Retirement is a big lifestyle change, and one which needs careful planning. Even high earners can find it challenging to adapt to life without a regular income; releasing enough cash to enjoy life in retirement, while keeping some in reserve for later life, is a delicate balancing act.

This is particularly the case if they plan to pass on wealth to their children or grandchildren. Luckily, clients don’t have to approach these issues on their own. Both their accountant and a financial planner can help.

Meeting with the financial planner

When a client first meets a financial planner, they need to work out how much they need in retirement and what assets they currently hold.