Skip to main content

Insight article

November 15, 2018

Too poor for retirement?

Why younger generations will have to work more, save more or spend less

On attending a very informative presentation given recently by Rathbones, one of the UK’s leading providers of investment management services, our Head of Private Client, James McMullan, was struck by the disconnect between what the government tells us about the state of the country’s finances and the reality of the situation.

Rathbones have produced an article and a detailed report referring to various official sources, all pointing to the fact that our children, the so-called “Millennials”, will be the first generation to be poorer than their parent’s generation. However, the situation is much worse than this, and the report is worth reading in full.

It is clear that the State is gradually withdrawing its responsibility for, and reducing its contribution to, the welfare of its citizens as they enter their retirement years. This makes it more important than ever that we get good and timely advice about our finances and arrange our affairs in the most tax-efficient manner possible. This starts with a well-considered tax-efficient will and structuring lifetime estate planning provisions to maximise the allowances and reliefs available under the Inheritance Tax legislation.

It is vitally important to review your financial plans and arrangements regularly (we would suggest once a year) to ensure that these are on course. Keeping in close contact with your solicitor, accountant, or financial advisor is an important part of this process. Given the challenges facing our children’s generation, families cannot afford to ignore long-term financial planning. When apathy prevails, the taxman is happy! Don’t let the Revenue take 40% of your family’s wealth when timely planning can save thousands of pounds and make our children’s lives a little bit easier.

If you have concerns over your retirement and how to put estate planning measures in place, contact James McMullan today.

Note: This article does not constitute legal advice; it provides information of general interest about current legal issues.

Stay in touch

Subscribe to our newsletter

Stay in touch

By completing your details and submitting this form you confirm you are happy for us to send you marketing communications and that you agree to our Website Privacy Policy and Legal Notice and to us using Mailchimp to process your data.


Sending

News/Insight

  • Supporting neurodiverse people in family law matters
    Understanding neurodiversity in the legal context.


    Read more
  • Supreme court ruling on referees’ employment status
    In PGMOL v HMRC, the Supreme Court considered whether professional referees were self-employed. The case has the potential for far-reaching implications across the employment world.


    Read more
  • Business First Magazine
    Read our expert insights on key workplace and corporate issues.


    Read more
  • Why is clear contract drafting important?
    How simple contract clauses can protect your business.


    Read more
  • Ensuring equality: A legal guide to responsibilities and compliance
    Understanding equal opportunities in the workplace


    Read more

What they say...

  • Anon, April 2025
    “Whistleblowing dismissal claim and settlement negotiations I can not speak highly enough of this firm and [Patrick Simpson], they were not only understanding of my case needs they also worked with the up most integrity and professionalism to e

  • Patrick, April 2025
    “We had a long process handled by Charlotte & James from RIAA Barker Gillette. Even though we were outside the UK Charlotte & James we’re always available and we developed a great working relationship with them.They gave sound advice,

  • Leann Paris, March 2025
    “From the beginning to the end, the support we have received throughout the case with all the staff members has been far more than we expected, we got kept up to date with every single matter, I have had stressful few years but Charlotte and he

  • C Smith, March 2025
    “As executor of a will it was a relief for a solicitor to act on my behalf as though no disputes it was still a lengthy and complex process. It was dealt with mostly by Charlotte B. who kept me informed at all times. She explained the process c

  • Marc, March 2025
    “RIAA Barker Gillette were engaged to handle a real estate transaction with unusual circumstances. As a non-UK resident unfamiliar with English conveyancing procedures, I felt completely satisfied with the depth of the information and explanati

Read more
Send this to a friend