Headlines matter. They draw people in.

We could easily retitle this article “£250,000 Needed for a Comfortable Retirement”; it would almost certainly generate clicks. But the truth is that the figure would be entirely arbitrary.

And that’s the problem with how retirement is often discussed.

At the start of the year, many people pause to reflect and realign their priorities.

Retirement planning naturally fits into that mindset. This blog continues that theme by stepping away from headline numbers and focusing on something far more important: what retirement actually looks like for you.

What does retirement really look like?

It would be easy to turn this into a numbers exercise, but retirement is more nuanced than that.

The FCA’s Retirement Income Advice Assessment Tool (RIAAT) provides a helpful framework. It encourages financial planners to look beyond total wealth and understand:

• Essential spending

• Lifestyle spending

• Discretionary spending

• Priorities and trade-offs

Before asking how much you need, you first need to understand how you want to live.

For some people, retirement may still include mortgage or rent payments. Others may be supporting family members, planning to travel, or easing into retirement gradually. Every situation is different.

Where does retirement income come from?

Once lifestyle needs are clear, the next step is understanding how income will be delivered.

Retirement income is rarely drawn from a single pot. While pensions often take centre stage, many people also hold:

• ISAs

• Investment portfolios

• Property assets

• Cash savings

• In some cases, crypto assets

The FCA has been clear that retirement income should be delivered in the most tax-efficient way possible. For example, ISA income is tax-free, which can significantly improve sustainability over time.

Looking at all assets together, rather than in isolation, often creates more flexibility and resilience.

Retirement: a new job, a new season

Beyond the numbers, retirement is effectively a new job, but one where you write the job description.

We spend a great deal of time helping clients think through what a typical day, week or month might look like in retirement. For people who have had structure and routine throughout their working lives, this transition can be surprisingly challenging.

The psychological and behavioural aspects of retirement are just as important as financial projections. A successful retirement is not only about income, it’s about purpose, rhythm and confidence.

So… how much do you actually need?

It could be £250,000.
It could be £1 million.
It could be £100,000.

There is no universal answer.

What matters is that the number reflects your journey, your assets, your lifestyle, your priorities and how your income will be delivered over time.

As more people approach retirement, we believe the conversation needs to move away from headline figures and towards thoughtful, personalised planning. Retirement isn’t an ending, it’s a new chapter.

Frequently Asked Questions

Is there a “comfortable retirement” number in the UK?

No. What feels comfortable varies widely depending on lifestyle, housing costs, health, family commitments and expectations.

Should I focus on my pension value?

Your pension is important, but it’s rarely the whole picture. ISAs, investments, property and other assets often play a role in retirement income.

How important is tax efficiency in retirement?

Very. Delivering income tax efficiently can significantly extend asset lifespans and improve flexibility.

Can non-traditional assets support retirement?

In some cases, yes. Assets such as property or realised crypto gains may form part of a broader retirement strategy when planned carefully.

When should I start planning for retirement?

Ideally, well before retirement begins. Early planning creates more options, but clarity at any stage is valuable.

Important note

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

We recently started a short series on crypto, driven by a growing number of conversations with clients looking to realise gains and diversify their assets.

In many cases, these are early adopters, people who have lived through crypto’s highs and lows and are now moving from asking “Was this a good investment?” to a far more important question:

“What do I do now?”

Without planning, tax can quickly become a hidden risk when gains are realised. While taxes can’t be avoided, planning before selling helps create clarity, avoid surprises and align decisions with a wider financial plan.

From holding to realising why tax suddenly matters

There are two common challenges when it comes to crypto wealth.

First, from a behavioural perspective, selling something that has been built up over many years can be emotionally difficult. Second, once assets are sold or exchanged, gains may become taxable.

Crypto adds another layer of complexity because of its extreme volatility. Selling at different points can lead to very different outcomes, not just in value, but in tax exposure as well.

This is why timing, sequencing and planning matter more than reacting to price movements alone.

How crypto is taxed in the UK (at a high level)

Tax rules can change, and we would always recommend working alongside an accountant to ensure the correct tax is paid. However, at a high level:

• Most crypto gains fall under Capital Gains Tax (CGT)

• Everyone has an annual CGT allowance, which can reduce the amount subject to tax

• The rate of tax depends on whether you are a basic or higher-rate taxpayer

Tax is generally triggered when crypto is disposed of, not simply when it is held.

Common crypto tax traps we see

Many of the tax issues we see with crypto also apply to other assets, but they are often amplified by complexity and record-keeping challenges.

Common examples include:

• Ignoring crypto-to-crypto trades

• Losing track of transaction history

• Forgetting to set aside cash for taxes

• Letting emotions dictate timing rather than planning

While holding crypto does not usually create a tax liability, the moment any disposal takes place, tax can be triggered. With increased scrutiny from HMRC across the sector, failing to plan or set aside funds for tax can become a costly mistake.

Diversification: from growth to sustainability

People invest in crypto for different reasons. In its early days, it was often seen as a speculative opportunity with the potential for significant growth and equally significant volatility.

For many early adopters, the focus is now shifting. Rather than pure growth, the question becomes how those gains can support long-term objectives, including future income.

Realised gains can, in some cases, be redirected into more tax-efficient environments such as pensions or ISAs. More broadly, selling part of a crypto holding can help diversify assets and reduce exposure to a single, highly volatile area.

Planning before you act

One of the biggest challenges in investing is deciding when to act.

With crypto, this often shows up as a fear of selling too early and missing out on further gains. Waiting for the “perfect” moment can easily lead to inaction.

One approach we often discuss is an effective reverse pound-cost averaging strategy, setting planned dates or stages for selling, regardless of short-term market movements.

This helps:

• Remove emotion from the decision

• Create structure

• Align sales with wider tax and financial planning

Reflections

Crypto has rewarded some early investors in a way that can be genuinely life-changing. The challenge is ensuring those gains are protected and used effectively for the future.

Tax and financial planning are not about unnecessary complexity. They are about clarity and about integrating crypto into a wider, long-term plan rather than treating it in isolation.

Frequently Asked Questions

When do I pay tax on crypto in the UK?

Tax is usually triggered when crypto is disposed of, such as selling, exchanging, or using it, not while it is simply held.

Are crypto-to-crypto trades taxable?

In many cases, yes. Exchanging one crypto asset for another may constitute a disposal for tax purposes.

Do I need to keep records of crypto transactions?

Yes. Accurate records of transactions, values and dates are essential for calculating gains and meeting HMRC requirements.

Can crypto gains be used for retirement planning?

In some cases, realised gains may be used to support long-term planning, such as diversification or contributions to tax-efficient wrappers, depending on individual circumstances.

Should I speak to an accountant about crypto tax?

Yes. An accountant can help ensure the correct tax is paid. Financial planning then helps align decisions with wider goals.

Important note

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

Between 2011 and 2025, Bitcoin delivered an annualised return of approximately 96% in sterling terms, according to data from Curvo. It is a staggering figure.

However, those returns came with extreme volatility. Over the same period, Bitcoin’s standard deviation, a common measure of volatility, was around 146%.

To put that into context, over the last 12 months alone (as at January 2026), Bitcoin traded between a low of $76,270 and a high of $124,715, and is currently around $93,461.

For many early adopters, this creates a new challenge.

The question is no longer “Was crypto a good investment?”
It becomes “What do I do now?”

We are increasingly seeing clients who have built meaningful value through crypto and are now looking to diversify their wealth and protect what they have built.

This is the difference between making money and keeping it.

Step One: Pause Before You Act

The hardest part of this process is rarely technical.

It is emotional.

When an asset has performed exceptionally well, selling even a small part of it can feel uncomfortable. Volatility works both ways. Prices can fall, but they can also rise sharply. The fear of missing out can create paralysis.

Doing nothing often feels safer than making a decision.

However, decisions driven by short-term market movements rarely align with long-term outcomes. The starting point is not price predictions, but life goals.

The right question is not “Where will crypto go next?”
It is “What role should this wealth play in my life?”

Step Two: Understand What Your Crypto Represents

For many early adopters, crypto now represents a significant proportion of total net worth.

History offers useful reminders. During the dot-com bubble, investors heavily concentrated in technology stocks saw large parts of their wealth disappear. The same happened in 2008 with banking shares.

This is known as concentration risk.

Diversification is not about abandoning belief in an asset. It is about recognising that holding most of your wealth in one area increases vulnerability.

A long-term wealth plan may involve gradually reallocating part of that value into a broader mix of assets, such as:

• Global equities

• Fixed income (debt)

• Property-based investments

The aim is balance, not prediction.

Step Three: Turning Gains Into Real-World Outcomes

Many early adopters never expected the scale of returns they have achieved.

For some, crypto gains have the potential to transform long-term financial planning.

Used carefully, they can:

• Strengthen retirement planning

• Reduce reliance on employment income

• Provide greater flexibility around work and lifestyle

• Support family or legacy objectives

Using tax-efficient structures such as pensions and ISAs can help convert volatile gains into more resilient, long-term wealth.

