In the first episode of The Retirement Gym, Head of MHA Carpenter Box Wealth Management Roy Thompson talks with Senior Financial Planning Manager Gill Lynes about making a budget plan to better prepare you for your spending requirements in retirement.

In this episode, Roy is joined by Ian Macara who heads the Private Client team at Bennett Griffin Solicitors in Worthing and specialises in contingency planning for life.

They discuss the importance of having a Will and Power of Attorney (POA) and the potential consequences for those who do not have one in place. Ian provides some practical steps to help you make informed choices when planning for later life and why you shouldn't leave things to chance.

Of the adult population, 2/3rds do not have a Will and only 8% have a registered Power of Attorney.

Topics covered in this episode:

1. What's in your Legal Toolbox?
   • Do you have a Will and a Lasting Power of Attorney?
   • Are they still fit for purpose and have they been reviewed recently?
2. Why a Power of Attorney should be like a driving licence
   • They should be affordable, flexible and accepted wherever they used.
   • They need a theoretical and practical element so Attorneys understand their responsibilities and appropriate safeguards are put in place.
3. Why seek out professional guidance when writing a Will?
   • Accreditations and experience: investing in the advice now can save unnecessary cost and stress at a later date.
   • Solicitors for the Elderly (SFE) ensures the quality of the advice and how it is delivered.
   • Society of Trust and Estate Practitioners (STEP): STEP members are recognised as experts in their field, with proven qualifications and experience.
4. Practical steps to creating a Will:
   • Prepare a family tree – there is not a 'typical family'.
   • Have a clear overview of your assets and income which can impact Inheritance Tax and funding long term care.
5. Considerations when choosing an Attorney: 
   • STEP have guidelines for Attorneys who may not be aware of their responsibilities.
   • Plan in advance and create a strategy for the next step in your life.
   • Lasting Powers of Attorney: have a plan A and B in place.
6. What happens when you don't have a POA in place?
   • Nobody has authority over your affairs.
   • Application to the Court of Protection to appoint a Deputy which can be costly and cause delays.
   • The role of the Office of Public Guardian who oversees vulnerable people.
7. Choice not Chance:
   • It's much better to make informed choices and look at hypothetical situations with less emotion than to react in a crisis.
   • Document your preferences: create a road map for what happens to you in later life.

Ian is a full member of the prestigious STEP (Society of Trust and Estate Practitioners), a full member of SFE (Solicitors for the Elderly) and a Dementia Friend. He is also one of only 71 Panel Deputies approved by the Court of Protection to manage the legal and financial affairs of individuals who have lost capacity and are at risk and who don’t have a Power of Attorney or have previously had unsuitable Attorneys or Deputies.

In part 1 of this special 2 part podcast series, Roy is joined by Dan Hobbs, a Tax Partner at MHA Carpenter Box. In the last few weeks Dan has focussed on keeping up to date with the Government updates and support available for businesses during the Coronavirus crises.

In this episode, Dan talks through some of the major measures announced for businesses to help them with cash flow difficulties:

• Coronavirus Job Retention Scheme (CJRS)
• Self-Employed Income Support Scheme (SEISS)
• Coronavirus Business Interruption Loan Scheme (CBILS)

Please note that this podcast was recorded on 1st April 2020 so the content reflects the Government announcements made at that point in time.

Visit MHA Carpenter Box's Coronavirus Hub for the latest information as well as other resources to help you and your business.

In part 2 of this special podcast series, Roy is joined by Kelvin Riches, a Chartered Financial Planner at MHA Carpenter Box Wealth Management. Kelvin has done a lot of work over the last few weeks working with individuals concerned about their personal finances during the Coronavirus crisis.

Kelvin speaks through some common concerns he has encountered with his clients, including:

• Investment funds: considerations for current and future investors
• Reduction in income: ways to alleviate the pressure
• Paying nursery and private school fees
• Mortgage payments
• Accessing pensions early

Please note that this podcast was recorded on 2nd April 2020 so the content reflects the Government announcements made at that point in time.

Visit MHA Carpenter Box's Coronavirus Hub for the latest information as well as other resources to help you and your business.

In this episode, Roy speaks with Caroline Clarke, a Psychotherapist based in Brighton who helps people navigate major life changes such as retirement.

They discuss how you can prepare for a positive and successful retirement from an emotional and wellbeing perspective, including:

• The difference between expectations and reality of retirement
• Managing expectations of others and setting boundaries
• Coping with a loss of purpose and structure from work
• The link between mental and physical health
• Dealing with unexpected retirement

In this episode Roy is joined by David Cooke, Investment Manager and Partner at Saltus Investment Management. They discuss the importance of investment risk and the returns you can achieve on your retirement funds.

Topics include:

• The returns we can expect on invested money
• Considering the right level of investment risk for retirement plans
• Future gazing in the investment market

Roy Thompson speaks with Phoebe Stone, Head of Sustainable Investing at LGT Vestra. Sustainable (or ethical) investing has become increasingly popular, especially in recent times, as people look to leave the world in a better place for future generations. In this episode, Phoebe explains what sustainable investing is and the effect it can have on financial returns.

They discuss:

• The incorporation of non-financial factors in investing (Environmental, Social and Governance)
• Academic research that has shown that sustainable investing can produce stronger financial returns for the investor
• The effects of Covid-19 on sustainability decisions
• How investment markets can influence corporate governance
• The future of impact investing

Often, young people are synonymous with not starting to save early enough for retirement or lacking an understanding in their pension. In this episode Roy is joined by 24 year old Jack Watkinson who has recently graduated from University and is about to embark on his first graduate role. As a young saver, Jack is starting the process of saving into a pension and thinking about retirement.

Roy and Jack discuss:

• The role of schools in pension and money management education
• The balance between short term priorities and long term retirement plans
• The benefits of compound returns when saving early for retirement
• Automatic enrolment and workplace pensions
• An example pension statement and understanding the jargon
• Risks and return: why the level of risk is the most important thing to consider when thinking about investments
• How much money is needed to have a secure income in retirement

For further information you can contact or visit your pension provider's website, the Money Advice Service or Citizens Advice. A financial adviser will also be able to provide specific guidance on your own pension arrangements – please contact MHA Carpenter Box Financial Advisers for advice on pensions or retirement planning.