During the informative session on retirement planning on the The Great Big Indian Money Show, panellists entered into a well-rounded discussion around what an effective plan for the future really means. The pioneers in the financial world shared their expert comments on how to grow your money, mitigate tax risks, protect your pensions and learn about pension schemes.
“Health does not improve with age. We get older and we get sicker, and we need to make sure that we have got the capability of supporting ourselves in retirement,” noted Paul Arora, Financial Advisor at Crystal Finance Solutions, as he goes on to elaborate that saving a part of your income for retirement benefits has many tax relief benefits.
Arya Taware, Founder and CEO of FutureBricks stressed upon the awareness and diversification of valuable tools like Asset-based lending, SIPP and SSAS in your planning.
She suggested: “Know where to invest, know your appetite and generate that income.”
“Be crystal clear in your wishes; giving away an asset during the lifetime is a good thing but it has to be on the basis that you effectively need it and you’re not going to be putting others in jeopardy, talk to professionals and your family simultaneously” – are some of the wise words shared by Vinay Tanna, Managing Partner at Garner & Hancock LLP.
Raj Kataria, Trust Director at Keystone Trust, focussed on spending your money: “It’s free of inheritance tax, puts a smile on your face, decreases your stress and you live longer.
“Planning is good but don’t do something you’re going to regret just because you are running from the taxman.”
Raj’s advice revolved around paying the most efficient taxation rather than being afraid of the taxman.
*For more specialist sessions from The Great Big Indian Money Show, explore here