This is where investment success starts to translate into real-world security.

Step Four: Tax Planning Comes Before Investment Planning

Selling crypto assets is not tax-free.

Capital gains tax is often the most overlooked part of the process. Without planning, it can significantly erode returns.

A structured approach may involve:

• Phasing sales over multiple tax years

• Using available allowances

• Avoiding rushed, reactive decisions

This is not about selling everything immediately. For many, a gradual strategy over two or three years provides both tax efficiency and peace of mind.

Step Five: Rebalancing Without Regret

Rebalancing does not mean abandoning crypto altogether.

For many investors, crypto may still play a role within a diversified portfolio. The difference is that it becomes part of a broader strategy, rather than the strategy itself.

This shift moves wealth from speculation towards resilience.

It allows investors to participate in future upside while reducing the risk that a single asset dominates their financial future.

The Ifamax Perspective on Crypto

At Ifamax, we are seeing more clients who want to diversify wealth created through crypto.

We do not advise on cryptoassets themselves. Our role is to help clients step back and build a broader financial plan that reflects their goals, values and long-term priorities.

Client feedback consistently highlights the importance of this calm, structured approach, which removes emotion, avoids knee-jerk decisions, and focuses on what really matters.

Wealth Is What You Keep

For many people, crypto has created an opportunity.

Planning is what turns opportunity into security.

Long-term wealth is not built by guessing market movements. It is built deliberately, through structure, balance and clarity.

If you have built meaningful value through crypto, the next step is not prediction.

It is planning.

If you’d like a second opinion on how crypto fits into your wider financial picture, start with a no-pressure conversation.

Important note

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

Why Annual Financial Planning Matters More Than Ever

Each year begins with good intentions. Yet research consistently shows that most people abandon financial goals long before the year ends.

The challenge isn’t a lack of motivation. It’s a distraction.

We now live in a world of constant information overload. Every day brings new headlines about markets, politics, technology and tax changes. Over the last five years alone, investors have lived through:

• The COVID-19 pandemic and global shutdowns

• Inflation and rapid interest-rate rises

• Banking sector stress

• Geopolitical conflict and trade tensions

• Major market corrections and volatility

Layer government budgets, rule changes and media commentary on top of this, and it becomes easy to lose sight of what actually matters.

At Ifamax Wealth Management, we believe good financial planning is not about reacting to every event. It is about having a clear plan that adapts through different life seasons.

A new year should not mean reinventing the wheel. Instead, it’s an opportunity to pause, reflect and realign.

1. Clarify What Matters Most

Many people start financial planning by looking at numbers.

We start with people.

Have your priorities changed?
Does retirement still look the same as it did a few years ago?
How do health, family, lifestyle and work now fit into your plans?

Spending time clarifying what matters most creates focus. In turn, this reduces financial anxiety and prevents short-term decisions that can undermine long-term goals.

This relationship-led approach is something clients consistently highlight in their feedback, feeling listened to, understood and guided rather than sold to.

2. Review Your Cash and Short-Term Reserves

Nearly two-fifths of UK adults have £1,000 or less in savings.

Cash is often misunderstood. It is not there to generate returns. It exists to provide resilience.

Holding an appropriate cash buffer allows you to:

• Deal with unexpected expenses

• Avoid selling investments at the wrong time

• Stay invested through market volatility

A simple annual review helps ensure your cash reserves remain appropriate for your circumstances and are topped up when needed.

3. Check Your Investment Strategy

Investment noise has never been louder.

Stories of extraordinary returns in areas such as AI, technology or individual stocks can be compelling. However, chasing headlines rarely leads to consistent outcomes.

A sensible investment review asks:

• Does your portfolio still match your time horizon?

• Is the level of risk appropriate for where you are now?

• Are your investments genuinely diversified?

At Ifamax, clients regularly tell us they value the calm and considered approach, one that removes emotion from investment decisions and focuses on long-term outcomes.

4. Review Your Tax Efficiency

Tax planning rarely feels urgent, which is precisely why it gets overlooked.

Yet allowances exist to be used:

• Capital gains allowances

• Dividend and savings allowances

• Pension contributions and long-term tax-efficient planning

Small, consistent decisions made each year can compound meaningfully over time. Ignoring them almost always leads to unnecessary tax leakage.

5. Sense-Check Your Retirement Planning

Retirement planning is not just about building a pot.

As retirement approaches, the focus shifts from accumulation to income sustainability.

Key questions include:

• Are you still on track?

• Has your vision for retirement changed?

• Do your plans remain flexible if circumstances shift?

For those already retired, regular reviews help ensure income remains sustainable through different market conditions.

6. Review Estate and Family Planning

Estate planning is easy to postpone, and often costly to ignore.

A review should consider:

• Is your will up to date?

• Are beneficiary nominations correct?

• Do you have lasting powers of attorney in place?

Life changes, relationships evolve, and plans need to reflect reality, not assumptions made years ago.

7. Stress-Test the Plan

Markets do not move in straight lines.

Periods of negative returns are normal. The problem arises when people are unprepared for them.

Stress-testing helps you understand:

• What market falls mean for your investments

• How income may be affected

• Whether adjustments are needed before problems arise

Confidence comes from preparation, not prediction.

8. Build in Accountability

If you were climbing a mountain without a map, progress would be uncertain.

Financial planning works the same way.

Where people manage plans alone, accountability is often the missing link. Regular reviews provide the opportunity to pause, reflect and adjust — especially when emotions or uncertainty creep in.

Clients often tell us that the value of advice lies not in constant change, but in having a trusted guide who helps them stay focused when markets and headlines become distracting.

The Ifamax Way – Planning for Real Life

For over 20 years, Ifamax has been relationship-led, not product-led.

Our approach centres on:

• Clarity rather than complexity

• Calm rather than noise

• Long-term outcomes rather than short-term reactions

Client feedback consistently reflects this: reassurance, clear explanations, and confidence that a plan is in place.

A Simple Checklist. A Powerful Habit.

Confidence comes from knowing, not guessing.

Seeing financial planning as an ongoing journey, reviewed regularly and adjusted when life changes, makes it far easier to navigate uncertainty.

Make 2026 intentional, not reactive.

If you would like a second opinion on your current plans, we offer a no-pressure, no-cost initial review.

Start with a conversation. A plan that adapts with you is transformational.

Important note

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

Many parents worry that their pension will be a poor inheritance for their children, especially with recent headlines about inheritance tax and changing pension rules.

It’s an understandable concern.

The reality, however, is far more reassuring.

Even with future inheritance tax rules, a pension can still be one of the most effective and flexible assets to pass on to the next generation when appropriately structured.

This short guide explains the practicalities, without jargon or scare stories.

How Pensions Are Passed On

Most modern pensions allow you to nominate beneficiaries, such as your children or grandchildren.

On death, the pension does not usually have to be paid out as a single lump sum. Instead, beneficiaries can typically:

• Keep the pension invested

• Take income when they choose

• Spread withdrawals over many years

• Pass the remaining pension on again when they die

This flexibility is one of the pension’s biggest strengths.

What Tax Do Children Pay on an Inherited Pension?

Income tax depends on your age at death

• If you die before age 75
  Your beneficiaries can usually take income tax-free

• If you die after age 75
  Any withdrawals are taxed at the beneficiary’s own marginal income-tax rate

Crucially, there is no requirement for your children to take the money immediately. They can control when and how much they withdraw.

This allows taxes to be managed gradually, often at much lower rates than if the money were forced out all at once.

What about Inheritance Tax (from April 2027)?

From April 2027, unused pension funds are expected to fall within the scope of Inheritance Tax.

While this is an important change, it does not mean pensions suddenly become a “bad” inheritance.

Key points to keep in mind:

• The pension has usually benefited from decades of tax-relieved growth

• Income tax rules on death (before/after age 75) still apply

• Beneficiaries can still spread withdrawals over time

• In many cases, the overall tax outcome remains competitive compared to other assets

The focus moves from avoiding tax completely to managing tax sensibly over time.

“Wouldn’t an ISA Be Better for My Children?”

ISAs are excellent for flexibility during your lifetime, but they are not designed as long-term inheritance vehicles.

When a child inherits ISA money:

• The ISA wrapper is lost

• The money becomes part of their own taxable environment

• Growth and income may be taxed year after year

By contrast, an inherited pension:

• Can remain invested in a tax-advantaged environment

• Allows income to be timed and controlled

• Can be passed down again to the next generation

Even after inheritance tax, pensions often retain more long-term planning advantages than ISAs for beneficiaries.

Why Parents Often Underestimate Pensions as an Inheritance

Many concerns come from outdated assumptions, such as:

• “My children will have to take all the money at once”

• “They’ll pay huge tax immediately”

• “The pension dies with me”

For most modern pensions, none of these are true.

With the right structure and beneficiary options in place, pensions can act as a long-term family wealth vehicle, not just a retirement income pot.

