Talking things through with your Financial Planner can help ease any concerns about spending more. Using cashflow planning, ongoing conversations and a clear strategy, they can give you the confidence to enjoy your money, knowing your long-term plans and security remain firmly on track.
Five ways to cut inheritance tax and enrich your life
Holidays
Take that once-in-a-lifetime trip or enjoy an extra cruise along the way.
Private Medical Insurance
Paying for private healthcare or insurance can speed up treatment, improve your retirement, and reduce inheritance tax by lowering your estate.
Outsource mundane chores
Don’t enjoy certain tasks? Paying someone to handle them can make life much easier.
Eat out more and socialise
Sepnding time with loved ones can be priceless so why not do it more often?
Spend more on hobbies
Whether it's golf or white water rafting, make more time for the activities you enjoy and experience them in places that make them even more memorable.
Remember, spending in your lifetime can mean an immediate 40% IHT saving.
It's not always that easy though!
- Home improvements
You might spend money improving your home, but be careful. Significant upgrades can increase its value and affect how IHT allowances apply. This could reduce available nil-rate bands and bring more of your estate into scope, potentially increasing the inheritance tax liability on other assets such as savings and investments.
- Psycholgy of spending
After decades of saving, many retirees struggle to spend confidently. Habits of frugality become ingrained, and fears about running out of money persist. Even with sufficient wealth, spending can feel uncomfortable, leading to underspending and missed opportunities to enjoy retirement despite having the means to do so.
Your Financial Planner is here to help
Keeping you up to date on the latest views
View all resources-
Exploring the world solo
Equilibrium client, Liz Turner, shares her experience of travelling independently.
-
Retirement villages: can I afford it?
Chartered Financial Planner, Haydn Barlow, offers the same advice to his grandad that he gives his clients.
-
Relishing or resisting retirement
What will life be like after you retire?