Money and finances are often subjects which many of us do not dwell on for too long, we either don’t have the time or we simply don’t want to stop and think it all through when it can surely wait until another day. But there is great importance in taking the time to review your current financial situation and then working out what plans you need to put in place for the future. A little forward planning can save a lot of time and cost later on.
Most of our financial concerns and burdens are currently linked to mortgages; supporting our family and ensuring our bills have been paid at the end of the month. The idea of planning for our retirement can quite easily get lost on us, but many advisers would suggest you start thinking about this in your 20’s. Many people see this as completely unrealistic and not possible as so many at that age simply concentrate on making ends meet each month. The Guardian reported that UK resident loans and overdrafts hit more than £1.25 billion in 2015, with more people living on credit, saving is not being taken as seriously as it should perhaps be and as it used to be. Retirement maybe decades away for people in their 20’s but as many people already reaching retirement say; time flies when you’re having fun!
McCarthy and Stone, a leading retirement housebuilder reported that as many as two thirds of people under the age of 60 have not yet planned and considered how they are going to save for their pension. Nearly half of people in retirement haven’t had a conversation with their children about money, savings and pensions and yet 60% of retired people don’t want to be a burden to their children. With no financial planning in place, you are potentially putting yourself and your loved ones at risk.
At WBW one of our key objectives is to assist and advise you in financial planning. We have a specialised team whose primary focus is to help clients in later life. Pensions and retirement are not the only financial issues that need to be addressed; care home and estate planning, inheritance tax mitigation, investment and equity release are all factors which need to be taken into consideration when planning for your future. This can all seem rather daunting but by getting in contact with one of our solicitors today we can provide a solution that is tailored to your individual needs and built around a time frame to minimise the impact on your day to day finances in the present.
For more information on the services we can provide you with when you are beginning your later life planning, visit our website. If you’d like to get in touch with one of our experienced later life specialists please contact us.