What Really Matters: Structure and Advice

Not all pensions are the same.

Key considerations include:

• Does your pension allow full beneficiary drawdown?

• Are nominations up to date?

• How does the pension fit with your wider estate?

• Should other assets (like ISAs) be spent first?

• How might future tax rules affect your family?

This is where planning matters far more than the product itself.

The Ifamax View

At Ifamax Wealth Management, we don’t see pensions as “your money until retirement and then someone else’s problem”.

We plan pensions as part of a lifetime and intergenerational strategy — balancing:

• Retirement income

• Flexibility

• Tax efficiency

• And how wealth may support your family long after you’re gone

Even with changing rules, pensions remain a valuable, flexible and often sensible asset to pass on, when reviewed and structured properly.

Important note

Tax treatment depends on individual circumstances and pension scheme rules. Not all pensions offer full beneficiary drawdown. Professional advice is essential to ensure arrangements remain appropriate and aligned with your objectives.

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

When people think about saving for retirement, the conversation often becomes a straight comparison:

ISAs or pensions – which is better?

In reality, this is rarely the right question.

At Ifamax Wealth Management, we believe good retirement planning is about understanding how different tools work together, how tax rules evolve, and how to build flexibility into your plan so it can adapt, not just for your retirement, but potentially for future generations too.

Different Tools, Different Roles

ISAs and pensions are both highly tax-efficient, but they serve different roles within a long-term financial plan.

• ISAs provide flexibility, accessibility and tax-free certainty

• Pensions provide powerful tax relief, long-term growth potential and unique estate-planning advantages

A well-structured retirement plan often uses both, carefully balanced around income needs, tax efficiency and family circumstances.

ISAs: Flexibility and Simplicity

ISAs are often the most intuitive savings vehicle and play an important role in retirement planning.

Key ISA benefits

• Tax-free growth (no income tax or capital gains tax)

• Tax-free withdrawals at any time

• No minimum access age

• No restrictions on how or when money is taken

This makes ISAs particularly useful:

• In early retirement before pension access

• As a tax-free income top-up alongside pensions

• For funding one-off or irregular expenses

What happens to ISAs on death?

• A spouse or civil partner can inherit the ISA’s tax-free status via an Additional Permitted Subscription

• Other beneficiaries (such as children) do not inherit the tax-free wrapper

• Once funds leave the ISA, they become part of the recipient’s taxable environment

ISAs can support estate planning, but they are not primarily designed as an intergenerational wealth-transfer vehicle.

Pensions: Tax Efficiency, Growth and Long-Term Planning

Pensions remain one of the most powerful tools available for retirement planning, particularly when viewed over decades rather than years.

Key pension advantages

• Tax relief on contributions (subject to allowances)

• Tax-free growth within the pension

• Flexible access from age 55 (rising to 57 from 2028)

• The ability to control income through drawdown

• Strong planning options on death

For many clients, pensions form the core foundation of their retirement strategy.

Pensions and Inheritance: Separating Headlines from Reality

There has been considerable attention on pensions and inheritance following recent Government announcements. While the rules are evolving, pensions still play a central role in long-term and intergenerational planning.

Income tax treatment on death

• Death before age 75: beneficiaries can usually draw income tax-free

• Death after age 75: withdrawals are taxed at the beneficiary’s marginal rate

Importantly, where a pension offers full beneficiary drawdown, there is no requirement to take the money immediately, allowing income to be spread over time and managed tax-efficiently.

If a beneficiary later dies, the pension can usually be passed on again, with tax treatment based on their age at death rather than the original pension holder’s.

Government Changes: What’s Actually Changing — and What Isn’t

Inheritance Tax on Unused Pension Funds (from April 2027)

The Government has confirmed that unused pension funds and death benefits will, in future, fall within the scope of Inheritance Tax.

This is a significant shift, but it’s important to keep perspective:

• Pensions still benefit from decades of tax-relieved growth

• Income tax treatment on death (pre- and post-75) continues to apply

• Many families will still benefit from pensions being passed on gradually rather than as a single taxable lump sum

• The planning emphasis shifts from “avoid tax entirely” to “manage tax over time”

In other words, pensions are not suddenly “bad” assets to leave behind; they require more thoughtful structuring.

Salary Sacrifice Reform for Pension Contributions (from April 2029)

The Government has also announced reforms to salary sacrifice arrangements for pension contributions.

Currently, salary sacrifice offers an additional benefit by reducing National Insurance for both employees and employers. From April 2029, this advantage will be reduced or removed for many arrangements.

What this means in practice:

• Pension tax relief still applies

• Salary sacrifice may become less attractive at the margins

• Employer pension funding and contribution strategy will need review

• Business owners and senior employees may need to rethink how contributions are structured

Again, this doesn’t make pensions unattractive; it simply reinforces the need for ongoing planning rather than static assumptions.

ISAs vs Pensions: A Planning Comparison

Why the Answer Is Rarely “ISA or Pension”

In reality, the most effective retirement plans combine:

• Pensions for long-term growth, tax relief and structured inheritance

• ISAs for flexibility, tax-free income and control

This combination allows:

• Greater income-tax control in retirement

• Flexibility as rules change

• More options for spouses and future generations

The Ifamax View: Planning Through Change

Tax rules will continue to evolve. Headlines will come and go.

At Ifamax, our focus has always been on building financial plans that adapt, not chasing short-term tax advantages.

We start by understanding:

• What retirement really looks like for you

• How income needs will change over time

• How much flexibility you value

• What role should your wealth play beyond your lifetime

Only then do we structure pensions, ISAs and other assets around a plan designed to grow, protect and pass on wealth as tax-efficiently as possible, whatever the rules may be.

Important note

Tax treatment depends on individual circumstances and scheme rules. Not all pensions offer full beneficiary drawdown options, which is why reviewing arrangements and taking professional advice is essential.

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

How your professional advisers work together to protect and pass on your wealth

Estate planning is rarely about a single decision or document. It is an ongoing process that evolves as your wealth grows, your family circumstances change, and tax rules develop.

Done well, estate planning usually involves three key professional advisers working together:

• A financial planner / financial adviser

• A solicitor / lawyer

• An accountant / tax adviser

Each plays a distinct role. There are also areas where their responsibilities overlap, and it’s in those overlap areas that good coordination becomes essential.

1. The Financial Planner / Financial Adviser

The role of a financial planner is to look after your money and ensure it is working effectively for you and your family, both during your lifetime and beyond.

At Ifamax, financial planning is not just about investments. It’s about structure, tax efficiency and long-term outcomes.

A financial planner will typically help you to:

• Grow, protect and pass on wealth in a structured, tax-efficient way

• Plan retirement income, including how much you can safely draw and for how long

• Make best use of tax allowances, such as:

• Pensions

• ISAs

• Capital gains allowances

• Dividend allowances

• Invest appropriately for your goals, time horizon and attitude to risk, using:

• Pensions

• ISAs

• General investment accounts

• Some trust-based investment solutions

Financial planners and trusts

When trusts are involved, a financial planner’s role is usually focused on investment and income strategy, not on legal setup.

They can:

• Manage the investments held within the trust

• Help plan when and how income or capital is distributed, in line with your objectives

They do not create the trust itself, that legal work sits firmly with a solicitor.

Your financial planner can, however, help you identify when your ongoing inheritance tax planning could benefit from trusts and how much is appropriate to add to the trust.

2. The Solicitor / Lawyer

A solicitor focuses on the legal framework of your estate. Their role is to ensure your wishes are clearly documented and legally enforceable.

They will typically advise on and prepare:

• Wills, ensuring your estate passes in line with your intentions

• Powers of Attorney (POAs), appointing people you trust to act on your behalf if you lose capacity

• Trusts, including:

• Advising on which type of trust may be suitable

• Drafting trust deeds and associated legal documents

• Explaining how trust law applies to your circumstances

Solicitors also play a key role in Inheritance Tax (IHT) planning, advising on how the wording and structure of wills and trusts can affect the tax position of your estate.

They may also help with organising probate, so they can provide valuable insight into the probate process and how your planning may be viewed by HMRC post death.

3. The Accountant / Tax Adviser

An accountant’s role is to ensure that tax is calculated correctly and reported properly to HMRC.

In the context of estate and trust planning, an accountant may:

• Register trusts with HMRC via the Trust Registration Service and keep records up to date

• Complete and submit trust and estate tax returns

• Advise on income tax and capital gains tax for:

• Trusts

• Estates

• Beneficiaries receiving income or capital

• Support the practical tax reporting when gifts are made or when someone dies

Accountants often work behind the scenes, but their role is critical to ensuring planning works in practice, not just in theory.

Where Do These Roles Overlap?

