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Communication, advice and the need to think about later life

In an age where we have never been so well connected, it would seem that communication levels would be thriving. However, we still love to shy away from discussing the topics that really matter. We remain reticent and we procrastinate, often fearful of facing up to the very things which consciously or subconsciously are causing us concern.

Have you thought about how you wish to spend your retirement and the amount of money you will need; considered estate planning to ensure your assets go to loved ones and not the taxman; or discussed what you would do if you required care and support in later life?

It can sometimes be difficult to talk to family about these issues, however having a straightforward and simple conversation with an expert can often help to make sense of these often complex topics, and even give you peace of mind about your future, opening paths you hadn’t even thought of.

Retirement Planning

You may be nearing retirement or have even retired, and therefore you will have likely mused over what you want to achieve, the provisions you will need to make for it and whether these will be enough to suffice. Fears around retirement often revolve around lifestyle and the idea that without the income from a job, a less conformable life might follow.

The subject of leaving work can be an intimidating one and cause worry within the family as individuals may fear that they have insufficient funds to do so1. Retirement planning can help you to ensure your future income will allow you to enjoy the lifestyle you want, including reviewing your budget changes to help prevent any sudden surprises. We would recommend considering financial advice because these are decisions that can shape your income for the rest of your life.

Estate Planning

Taking stock of your estate can be a little overwhelming. This is often viewed as something only for the wealthiest of families, however everyone can benefit from estate planning. Over your lifetime you may build up a variety of assets. These can include your home, your pension and your savings and investments. Although it can be unpleasant to discuss with your loved ones what will happen to your assets after you pass, the benefits it can bring are many:

  • Deciding what age to retire can make a big impact on your income and capital.
  • Estate planning enables you to provide for your family and friends and can help minimise inheritance tax.
  • Arrange for property to go to the beneficiaries that you have chosen.

Later life care

We sometimes keep quiet about the things which worry us, so as not to burden those who are closest to us. Naturally, it can be easy to assume that if ill-health is to trouble us at some point, there will be someone who can look after us, whether that’s a relative, the state, or a combination of the two.

Have you really considered what might happen if you found that you were struggling to look after yourself in later life? Moreover, have you discussed how this could impact those around you? With no contingency plan in place, something that seems better ignored at the time can quickly become something that you wish you sorted out a long time ago.

A recent figure from Tilney stated that just one in ten over-45s have set aside something aside to help pay for potential care costs. With state benefits only going so far, and reports of almost 1.2 million older people not receiving the care and support they need with essential daily activities2, having financial assistance with later life care needs can be exceedingly reassuring. It could be dangerous to assume that our nearest and dearest will be able to care for us on a full time basis when we can no longer care for ourselves.

Taking the time to consider your later life care options in advance can put aside the uncertainty surrounding this topic and putting provisions aside can allow for a varying degree of care that you may require in the future.

Where can I get advice?

When approaching these options it can be beneficial to seek professional advice. Whether you currently have a financial adviser or not, we can recommend our subsidiary company 425 Financial Solutions which provides expert independent financial advice on a range of issues such as long-term care planning, retirement, savings and investments, and protection for you and your family.

425 Financial Solutions offers a free initial consultation of approximately one hour, worth £200. Through this you are able to talk about your situation and start thinking about your future finances. Should you need advice, your adviser will agree a fee upfront with you and recommend the steps you need to take to make your wishes a reality.

Get a free no-obligation consultation and start planning your future today by calling 0333 014 6267.

You can also find out more about 425 Financial Solutions by visiting their website -

1- Citizens Advice, 2015.

2- Age UK, 2017.

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