch with us today.

In today’s episode,Roy speaks with Gill Lynes, Senior Financial Planning Manager at Carpenter Box FA on common situations and mistakes they see with pension planning; the potential implications mistakes can have on your financial future; the consequences, and how to avoid them. Highlights in this episode:●        Pension Strategy planning●        The importance of having a will and Power of Attorney●        How vital communication between family members can impact your financial plan●        Some common mistakes and how to avoid them More about our guest:Gill has over 30 years’ experience working in the financial services sector and joined Carpenter Box Financial Advisers in 2016. She has a background in dealing with private clients and is able to provide advice on all aspects of financial planning including saving for retirement, protecting your family or business and making sure that you have the most tax efficient savings or investment.Specialising in later life financial planning solutions, Gill helps elderly clients and their families cope with the often complex areas such as planning for care fees and inheritance tax mitigation. Gill holds full membership with SOLLA (Society for Later Life Advisers) which is for those financial advisers who have achieved the Later Life Adviser Accreditation. SOLLA holds its members and associates to the highest levels of professionalism in financial advice.Connect with Gill now over on LinkedIn Carpenterbox resources:Visit our website https://carpenterboxfa.comConnect with us on LinkedInConnect with us over on Twitter @carpenterboxfaCarpenter Box Financial Advisers provide an integrated financial and tax advice service. Our experienced and award-winning financial advisers work very closely with our professional tax advisers at Carpenter Box to provide a fully comprehensive wealth management solution.We work with individuals, business owners and professionals throughout the various stages of life. Whether you are a young family seeking protection against life’s unforeseen events, building a savings portfolio for a specific purpose such as a mortgage or school fees, or planning your retirement or business exit, we have a range of solutions to meet your needs. Get in touch with us today. 

How does cash implement people's retirement plans? In today's episode, Roy Thompson speaks with Nick Lacey, Head of Sales at Insignis Cash Solutions on how cash savings can affect your plans for retirement in later life, challenger banks, and common shifts in attitudes towards cash savings.Highlights in this episode:●        How does cash savings impact your retirement plans?●        The change in attitudes towards peoples cash●        Challenger banks - what are they?More about our guest:Nick Lacey has a wealth of experience in the financial industry. Before working with Insignis Cash Solutions, Nick has worked in banks, life assurance, having spent the last 2 years at Nomura and before that holding senior position at Bank of America, Merrill Lynch and Citibank. Nick currently continues to provide cash savings solutions to individuals, companies and charities. Connect with Nick on LinkedInCarpenterbox resources:Visit our website https://carpenterboxfa.comConnect with us on LinkedInConnect with us over on Twitter @carpenterboxfaFollow us on Intsagram   @carpenter_boxCarpenter Box Financial Advisers provide an integrated financial and tax advice service. Our experienced and award-winning financial advisers work very closely with our professional tax advisers at Carpenter Box to provide a fully comprehensive wealth management solution.We work with individuals, business owners and professionals throughout the various stages of life. Whether you are a young family seeking protection against life’s unforeseen events, building a savings portfolio for a specific purpose such as a mortgage or school fees, or planning your retirement or business exit, we have a range of solutions to meet your needs. Get in touch with us today.