Estate planning works best when advisers communicate clearly with one another. Some of the most essential overlap areas include:

Inheritance Tax (IHT) planning

• Financial planner: Models different scenarios, gifting strategies and long-term affordability

• Solicitor: Builds IHT planning into wills and trust structures

• Accountant: Ensures tax is calculated, reported and paid correctly

Trusts and investments

• Financial planner: Manages the trust’s investments and income strategy

• Solicitor: Sets up and documents the trust within the law

• Accountant: Handles ongoing tax returns and reporting

Business and property planning

• Financial planner: Integrates business or property assets into your wider wealth and retirement plan

• Solicitor: Deals with ownership structures, succession planning and legal agreements

• Accountant: Advises on the tax treatment of sales, transfers and ongoing income

How Ifamax Helps Bring Everything Together

At Ifamax Wealth Management, our role is often to act as the central hub that brings estate planning together.

We help by:

• Clarifying your goals — what you want to happen during your lifetime and after you’re gone

• Ensuring your investments, pensions and savings align with your will, trusts and tax planning

• Identifying potential IHT solutions and liaising with the appropriate professionals to help form an effective plan

• Working alongside your solicitor and accountant so that:

• Legal documents reflect your wishes

• Tax reporting is accurate and efficient

• Your wealth is managed in a way that supports the legacy you want to leave

Estate planning isn’t about one document or one decision. It’s about making sure all the moving parts continue to work together as your life evolves.

Reviewing Your Estate Plan

Many people have estate plans that were put in place years ago and have never been revisited. Changes in family circumstances, asset values and tax rules can all mean your arrangements no longer reflect your intentions.

If you would like to review your estate planning and understand whether your current structure still works for you and your family, we can help you bring all the pieces together, clearly, calmly and with your long-term goals in mind.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

Over the last few months, we’ve explored several core themes around retirement, from sustainable income and the State Pension to inflation and longevity. At Ifamax Wealth Management, our journey began more than 20 years ago, and from the very start, we approached financial planning differently.

How Financial Planning Has Evolved

Financial advice has changed dramatically over the last few decades:

• 1990s and earlier: The industry focused heavily on selling financial products.

• 2000s: The focus shifted towards investment expertise and portfolio construction.

• Today: True financial planning centres on people, their goals, values, priorities and fears, not just money.

When Ifamax was founded, we were among the early firms to recognise that great financial advice must start with understanding the person first, not with selling a product or chasing the highest investment return.

For more than two decades, we’ve walked alongside clients through redundancy, career change, retirement transitions, illness, bereavement and everything in between. That human connection is the foundation of our work.

Retirement Is Changing

Retirement today looks nothing like it did a generation ago:

• Nearly 20% of the UK population is now over 65.

• Around 14 million people are currently in retirement.

• There is no longer a single “retirement age.” Many people phase into it gradually.

Despite this, many of the numbers we see in advertising or simple “magic figures” still assume everyone lives the same retirement. They don’t. And they never have.

The Retirement Living Standards provide useful benchmarks, but they can’t tell you:

• How you want to spend your time

• What brings you joy

• Who you want to support

• Your hopes, fears or personal ambitions

That is why at Ifamax, our Bristol-based financial planners have taken the approach we established 20 years ago and evolved it specifically for modern retirement planning.

Your Retirement: Understanding What Matters Most

Before retirement, the focus is often on accumulating assets, such as pensions, ISAs, savings, and investments.

But the moment you retire, the focus shifts. It becomes about:

• Sustainable income

• Maintaining your lifestyle

• Managing tax efficiency

• Ensuring your wealth lasts for life

Many people underestimate this shift, but it is one of the most critical transitions in financial planning.

To create a retirement that genuinely works for you, we spend time understanding:

• What retirement means to you

• What your ideal week or month looks like

• What you’re excited about

• What you’re worried about

• How your needs might change over time

For long-standing clients, we have walked this journey together for many years. For new clients, our process often feels refreshingly different from the traditional financial advice experience.

A Retirement Built Around You

We believe that a good retirement is personal, not something defined by generic figures or one-size-fits-all rules.

Only when we understand your vision of a fulfilling life can we:

• Map out your essential and discretionary spending

• Build a sustainable withdrawal strategy

• Integrate the State Pension

• Protect against inflation

• Plan for health changes

• Ensure you can grow, protect and pass on your wealth

• Stress-test your plan to ensure it lasts

This is how we deliver a retirement plan that is robust, flexible and deeply aligned to your values.

The Ifamax Approach: 20 Years of Helping Clients Retire With Confidence

As noise and uncertainty around retirement continue to increase, rising pension ages, inflation pressures, tax changes and market volatility, our role is to provide clarity and calm.

What sets Ifamax apart is not just our heritage, but how we’ve evolved our financial planning philosophy over time. Our approach blends:

• Evidence-based investment strategies

• Tax-efficient planning

• Cashflow modelling

• Behavioural insight

• A deep understanding of who you are

We believe retirement planning shouldn’t just be about making the numbers work—it should be about helping you build a retirement that feels meaningful, secure and entirely personal to you.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

State Pension Changes: What You Need to Know and How They Affect Your Retirement Plan

The State Pension has been part of the UK’s financial landscape for more than a century, but its purpose and the way we plan around it have changed dramatically over time. At Ifamax Wealth Management, our Bristol-based financial planners help clients understand how the State Pension fits alongside their broader retirement strategy, ensuring it becomes a foundation for a secure, tax-efficient future.

Below, we outline the key changes, what the State Pension looks like today, and why it remains such an essential part of your long-term plan.

A Brief History of the UK State Pension

The modern State Pension has evolved significantly since its introduction:

1908 – The Old Age Pensions Act

• The first universal state pension paid 10–25 pence per week.

• Only available to people aged 70+ of “good character.”

• Payments began in January 1909, known nationally as Pensions Day.

1946 – National Insurance Act

• Introduced a contributory system funded by National Insurance.

• From 1948: Men could claim at 65, women at 60.

2016 – The New State Pension

A flat-rate system replaced the old basic and additional pensions.

• Applies to:

• Men born on or after 6 April 1951

• Women born on or after 6 April 1953

• 35 qualifying years of NI for a full pension.

• 2025–26 maximum: £230.25 per week.

The Triple Lock Guarantee

The State Pension continues to rise each year by the highest of:

• Inflation (CPI),

• Average wage growth, or

• 2.5%.

This helps preserve its real value in retirement, although political debate about its long-term sustainability continues.

State Pension Age: Rising Gradually

The current State Pension age is 66.

Scheduled increases:

• Age 67 between 2026 and 2028

• Age 68 between 2044 and 2046

This reflects improvements in life expectancy.

Life Expectancy Has Transformed the Purpose of the State Pension

When the pension was introduced, relatively few people lived long enough to receive it. Today, many retirees can expect 20–30+ years of retirement, making long-term planning essential.

Why the State Pension Still Matters

The full State Pension provides just under £12,000 per year, or around £24,000 for a couple. While nobody would rely solely on this for their entire retirement lifestyle, it remains:

• Guaranteed

• Inflation-linked

• Reliable

• A core building block that reduces pressure on your investment portfolio

At Ifamax, we treat the State Pension as the foundation layer in your retirement plan—helping you build a reliable, sustainable income on top through tax-efficient savings, investments, pensions and cashflow planning.

The Challenges to Plan Around

1. Rising State Pension Age

Many people will now retire years before they are eligible to claim, creating a funding gap.
Your retirement income plan needs to clearly account for this.

2. Sharp Drop in Income for Couples on First Death

When one partner dies, the State Pension stops—it isn't passed on.

This can create a significant drop in household income at precisely the time when financial stability is vital.

Understanding this risk early allows us to plan around:

• Investment income,

• Cash reserves,

• Tax-efficient withdrawals,

• Protection options where appropriate.

How Ifamax Helps You Build a Secure, Confident Retirement

At Ifamax, retirement planning doesn’t start with numbers—it starts with you.

We take time to understand:

• What retirement looks like for you,

• Your values, aspirations and lifestyle,

• Your essential and discretionary costs,

• How long your income needs to last,

• How you want to protect and pass on your wealth.

Only then do we map out:

• Your State Pension entitlement,

• When you can claim it,

• How it integrates with personal pensions and investments,

• Tax-efficient withdrawal strategies,

• How to protect your income through every stage of retirement.

For many clients, seeing the State Pension clearly built into their cashflow plan provides huge reassurance. It is a stable anchor that allows your wider investments to work harder and more effectively for the long term.

Final Thoughts

Many people underestimate the importance of the State Pension in their retirement planning. At Ifamax, we see it as a valuable, guaranteed building block, one that supports the long-term strategies we create to help you grow, protect and ultimately pass on your wealth.

If you're unsure how the State Pension fits into your retirement picture, or you want to build a clear, confident and tax-efficient plan, our Bristol-based financial planners are here to help.

Risk warning    

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

The 2025 Budget introduced several significant tax, pension, property and investment reforms. While Budgets often create noise and speculation, the real value lies in understanding what has genuinely changed and how these measures may influence long-term financial planning.

The team at Ifamax Wealth Management have put together a clear and straightforward breakdown of the most relevant announcements.

ISA Reform: New Rules for Cash ISAs

From April 2027, Cash ISA rules will change:

• Under-65s will have a £12,000 Cash ISA limit.

