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Later Life Planning – The Benefits To You


Financial planning for later life is something that may not appeal to you, but with prudent later life planning and carefully selected policies, your golden years can be something you can look forward to.

A common form of later life financial planning is in the form of an annuity, which is the insurance plan your pension contributions are paid into, with the aim of giving the investor a guaranteed income for life. Carefully choose a reputable Financial Adviser if you are nearing your pensionable age and are uncertain of what to do with your pension scheme.

If you are a homeowner and are nearing pensionable age, it’s possible that your personal private residence has a considerable amount of equity tied up in its value (i.e the open market value exceeds any mortgage debt outstanding on the property). If you are in this position, you may be entitled to an “Equity Release”.

An equity release is essentially a tax free lump sum, which adds liquidity to your retirement planning. Equity release schemes are regulated by the Financial Conduct Authority, giving legal safeguards to any later life planners considering this option. Equity can be released through lifetime mortgages or a home reversion plan. The amount that can be raised through equity release schemes depends on the age of the homeowner(s), the value of the home and in some schemes, the health of the homeowner(s).

Any existing mortgages must first be repaid, this repayment can be made with the cash lump sum from the equity release. The lifetime mortgages options are the most popular method of equity release in the UK, you as the homeowner will retain full ownership of the property. The homeowner will never owe more than the value of the property, and you will be shielded from market factors like interest rate fluctuations and declines in the open market value of the property.

Prudent later life planning also includes planning for end of life and funerals. Our website offers a bespoke tailored plan to each budget and individual preference. In addition to funerals, you need to plan for the orderly disposal of your possessions, this can be prearranged by making a legally binding will. A will ensures you can look after your loved ones after your death, as well as reduce the inheritance tax liability falling due on your estate. A carefully planned will is an essential component of later life financial planning.

As well as wills regarding property and possessions, later life planners can make provision for the actual event of death itself with a “living will” This enables you to indicate in advance what treatments you would refuse on medical or ethical grounds, in the event that your end of life condition did not allow you to consciously inform your healthcare professional of your refusal to partake in certain treatments and practices.

In the event of your end of life condition constraining you from making such stipulations, it is prudent to designate a trusted individual with legal authority (power of attorney) to manage your legal affairs in the event of unforeseen circumstances rendering you incapable of making decisions regarding your personal finances, property, and healthcare.

It is vital to carefully consider the complicated issues and decisions arising from end of life and retirement planning, things life Prepaid funeral plans, making a will, arranging a lasting power of attorney can all be arranged, find out more detailed information – Go to our website.

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