So when is the start of ‘later life’ and why do you need to plan specifically for it? Well there isn’t necessarily an exact time for defining later life but I like to look at it as 50+, it seems really young doesn’t it?
However, that’s a really good age to start thinking about how you will ‘use’ the savings, pensions, property assets, etc as you move closer to retirement age. It’s also a really good time to give your financial plans an in depth health check to make sure they will deliver the lifestyle you want after retirement.
Why Do You Need to Plan For it?
Later life planning with Forward Plan not only covers ‘traditional’ areas of financial advise such as pensions and investments, but will help you to think through matters like Power of Attorney documents, Wills and Trusts. Getting this documentation in place early means the process is less complex and costly and it can be far less distressing than if you or your partner becomes ill and you don’t have these essential documents in place.
For some clients we even suggest an introduction meeting with them and their children so that we can build a rounded relationship and help their family to understand your wishes with regards to later life and inheritance planning.
I like to look at it as providing a full circle of support for your finances so that these are structured and decisions can be made quickly and effectively should life bowl you a bit of a googly.
As part of our service we will be able to evaluate your pensions and assets, the liquidity of them, and discuss when you think you might need to access them. Of course we can help you to adapt to sudden changes that affect how you are using your finances, for example, provision of care arrangements.
The final reason I’ll mention here for using a specialist later life financial adviser is that we have a good understanding of how easy it is for people to become victims of financial scams. Talking through products or potential investments with us as part of your later life financial planning will give you comfort that you aren’t going to fall victim to one of these scams.
By using a Financial Adviser who is a member of SOLLA – The Society of Later Life Advisers, means that you will have peace of mind that your finances, or those of a loved one, are one less thing to worry about in later life.
For more information about the SOLLA Society you can check out their details on the SOLLA website or why not give me a call for an informal discussion about how we may be able to help you with you later life financial planning needs.
For more information on the range of services that we offer at Forward Plan or to book your free no obligation consultation to improve your financial health please contact us through the websiteor call us on: 01303 76 76 50
This blog/article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.
The value of stockmarket investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount you invested and the past performance of any investment is not necessarily a guide to future returns. Movements in currency markets may affect the value of investments in overseas holdings.