• Over-65s will keep the full £20,000 cash allowance.

• The overall ISA allowance remains at £20,000.

These changes may influence how individuals choose to balance cash and investments inside ISAs in the future.

Higher Taxes on Property, Savings and Investments

The Budget confirmed several tax increases that will affect taxable investments, rental property owners and company directors receiving dividends.

Headline changes include:

• Higher rates of property income tax for landlords.

• Increased dividend tax rates from 2026.

• Higher savings income tax from 2027.

For those with rental portfolios or significant holdings in general investment accounts, these changes will increase the tax paid each year.

Salary Sacrifice for Pensions: Major Adjustments from 2029

A notable change has been announced for salary-sacrificed pension contributions:

• From April 2029, only the first £2,000 of salary sacrifice pension contributions each year will receive National Insurance relief.

• Contributions above this level will incur employer and employee NICs.

This represents a meaningful shift for higher earners or for those who use bonus sacrifice as part of their pension funding approach.

Pensions and Inheritance Tax

The government has introduced changes to the way pensions may be treated for inheritance tax purposes from April 2027; personal representatives will be able to direct pension scheme administrators to withhold 50% of taxable benefits for up to 15 months and pay inheritance tax in certain circumstances. Personal representatives will be discharged from liability for payment of Inheritance Tax on pensions discovered after they have received clearance from HMRC.

Additional areas to note:

• The nil-rate band and residence nil-rate band remain frozen until 2031.

• Additional rules affect agricultural, business and offshore assets.

These measures highlight the continued importance of clear, up-to-date estate paperwork and an awareness of potential IHT exposure.

VCTs and EIS: Important Changes for Tax-Efficient Investors

Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EIS) remain an important part of the UK’s tax-incentive landscape.

Key changes announced:

• VCT Income Tax Relief will fall from 30% to 20% from April 2026.

• Investment limits for VCT/EIS companies have increased.

The reduction in relief will alter the tax incentives for future VCT investments, particularly for those who regularly use them as part of a wider tax-planning strategy.

High-Value Property: New Annual Surcharge

From 2028, a new annual charge will apply to high-value properties, starting at £2 million. The new charges start at £2,500 per year, rising to £7,500 per year for properties valued above £5 million.

While this affects a relatively small number of properties, it will add to ongoing ownership costs.

Electric Vehicles: Per-Mile Charging Introduced

A new system of per-mile charging for electric vehicles begins in 2028:

• Fully electric vehicles: 3p per mile

• Plug-in hybrids: 1.5p per mile

This will form part of the overall cost of ownership for EV users going forward.

Final Thoughts

This year’s Budget continues the trend of increasing taxation on investments, property income and higher earners, while tightening several long-standing reliefs. At the same time, pensions and inheritance tax remain central themes in long-term planning.

As ever, the impact of any Budget will vary from person to person depending on circumstances, goals and financial priorities. Understanding the details is the first step towards making informed decisions when the time is right.

At Ifamax Wealth Management, our focus is on understanding your values, goals, and aspirations. We take a long-term approach to planning, recognising that Budgets will come and go — and while they may require occasional adjustments, they rarely derail a well-structured plan.

If you would like to speak to the team about your financial journey, contact us today and begin your journey with Ifamax.

Building a Business Is Hard Work — Turning It Into a Retirement Plan Shouldn’t Be 

Building a business is rarely straightforward. In the first year, around 94% of new businesses survive; however, by the fifth year, this drops to approximately 40%, according to the Office for National Statistics. 

For many entrepreneurs, every spare penny is invested in building and sustaining the business. A study by Rathbones found that 83% of family-run business owners rely on their business to fund retirement, while earlier research showed that 59% of SMEs expect to sell their business to finance life after work. 

It’s understandable, but it’s not always the most tax-efficient or reliable path to long-term financial security. 

The Unique Retirement Challenges Business Owners Face 

For employees, retirement savings are straightforward: your employer makes regular contributions to your pension each month, and you benefit from a predictable income. 

For business owners, it’s far more complex. You’re responsible for every aspect of your income, from cash flow and payroll to tax efficiency. In the early years, income can be inconsistent, making it difficult to commit to regular savings. 

Even once the business is more established, it’s easy to assume “the business will fund my retirement.” However, this can be risky, both from a tax perspective and a wealth preservation standpoint. 

The Opportunity – Using Tax-Efficient Strategies 

Pension Contributions 

For business owners, pension contributions are one of the most tax-efficient ways to extract profits from the company. 

• Employer pension contributions reduce taxable profits, lowering corporation tax. 

• The funds grow free from capital gains and income tax within the pension wrapper. 

• They are also protected from business liabilities, safeguarding your future wealth. 

Profit Extraction Strategies 

At Ifamax Wealth Management, we work closely with business owners and their accountants to determine the most efficient ways to extract profits, whether through salary, dividends, or employer pension contributions. 

The right blend depends on your circumstances, tax position, and long-term goals. A tailored approach ensures you retain more of what you earn. 

Business Sale Planning 

When it’s time to sell or step back, Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief, can make a substantial difference. 

Under current rules (2025): 

• There is 14% Capital Gains Tax (CGT) on qualifying gains from 6 April 2025 and 18% from 6 April 2026. For higher-rate tax-payers, gains that do not qualify for BADR will be subject to a higher rate of 24% on chargeable assets. 

• There’s a lifetime limit of £1 million in qualifying gains. 

• It applies to the sale of shares in your trading company or business assets if you’re a sole trader or partner. 

To qualify, you must: 

• Have owned the business or shares for at least two years. 

• Be an employee, director, or partner in the business. 

• Hold at least 5% of shares and voting rights (if selling shares). 

How it fits into retirement planning: 

• It enables you to extract more value from your business by reducing tax on gains. 

• The proceeds can be reinvested into pensions or investment portfolios tax-efficiently. 

• When combined with pension contributions and ISA planning, BADR can be a cornerstone of a tax-efficient retirement strategy. 

Investment Structures 

Your retirement plan should be as unique as your business. Whether you use personal pensions, ISAs, or General Investment Accounts (GIAs), the key is how these wrappers are structured to deliver tax-efficient income in retirement. 

A good plan doesn’t just look at saving; it also considers how you’ll generate income later while minimising tax exposure. 

How Ifamax Helps 

 At Ifamax Wealth Management, we help business owners: 

• Align business and personal financial goals. 

• Build bespoke retirement strategies through our Centralised Retirement Proposition (CRP®). 

• Adapt plans as tax rules, business performance, and lifestyle goals evolve. 

With proper planning, your business can not only fund its present, but also its future. 

Conclusion 

Your business is your legacy. With expert guidance and strategic planning, you can transform that legacy into a tax-efficient retirement that provides you with freedom, flexibility, and peace of mind. 

If you’re a business owner in Bristol looking to retire efficiently, we’ll help you grow, protect, and pass on your wealth, tax-efficiently. 

Risk warning    

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. 

The Silent Threat to Your Retirement 

When planning for retirement, most people focus on market risk. But one of the biggest threats to your future lifestyle isn’t stock market volatility; it’s inflation. 

We often hear people say, “It’ll be fine.” However, over the past 25 years (2000 to 2025), the prices of everyday goods and services have increased by approximately 91.1% (Source: Bank of England). 

To put that into context: 

• In 2000, petrol cost just 83p per litre. 

• A cinema ticket averaged £4.70. 

• And £100 covered a full family supermarket shop. 

Fast forward to today, and those same purchases cost almost double. 

What Inflation Means for Retirees 

If we assume a retirement income of £40,000 in 2000. With an average inflation rate of 2.56%, that same £40,000 would now need to be around £70,000 to maintain the same purchasing power. 

Inflation quietly erodes the value of money, and for retirees who rely on their savings or pensions, it can have a profound impact on their financial security. 

Why It’s Especially Dangerous in Retirement 

If the average retirement lasts around 25 years, and inflation continues at even a modest rate, your future spending power could be cut nearly in half. 

Although the State Pension has generally kept up with inflation, most private pensions and investment income have not. 

As you age, you may spend less on travel and entertainment, but other costs, such as healthcare and support, often increase. Ignoring inflation can make the later years of retirement difficult to navigate. 

Common Misconceptions 

• “My pension is index-linked.” 
  Not always. Unless your pension is specifically set to increase in line with inflation, your income may remain fixed while prices rise. 

• “I’ll just spend less later in life.” 
  While discretionary spending may decrease, essentials such as utilities, food, and care often become more expensive. 

How We Help Protect Against Inflation 

At Ifamax Wealth Management, we’ve built a Retirement Strategy designed to evolve with your needs. 

Our approach incorporates inflation from the outset, utilising robust planning tools and long-term assumptions to model your retirement journey. Regular reviews ensure your plan adapts to: 

• Changes in inflation and the economy 

• Lifestyle shifts and spending needs 

• New opportunities for tax-efficient income 

By maintaining a dynamic, forward-looking strategy, we help you protect your lifestyle and preserve your wealth throughout retirement. 

