Financial Planner Tobias Doyle explains the place life insurance should have in your retirement plans.
We all look forward to retirement, whenever that may be. It is a time when you become truly free to pursue whatever hobbies or interests you have and say goodbye to the pressures that come with working life. Nevertheless, it is essential, albeit unpleasant, to consider the financial implications your or your partner’s death would have on the surviving partner. This is known as ‘stress testing’ your retirement.
Financial Planner Carl Reitel explains how long-term care funding works in the UK and whether you would be eligible.
Long-term care is becoming more of an issue, particularly as we are all living longer. At age 65, men in England can except to live another 8.9 years in good health; women can expect to for 9.8 . When we put this into the context of the fact that the number of centenarians worldwide is expected to reach 573,000 this year, it is a very real possibility that some of us could spend a quarter of our lives needing some form of care in retirement. Indeed, by 2030, it is expected that 6 million people aged over 65 will be living with a long-term illness or disability .
Financial Planner Roy Ritchie outlines the different types of pension and how their death benefits work.
“In this world nothing can be said to be certain except death and taxes.”
Over two hundred years later not much has changed. Neither death nor taxes (particularly death) is nice to contemplate, but both must be faced and planned for. Savings and investments are typically distributed according to the deceased’s Will (which is why it is so important to have one), but what about your pensions?
Financial Planner Gary McKenzie explains how Equity Release can play a role in legacy planning.
I recently overheard my daughter, Libby, telling her friend that she did not have to worry about getting a job, as when she gets older her dad will give her money to buy a house. I was quick to remind Libby that her dad is a Financial Planner and therefore known for his financial prudence (comparisons have been drawn to Alistair Sim’s depiction of Scrooge on more than one occasion).
Chartered Financial Planner Simon Hartley considers how the benefits of Cash ISAs and savings having shifted since the turn of the Millennium.
The year is 1999. Kevin Keegan becomes England manager; the London Eye is under construction and Britney Spears tops the charts. The minimum hourly wage for an adult in England is £3.60, Basic Rate income tax is 23% and the Bank of England interest rate dances between 5% and 6%.
Financial Planner Chris Taylor explains how life insurance can allow you to provide a legacy for your family.
“No legacy is so rich as honesty.”
You could be forgiven for thinking that your worldly assets (or your ‘estate’) will be enough to provide a legacy for your loved ones, but with average UK life expectancies fast approaching 90 years(1) and average nursing home costs for those who need it now reaching £46,436 p.a.(2), there is a very real risk that your children’s inheritance will be eroded during your lifetime.
Financial Planner Robert ‘Bob’ Colebrook outlines the options available to investors looking to secure their grandchildren’s futures.
We all like the idea of spoiling our loved ones, whether that be money in a birthday card or a day out (when we are allowed!). Many grandparents will also open a savings account for their grandchildren when they’re born, but with interest rates at record lows and prices rising year on year, this nest egg might end up being worth less than one would like by the time it’s gifted. Investing is one method used to combat inflation, but what investments can you actually make on behalf of a child?
Financial Planner Will Hodgson expands on his previous Estate Planning article by discussing Lasting Powers of Attorney.
Many people assume that their partner, spouse or even children would be able to step in and manage their affairs should they lose capacity. Sadly, this is not the case; instead, an application to the Court of Protection would be needed and it is ultimately their decision as to who is appointed as a ‘Deputy’. A Deputy’s court-appointed powers will be limited, and applying to the Court of Protection can be a very expensive and time-consuming exercise. In the interim, access to an individual’s assets in any form will be virtually impossible, and liaising with care homes or medical professionals will prove very difficult. This is why Lasting Powers of Attorney (LPA’s) are so important.
Financial Planner Richard Pearson-Wood offers tips on making your money go further in retirement.
The Festive Season is upon us, and whether you are crunching the numbers in preparation for retirement or already retired and just preparing to spoil the family, there are plenty of ways to ‘trim the fat’ from your expenditure.
Financial Planner Alex Smith introduces the topic of Trust Planning.
The challenges that the pandemic brings to society are vast. They have rocked our economy to the core and challenged us to find new ways of working, ways of living and for many, simply ways of just existing. It might seem a little detached to be reading an article about ‘Trust Planning’ (what on Earth is Trust Planning anyway? – we’ll get to that shortly...) in these times, but an obvious consequence of the pandemic is the fact that it is causing many of us to consider what would happen in the event that we, or those close to us, pass away.
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