“It doesn’t have to be anything complicated or detailed at all. Instead, it’s about using every single vehicle that is available to you in order to improve your tax position.
“By creating tax-free or low tax returns and combining this with the right level of risk is how you put a plan together.
“But this is even more important now with inflation rising.”
To mediate the risk involved with this form of planning for later life, Ms Ross encouraged a consideration of time.
She said: “It’s important to have a decent time horizon. You’ve got to think about five years or more, and whether this is money you can afford to put away.
“You can draw money, but not for a new car or new home. It’s money you can’t spend because you’re going to use it later down the line for an income.”
Ms Ross went on to cite the example of recently divorced individuals in their 50s, who may not wish to return to work now they have a lump sum.