Conclusion 

Inflation is inevitable, but it doesn’t have to derail your retirement. With thoughtful planning and proactive reviews, you can ensure your money keeps pace with the cost of living. 

If you’re approaching or already in retirement, we can help you design an income strategy that stands the test of time. 

Grow, protect, and enjoy your wealth with confidence. 

Risk warning    

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.    

“After decades of saving, how do you turn your pension into a reliable income for life?” 

Most retirees today rely on the money they’ve saved and invested, which means the focus has shifted from accumulating wealth to decumulating it sustainably. 

At Ifamax Wealth Management, we have developed a Centralised Retirement Proposition (CRP®) designed to align with the FCA’s Thematic Review of Retirement Income Advice (TR24/1). Our framework helps ensure clients can enjoy life with confidence, knowing their income strategy is robust, flexible, and sustainable. 

What Are Your Options for Drawing an Income in Retirement? 

It’s easy to assume that your pension is your only source of income in retirement. In reality, it’s just one piece of the puzzle. 

Within your pension itself, you have three main options: 

• Annuity – Provides a guaranteed income for life, removing market risk but reducing flexibility. 

• Pension Drawdown – Keeps your pension invested, allowing flexible withdrawals that can adapt over time. 

• Lump Sum Withdrawals – Up to 25% tax-free, with the rest taxed as income. 

However, many retirees also have ISAs, general investment accounts (GIAs), or cash savings, all of which can form part of a tax-efficient income strategy. 

For example: 

• ISA income is tax-free. 

• Dividend, interest, and capital gains allowances can supplement pension income. 

• Unused tax-free pension cash can provide a buffer in lower-income years. 

A holistic strategy that blends these sources helps reduce tax, manage risk, and extend the life of your savings. 

How Much Can You Safely Withdraw Each Year? 

This question has sparked debate for decades: “What’s a safe withdrawal rate for UK retirees?” 

A helpful starting point is the “4% rule”, derived from William Bengen’s 1994 U.S. research, which found that withdrawing 4% of a balanced portfolio in the first year of retirement (and increasing it with inflation each year) could allow savings to last 30 years, even through major market downturns. 

While this was based on American data, UK planners often use it as a guide rather than a guarantee. Factors such as fees, longevity, inflation, investment strategy, and personal flexibility all influence sustainability. 

At Ifamax, we treat 4% as a guardrail, not a goal. Using advanced cashflow modelling, we test your portfolio against different market conditions and review it annually (or sooner if circumstances change). 

Our Decumulation-at-Risk Policy identifies clients who may be drawing unsustainably high income levels and helps them make adjustments to stay on track. The key is ongoing monitoring and flexibility, not a static rule. 

How to Keep Your Income Sustainable Over Time 

The FCA expects firms to clearly distinguish between accumulation (building wealth) and decumulation (spending wealth). That doesn’t necessarily mean using completely different investments, but it does mean having a different strategy and mindset. 

Key elements include: 

• Diversification – Spreading investments across asset classes to manage risk and inflation. 

• Blended income sources – Combining guaranteed income (like annuities) with flexible drawdown and other assets. 

• Tax-efficiency – Managing withdrawals across pensions, ISAs, and GIAs to minimise tax drag. 

• Regular reviews – Adjusting withdrawals as markets, inflation, and lifestyle evolve.

Research from Vanguard (2022) and the International Longevity Centre (ILC) shows that retirees who receive ongoing advice are significantly more likely to maintain sustainable income levels throughout retirement. 

Why Ongoing Financial Planning Is Key 

It’s tempting to see retirement planning as a one-off exercise. But as life changes, so should your income strategy. 

• Markets fluctuate. 

• Tax rules evolve. 

• Spending patterns shift — often higher in early retirement and lower later on. 

Our annual review process ensures your income plan adapts to these realities. We model future projections, stress-test different scenarios, and make recommendations that align with your goals, risk tolerance, and evolving lifestyle. 

Many clients tell us that the real value isn’t just in the numbers, but in the peace of mind that comes from knowing someone is monitoring their plan and helping them make informed, confident choices. 

Summary – Turning Your Pension into Freedom, Not Uncertainty 

Retirement today demands more personal responsibility than ever before. There’s no single right answer, only the strategy that’s right for you. 

At Ifamax Wealth Management, our Centralised Retirement Proposition is built around the FCA’s expectations and the principle of sustainable income for life. 

We help you: 

• Combine guaranteed and flexible income streams 

• Maximise tax efficiency across all your assets 

• Monitor your plan to ensure your money lasts as long as you do 

Your retirement should be about freedom, not uncertainty. 

Speak to a Bristol-based financial adviser today to create your personalised retirement income plan. 

Risk warning   

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.   

What Is a ‘Freedom Date’ – and Why Does It Matter? 

Retirement used to mean a fixed birthday, 60, 65, or whatever your employer decided. Today, that traditional idea has evolved. Retirement is no longer an age; it’s a financial milestone, your freedom date. 

Your freedom date is the point at which work becomes optional rather than essential. It’s when you can confidently say, “I have enough to live the life I want.” 

The question is: What would financial freedom look like for you? 

For some, it’s early retirement and travel; for others, it’s reducing hours or changing careers. Whatever your version, identifying this point is the first step towards taking control of your future. 

How Do You Know If You Can Afford to Retire? 

The question “When can I afford to retire?” is one of the most common we hear from clients. 

Retirement today can last 25–35 years, potentially as long as your working life. Understanding how much you’ll need depends on your goals, lifestyle, and how your spending might evolve. Building a clear financial map of your journey helps reveal what’s possible and what may need adjusting. 

To start, the PLSA Retirement Living Standards provide helpful income benchmarks for a “minimum,” “moderate,” and “comfortable” lifestyle. However, remember that these are only guidelines. Your retirement will be as individual as you are. 

Another simple benchmark is the 4% withdrawal rule, which suggests you could sustainably withdraw around 4% of your invested assets each year. While this rule is debated and should always be tailored to your specific circumstances, it can provide a sense of what your savings might yield as income. 

What Factors Determine Your Retirement Date? 

 “How can a financial planner help me choose the right retirement age?” 

 Before we can answer that, it helps to picture what the different stages of retirement might look like for you: 

• The ‘Go-Go’ Years – The active phase at the start of retirement, when you may travel, explore new hobbies, or spend more time with family and friends. 

• The ‘Slow-Go’ Years – The middle years, when life becomes more local and routine-focused. 

• The ‘No-Go’ Years – Later life, when health, support, and stability become higher priorities. 

Once we understand your expected lifestyle trajectory, a financial planner can assess your current savings, pensions, and investments and project what income they could sustainably provide. They’ll also help structure your plan in the most tax-efficient way possible, ensuring your money lasts as long as you do. 

At that stage, the conversation naturally turns to whether your target retirement date is achievable or whether adjustments could bring it forward. 

What If You’re Not Quite There Yet? 

“Can small adjustments today make a big difference to your future?” 

Absolutely. If your current plan doesn’t quite align with your preferred freedom date, your financial planner can model ways to close the gap. 

That might mean: 

• Increasing pension contributions, perhaps via salary sacrifice. 

• Making use of unused ISA or pension allowances. 

• Reviewing investment strategies to align risk and growth potential. 

• Reducing unnecessary costs or rethinking spending priorities. 

Even small, consistent changes today can bring your financial freedom several years closer. 

How Ifamax Helps You Find Your Freedom Date 

At Ifamax Wealth Management, we’ve been helping individuals and families plan and enjoy their retirement for over 20 years. Our role is to help you define, visualise, and achieve your version of financial freedom. 

We integrate the findings from the FCA’s recent thematic review on retirement advice into our planning process to ensure robust, client-centred outcomes. 

Our approach includes: 

• Cashflow forecasting to model future income and expenses. 

• Scenario testing (“what if” modelling) to explore different retirement ages or lifestyle goals. 

• Tax-efficient income planning to help you preserve and pass on your wealth. 

• Ongoing reviews to adapt your plan as life changes. 

Ultimately, our goal is to provide clarity, confidence, and peace of mind, so you can focus on enjoying life, not worrying about money. 

A Plan That Gives You Clarity and Confidence 

Knowing when you can afford to retire isn’t just about numbers — it’s about freedom, choice, and confidence. With the right advice and a clear plan, you can look ahead to retirement with certainty and excitement rather than anxiety. 

Ready to find your freedom date? 

Book a retirement planning consultation with one of our Bristol-based financial planners today. 

Risk warning   

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

Retirement is one of the most significant challenges we will face in our lives. The landscape has undergone substantial changes over the past generation. Where our parents or grandparents might have worked for one employer and received a guaranteed pension for life, most of us now retire with a pot of money that needs to provide income for decades.

The question is no longer “When can I retire?” but “How do I make my money last?”

