This article explores how athletes can look after the health of your wealth.
It’s great that you’re mindful of your physical health. Now imagine the impact it’d have on your life if you also took similar care of your wealth. With the right support, you can make sure you’re in great shape in that way too.
How to keep your finances as healthy as your body
The earnings of a professional sportsperson can be fantastic – exciting, enabling and empowering.
But it’s an uncomfortable fact that professional athletes don’t tend to think about wealth management, let alone where the money will come from when they retire. But you should.
After all, most professional sportspeople semi-retire or retire from around the age of 35 …some much younger, if hampered by injuries.
Doesn’t it make sense to make sure you can live the life you really want? How about looking after the people and things that are really important to you?
That’s where Off Piste Wealth Management comes in – we take the strain, time and pressure out of financial planning by offering you tailored advice that’s as unique as you are, so you can get on with doing what you do best, be that playing sport or enjoying a happy retirement.
The state of play
In 2006 the legislation around pensions changed. What this means for you is that your retirement age has now been increased to 55 which is when you can take your benefits.
When you consider that retirement from professional sport is usually in your mid to late 30s, you don’t need us to tell you that this doesn’t add up.
If you had joined a pension scheme before 2006 with a protected retirement age, you may be able to retire earlier than 55. If this is the case, please do get in contact.
At Off-Piste we want to help you create and protect your wealth for the whole match …including extra time.
What’s important to you?
Do you want to travel? – where to and how often? How do you want to work? Are you planning to look after future generations? Are you interested in charity work/philanthropy/community endeavours? How much do you want to give to them each year?
Where should you start?
We suggest you work out your ‘magic number’ – which is how much will you need to live the life that you want, for the rest of your life.
How much do you have available to invest?
This is not as straightforward a question as it may seem. Is your wealth in a bank account or in assets? How ‘liquid’ are you?
How to make your estate as tax efficient as possible
Things to consider include your tax liability and how this can this be limited.
Solutions for this include: ISAs, property, offshore arrangements, a discretionary fund manager, and value capital trusts – but the answer is as individual as you, so let’s talk through your situation and move you forward.
What are your options?
At the moment you might have a pension – which is a start, but not a solution. As part of our service, we encourage you to build investment and property portfolios, for which we’ll give you expert support and advice throughout.
Because future income streams such as building investment and property portfolios are not areas you can just walk into without experience. But they are ways your wealth can not only be managed, but also potentially grown. Let’s arrange a call to discuss your options.
Talk to us about your future today
As a professional sportsperson, you’re already mindful of your health and wellbeing. We want you to consider the impact it’d have on your life if you also took similar care of your wealth.
With the right support, you can make sure you and your wealth stay in great shape. Let Off Piste offer you that support.
We have a world-class team of paraplanners and support staff on hand to help you make the right decisions for your situation, which means your earnings, your lifestyle and what’s important to you – for the best possible outcomes, today and tomorrow.
Our services relate to certain investments whose prices are dependent on fluctuations in the financial markets beyond our control. Investments and the income from them may go down as well as up and you may get back less than the amount invested. Past performance cannot be used as a reliable prediction of future performance.