• FLM Wealth Management

Coming to grips with taxes in retirement

In the tenth episode of the Free Like Me podcast from FLM Wealth Management, Rob Griffiths, Head of Tax, and Trishna Hirani, Tax Adviser, join host Ben Smith, Senior Adviser. In this episode, the trio discuss taxes in retirement; what that might look like and how you can plan for it. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.

Ben kicks off the episode by asking both tax specialists why they feel it is important to start talking about taxes in retirement. The three shed light on some of the common misconceptions around paying taxes in retirement as well as illuminating the importance of planning for inheritance tax.

Ben continues, asking our guests to explore how taxes in retirement work and when a tax return might be needed. They also go into how an individual might decide what and when to draw from their personal pension.

This leads them to discuss some of the more complicated questions that come up when planning for taxes in retirement. The experts explain the value of planning early and some of the options that might be available. They talk about getting the most out of tax-free allowances, maximising potential across spouses, and the benefits of planning across tax structures.

From there, Ben begins a lively game of ‘Taxable or Not?’ in which he asks both Trish and Rob to clarify if the assets he puts forward would be taxable in retirement.

Rob and Trish round off the episode by giving their advice for listeners who are ready to start planning for this stage of their financial journey. Both tax specialists agree that it’s never too early to start planning. Ben echoes that sentiment and emphasises the value of having someone qualified to discuss that with.

If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.

Intro 0.00 - 1.10

  • Why talking about tax in retirement is important

  • How taxes in retirement work

  • How to decide what to take from a personal pension

  • Why planning needs to start early

  • How to use tax-free funds in retirement

  • Advantages of leaving more in your pension

  • The best scenario for flexible retirement

  • When someone in retirement might need to file a tax return

  • What to do to prepare for retirement

  • Taxable or not?

  • When flexible drawdown is appropriate

  • What about gifting?

  • How best to approach this stage of life

Outro 30.40


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FLM is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's wealth management products and services, more details of which are set out on the Group's website www.sjp.co.uk/products. The title 'Partner Practice' is the marketing term used to describe St. James's Place representatives. FLM Wealth Management is a trading name of Financial Lifestyle Management Ltd.