The New Challenges of Retirement

The traditional retirement age of 65 is moving upwards. The state pension age is heading to 68 and may rise into the 70s. At the same time, we are living longer. While that’s good news, it brings financial challenges:

• Longevity risk – ensuring income lasts for a 25–30 year retirement.

• Inflation – rising costs erode purchasing power.

• Market volatility – investments can go up and down, affecting withdrawals.

• Tax changes – allowances and rules continue to evolve.

These factors mean retirement planning today requires a different approach.

Strategies for Building Sustainable Income

The FCA Thematic Review on retirement income emphasises sustainability. In the past, retirement income was guaranteed through defined benefit pensions. Today, most people rely on defined contribution pensions, ISAs, and investments.

Creating sustainable income means:

• Diversifying income sources.

• Setting realistic withdrawal strategies.

• Managing sequencing risk (the order of returns).

• Keeping a balance between growth and security.

Tax Efficiency in Retirement

Sustainability is only half the picture; how you draw income matters just as much.

• Using pension tax-free cash wisely.

• Drawing from ISAs for tax-free income.

• Making the most of personal allowances, dividend allowances, and capital gains allowances.

A carefully structured withdrawal plan ensures you pay no more tax than necessary, helping you keep more of your money.

Lifestyle and Mindset

Retirement is deeply personal. It’s not just about the numbers, but about your values, aspirations, and the life you want to create.

Some people want to retire early and travel. Others prefer to continue working part-time or focus on family. Your financial plan should reflect the retirement that matters to you.

Why Ongoing Advice Matters

Planning for retirement isn’t a one-off exercise. Circumstances change—both before and after you retire.

• Before retirement – plans may need adjusting as your career, business, or savings change.

• In retirement, income needs, health, and tax rules all evolve. Ongoing advice helps you adapt, stay tax-efficient, and maintain a sustainable income.

A trusted financial planner in Bristol provides the reassurance that you’re not navigating these decisions alone.

Conclusion & Next Steps

Retirement today is more complex—but also more flexible—than ever before. With the right plan, you can create a sustainable, tax-efficient income that aligns with your lifestyle goals.

If you’d like to discuss your retirement plans, contact our Bristol-based financial planners at Ifamax Wealth Management today.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

The recent FCA Thematic Review on retirement income highlights a simple truth: delivering income in a tax-efficient way can make a big difference to your long-term wealth. But tax planning isn’t just for retirement—it’s just as important in the years leading up to it.

We all have to pay tax. The key is to use allowances and structures wisely so you keep more of what you earn and grow the retirement you want. That’s why tax-efficient investing is central to both wealth management and financial planning.

What Is Tax-Efficient Investing?

At its heart, tax-efficient investing is about structuring your savings and investments to minimise unnecessary tax.

It’s easy to get drawn into complex schemes, but what matters most is making sure each decision aligns with your financial goals and risk profile. A financial planner ensures the strategy works for you—not just for the short term, but across your whole financial journey.

Core Tax-Efficient Strategies in the UK

For most people, the two most powerful tools are:

• ISAs – tax-free growth and income. Not just for saving, but also an efficient income source in retirement.

• Pensions – upfront tax relief on contributions, tax-free growth, and the 25% tax-free cash allowance in retirement.

More advanced planning can include:

• VCTs & EIS – higher-risk investments with generous tax advantages, often suitable for business owners and high earners.

• Business Relief – helping reduce inheritance tax liability.

• Trusts – supporting estate planning and passing on wealth.

And don’t forget annual allowances:

• Capital Gains Tax allowance.

• Dividend allowance.

• Personal allowance.

The right combination depends on your income, assets, and long-term goals.

Who Benefits Most From Tax-Efficient Planning?

Everyone can benefit. For example:

• Using an ISA to reduce taxable income in retirement applies to most people.

• Passing on wealth tax-efficiently supports families across generations.

For those with more complex financial situations—such as business owners, lawyers, law firm partners, and entertainers—planning can be especially valuable. It helps smooth fluctuating income, build retirement savings outside the business, and protect wealth for the future.

Tax efficiency isn’t just for the wealthy. It’s about making sure more of your money works for you.

Common Mistakes to Avoid

• Focusing too much on tax and forgetting the bigger financial plan.

• Choosing strategies that don’t fit your risk tolerance.

• Missing allowances year after year.

Tax doesn’t have to be complicated, but ignoring it can mean missing out on long-term gains.

The Role of a Financial Planner

A financial planner doesn’t replace your accountant or solicitor—but works alongside them to make sure your plan is joined up.

Tax-efficient investing is just one part of the bigger picture. A good planner ensures that your tax strategy aligns with your retirement, investment, and estate planning goals.

Conclusion & Next Steps

The returns you see on a statement are important—but what really matters is how much you keep after tax. By using allowances and structures effectively, you can grow, protect, and pass on your wealth more efficiently.

If you’d like to explore how tax-efficient planning could work for you, contact our Bristol-based financial planners at Ifamax Wealth Management today.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

A common question we hear is: “Why should I pay a regular fee for financial planning? What do I really get for this?”

Over the last 30 years, financial advice has evolved—from selling products, to investment specialists, to today’s holistic financial planning. The evolution reflects a simple truth: to reach any destination, we need a plan. And since life, markets, and tax rules are all subject to change, that plan must be regularly reviewed and updated.

Paying a regular fee isn’t just about cost—it’s about protecting your wealth, adapting to change, and giving you peace of mind that your long-term goals are still on track.

What Is a Financial Review?

Think of it like servicing your car. If you paid a garage an annual fee that covered one or two check-ups, plus unexpected visits if a warning light appeared, you’d see the value.

Financial planning works in much the same way.

At a financial review, your financial planner will:

• Ask about changes in your circumstances and goals.

• Check where you are currently positioned.

• Review investments, retirement planning, and tax strategy.

Like checking the oil and water in your car, these reviews ensure your financial plan is running smoothly until the next service.

Why Regular Reviews Matter

Between one year’s review and the next, many things can change:

• Your life – a new job, business, family, or health event.

• Tax and regulations – budget updates can open or close opportunities.

• Markets – investments may need to be rebalanced.

• Retirement planning – as you move from building wealth to drawing income.

• Risk profile – your tolerance may change over time.

Some years you may need little help; other years you may need significant guidance. Regular reviews give you confidence that your plan adapts as life unfolds.

How Often Should You Review?

As a minimum, every 12 months. But additional reviews are available whenever circumstances change. The right frequency depends on your needs—but it’s better to have the next meeting in the diary than risk falling off track.

Benefits of Staying on Track

Doing it yourself may look cheaper, but it also means:

• You carry the responsibility to stay on top of allowances, tax rules, and risks.

• You need to dedicate time to review and adjust regularly.

With regular reviews, your financial planner ensures:

• Tax-efficient planning is always up to date.

• Investment strategies remain appropriate.

• You’re maximising opportunities.

• You can focus on life, not financial admin.

In short, it’s about growing, protecting, and preserving wealth.

Working With a Financial Planner in Bristol

At Ifamax Wealth Management, we provide face-to-face reviews with clients across Bristol and the South West. Many of our clients are barristers, business owners, partners of law firms, and professionals who value local expertise and long-term relationships.

We also serve clients in London and the Home Counties, and we’re equally happy to meet online via Teams or Zoom for convenience.

Conclusion & Next Steps

When weighing the cost of financial planning, remember the value: protecting your wealth, maximising opportunities, and enjoying peace of mind.

At Ifamax, we always schedule the next review in advance, so your plan never loses momentum.

Would you like a second opinion on your financial plan? Contact our team today and discover how a Bristol-based financial planner can help keep your future on track.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

Why Business Owners Need a Different Approach to Financial Planning

As an employee, life is relatively straightforward, you work, you get paid, and your employer takes care of things like pensions and tax deductions.

For business owners, it’s a very different story. You’re not only focused on growing your company but also managing complex financial decisions, supporting employees, and balancing business risks with your financial security.

The challenge? Business and personal finances often become intertwined. While this might work in the early days of a business, failing to separate them as your company grows can lead to real problems, especially if unexpected challenges arise.

In this blog, we’ll explore key strategies to help business owners manage their finances effectively, protect their wealth, and plan for a secure future.

Separating Personal and Business Finances

Running a business comes with risk. According to The Telegraph, 60% of new businesses fail within three years, and ONS data shows that only 42.5% survive beyond five years.

This isn’t meant to discourage, but to highlight why protecting your personal wealth is crucial. In the early stages, you may invest everything into your business. As it grows, it’s essential to separate your personal finances from your business assets. This way, if something unexpected happens, your personal financial security isn’t compromised.

Tax-Efficient Planning

Thoughtful tax planning can benefit you and your business.

Strategies may include:

• Pension contributions: Using company funds to make pension contributions can be a highly tax-efficient way of building personal wealth.

• Salary vs dividends: Structuring your income effectively can reduce tax liabilities.

• Using allowances: Taking advantage of personal and business tax reliefs.

A financial planner working alongside your accountant can ensure these strategies are optimised for your situation.

