You're Never Too Old to Plan!
I tend to focus on the issues relevant to people who are approaching retirement when I write these blogs. People who need to get their 'financials' organised, so they can have a great retirement without worrying about money.This is a VERY important subject but what if you’re already retired? Does it stop there? Have you got everything sorted? I'm not so sure. I come across a lot of people who are retired but who still don’t have much clarity on where they are and what things might look like for them in the future.
How's Your Health?
As we get older, our health generally deteriorates. Sad but true. When this happens, the money side of our life often comes in to focus. Often, I talk about having enough money to live a great life in retirement but the focus for money often turns to whether or not it means you can afford to cover the cost of any medical treatment you might need.But how much will you need? Well, that's the proverbial 'how long's a piece of string' but having some sense of how far your money would go if you needed to pay for medical treatment is surely a useful thing.
Can You Stay at Home?
This is a biggie. Almost all the people I see who are well in to their retirement bring this up. 'Marco, what happens if I have to go in to care?'. It's a horrible thing to think about but, alas, it's necessary for many.Most of us seem to have a good idea of how much care fees will be. Somewhere around £1,000 per week. Now, I'm not going to get in to the debate on whether the state should pick up the tab or not. At the moment, the costs are the costs.You've probably got some form of guaranteed income (usually your state pension and / or former work pensions) and you (or your family) might be able to rent out your home to bring in extra income but, the chances are, care fees are likely to eat in to any capital you've got.
Helping Loved Ones
This is another common issue. What's the point of dying with too much money? What's the point of having money unless you spend it or give it to the people or organisations you love? So many older people I speak to love the idea of giving their kids or grandchildren a helping hand in what is an ever increasingly difficult world for the younger generation.The question is, 'how much can I afford to give them without it impacting on my own financial security?' This is a tricky one to answer and I can sense the piece of string beckoning once more!
What's Left to Do?
On a more positive note, what is there left in your life that you haven't yet done? Any unfulfilled dreams? I see a lot of people give up the oars and drift through retirement which, to me, is sad. Age shouldn't be a barrier to you still having a fulfilling life, doing fulfilling stuff.We're a long time dead, so I encourage our older clients to make the effort to do some great things with the time they have available, even if rickety hips and dodgy knees might mean the mountain climbing days are over! You get the point.
Take the Blindfold Off
My view (and it’s only my view) is that these are all big issues that would benefit from some form of planning. None of them may end up being relevant to you but, chances are, some will, and you need to know where you stand.Take the time to think about these issues and, where you can, try to plan for them. It's all crystal ball stuff, I know, but considering the probability of each one having should tell you whether or not it's sensible to account for them.
Sermon Over
I hope I've made you think a bit and I hope you might take on board some of the thoughts I've shared with you. It's YOUR life and you need to take control of it!...On a final note, if you feel this blog might be useful to read for someone you know, feel free to forward it to them.Speak to you soon…