What is later life planning?

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What is later life planning?

People seek financial advice with the general objective of securing their financial future. Some people have specific goals they want to achieve but most, if not all, want to make sure they have enough assets with which to live from in their retirement. This is easier for some than others but in all cases, it is about making sure any withdrawals are made as tax efficiently as possible and there are sufficient liquid assets to maintain the day to day expenditure.

In my view, people consider later life planning to be at the residential care or nursing home stage when there is a need to receive care and they wish to source the best way to fund this. My opinion is that this is too late to build a plan. Later life planning should begin as early as possible. Just because you are in your 30’s or 40’s does not mean you should not have a plan for later on in life. Conversely, if you are in your 50’s or 60’s it is not too late to put a plan in place.

Later life planning helps to ensure you live within your means and have a ‘plan in place’, as much as possible, for each eventuality. Whether this be the passing of a loved one or the need for long term care.

Later life plans do not have to be complicated but do need to be flexible to allow them to adapt as
needs change. They need to be regularly reviewed to ensure they remain on track and to take account of any legislative changes.

When building a plan there are many considerations, these include:

• when do investments need to be accessed
• what level of investment risk is appropriate to be taken
• for couples, whose name should the investments be held in
• assess whether wealth can be more evenly distributed between a couple for tax purposes

Later life planning is an area I specialise in and am accredited with the Society of Later Life Advisers (SOLLA). With the use of cashflow planning and the experience I have acquired I am able to help clients build their ‘late life’ plan and through our ongoing services, ensure they remain on track.

If this is an area of interest to you please do not hesitate to contact me for a free initial consultation.

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26 Jan 2024

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