Retirement Planning for Business Owners

Over 3 million self-employed people in the UK aren’t saving into a pension (gov.uk), and around 30% of business owners plan to sell their businesses to fund retirement (Mazars).

Here’s the problem:

• You don’t know what your business will be worth when it’s time to sell.

• Your view of its value may be very different to what the market is willing to pay.

Relying solely on selling your business for retirement is risky. Building personal wealth outside the business, through pensions, ISAs, and other investments, ensures that your retirement doesn’t depend entirely on an eventual sale. Any proceeds from the company then become a bonus, not your only lifeline.

Protecting Your Business and Family

What happens if you can’t run your business due to illness, injury, or worse?

Many small businesses face key‑person risk, where the success of the company relies heavily on one or two individuals.

Solutions include:

• Key person insurance — protects the business if a crucial team member can’t work.

• Shareholder protection — ensures business continuity and protects family members financially.

• Income protection — secures your personal income if you’re unable to work.

These safeguards are essential to ensure both your business and family are protected.

Succession and Exit Planning

According to FT Adviser, nearly 50% of business owners don’t have an exit strategy, and 37% have no succession plan.

Leaving this to the last minute can significantly reduce the value of your business. Mazars highlights four key factors that impact business value:

1. Predictability – Buyers value certainty. A strong track record, diverse customer base, and a committed management team all enhance value.

2. Growth potential – Businesses with a clear path to future growth are far more attractive to buyers.

3. How it’s marketed – Finding multiple interested buyers (often through an adviser-led process) can create competitive tension and significantly increase value.

4. Timing – Circumstances change. Selling at the wrong time can damage value, while proper planning can help you take advantage of favourable conditions.

Early planning is key. Whether your goal is to pass the business to family, sell to a third party, or prepare for a management buy‑out, start developing a plan well before you need it.

Cash Flow and Growth Strategies

Balancing reinvestment in your business with building personal financial security is vital. This requires collaboration between financial planners, accountants, and solicitors.

A joined-up approach enables you to grow your business while building wealth outside of it, thereby protecting you against the uncertainty of business ownership.

Working with a Financial Planner

At Ifamax, we’ve spent over 20 years working with business owners, helping them make informed decisions about their personal and business finances.

We collaborate with your other advisers (accountants, solicitors) to:

• Build a robust retirement plan independent of your business.

• Protect your family and company from unforeseen events.

• Develop tax-efficient strategies to grow and preserve your wealth.

You can’t control everything that happens in your business, but with the right planning, you can control your personal financial future.

Conclusion

If your business has made it past those crucial first five years, don’t leave your future to chance.

Planning may feel far‑off, but when the time comes to exit your business or retire, you’ll be glad you did.

At Ifamax, we’re here to help you create a strategy that works for your business, your family, and your future.

Get in touch today to start planning with confidence.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

We are pleased to announce the successful completion of a management buyout (MBO), with existing directors Ashton Chritchlow and Jamie Jacobs now becoming the majority shareholders of Ifamax Wealth Management, marking a significant milestone in our firm’s journey.

This transition ensures the continued independence, stability, and long-term vision of the business — while preserving the values and client-first ethos on which the firm was founded.

What This Means for our Clients

While the structure of ownership has changed, the core of who we are remains the same. You will continue to receive the same high-quality advice and service from the team you know and trust. The day-to-day operations and client relationships will be unaffected.

The current leadership team has been in place since 2019, when Ashton became Managing Director. We are proud to have the opportunity to carry forward Ifamax’s legacy as a privately owned and independent firm focused on delivering the best possible outcomes for our clients.

The alternative to an MBO could have been selling the business to a bigger organisation or one of the larger ‘consolidators’ in our industry that tend to use private equity debt to hoover up firms to then pull all sorts of levers to help repay that debt. This could include reduction in service levels, increase of fee’s, change of staff/adviser and changing investment propositions amongst others. Everything we hope to avoid with the route we have taken!

The founder of Ifamax; Max Tennant will continue in his role as chairman and help with oversight on the investment side, something he has always enjoyed. Max will also still hold a minority shareholding in the business.

We are grateful for the opportunity, mentorship and platform that Max has provided us over the years. We would also like to congratulate him on growing Ifamax from a blank piece of paper back in 2003, to the successful business that it is today.

We would also like to thank Tamzin, who has also been a part of Ifamax since day one. Tamzin is no longer a shareholder but will continue in her role as company secretary.

Looking Ahead

This transition secures our long-term future as a wholly independent and privately owned financial planning firm, something that is becoming quite rare in our industry. We remain deeply grateful for your trust and continued support.

Should you have any questions or wish to speak with your adviser about this change, please do not hesitate to get in touch.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.  

Why Understanding Investment Risk Matters

Investment risk is about more than just numbers on a screen; it’s about behaviour. History is full of examples of market bubbles, from the tulip mania of the 1600s to the dot-com boom in the late 1990s.

In today’s world, where information is constant and markets move fast, it’s easy to get swept up in the excitement of rising stars like Nvidia or the lure of cryptocurrencies. According to the FCA, there were over 20,000 cryptocurrencies at the start of 2023, but for every person who’s made a fortune, many more have lost money.

The lesson? To reach your financial goals, you need to understand the level of risk you’re prepared to take. High-risk bets may deliver big wins, but they can also lead to significant losses. Dalbar’s Quantitative Analysis of Investor Behaviour shows that the average equity fund investor earns 3–4% less than the market each year due to emotional decisions like chasing returns or panic‑selling when markets fall.

In this blog, we’ll explore what investment risk means, how it affects your portfolio, and how aligning it with your financial goals can help you make better decisions.

What Is Investment Risk?

At its simplest, investment risk is the possibility that your investments won’t deliver the returns you expect. But it’s more complex than that:

• Lower risk usually means lower returns, but a higher chance of achieving them.

• Inflation risk can eat away at your returns. For example, earning 3% interest on cash when inflation is 4% means you’re effectively losing value in real terms.

• Currency risk affects investments in overseas markets, like US shares, depending on exchange rate movements.

• Permanent loss of capital occurs when a company you’ve invested in fails or when you sell at a loss.

• Volatility is the day-to-day (or year-to-year) fluctuation in value.

Imagine you invest £100,000, and 10 years later it’s worth £150,000. The journey won’t have been a straight line. Along the way, it might have dropped below £100,000 and risen well above £150,000. Understanding and being comfortable with that journey is key to long-term success.

Risk vs Reward

Take Bitcoin as an example:

• January 2020: $10,715

• January 2021: $58,592

• January 2022: $16,556

• February 2024: back above $58,000

• Today: around $114,505

The point isn’t whether Bitcoin is “good” or “bad”; it’s that the ride is volatile, and buying at the wrong time can drastically affect returns.

The same is true for high-growth companies like Nvidia. In 2020, Nvidia’s share price was $11.20. By November 2024, it peaked at $147.63, dipped, and only regained that level by June 2025, before climbing even higher.

While investors love the highs, they often panic during the lows. That’s why the first step in understanding potential returns is knowing how much volatility you’re genuinely prepared to accept.

Defining Your Financial Goals

Your financial goals are unique to you, and the timeframe for each goal influences your risk appetite:

• Short-term goals (e.g., paying a tax bill within 12 months): you’ll want minimal risk, as you can’t afford to lose this money.

• Medium-term goals (5–10 years): You can take some risks, but need a balanced approach.

• Long-term goals (10+ years): You can usually afford to take more risk, as markets tend to recover over time.

Understanding Your Risk Tolerance

Your risk tolerance is deeply personal. It depends on factors like:

• Age

• Lifestyle

• Financial situation

• Family history

• Emotional response to market fluctuations

Your financial planner will help you explore these factors in detail, including how you’d feel if markets fell sharply. This emotional understanding is as important as the numbers.

Diversification: Spreading Your Risk

For the last 15 years, the US market, especially the so-called “Magnificent Seven” tech giants, has dominated headlines and returns. But past performance isn’t a guarantee of future success.

By diversifying across asset classes, geographies, and sectors, you can spread risk and create a more resilient portfolio. This approach helps reduce the impact of any single investment’s poor performance and can deliver smoother long-term returns.

Aligning Your Portfolio with Your Goals

While advisers can’t always advise on cash accounts, they can help design a medium‑ to long-term investment strategy tailored to your goals. Through regular reviews and portfolio rebalancing, they can keep you on track and help you avoid being swayed by short-term market noise.

The Role of a Financial Planner

A financial planner doesn’t just build a portfolio; they create a plan for your future. By understanding your goals, your attitude to risk, and your broader financial picture, they can help you make informed decisions that give you the best chance of success.

Conclusion

At Ifamax, we combine 20 years of experience with a forward-thinking team of Chartered Wealth Managers and financial planners, most of whom are under 40. This means we’re not just here to guide you today, but to support your financial journey for decades to come.

Ready to align your investments with your goals?

Contact Ifamax today to start building a portfolio and a plan that works for you.

Risk warning  

This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.