Lifestyle in retirement and later life

September 29, 2017 - Neil Haley

What concerns our clients when thinking about their lifestyle in retirement and later life?

There are two main financial concerns expressed by many of our clients when thinking about how they would fare in retirement or later life.

How will they manage their finances?

This is the first concern we find with our clients. How they will manage their finances and what income they can expect.  At this time of life, most of our clients will have either no mortgage or a negligible mortgage.  Furthermore, most will have seen their children become financially independent.

As such, it is often the case that most clients expect their income requirements to reduce significantly in retirement.  The truth however can be much different to this and we have seen that many of our clients want to live life to the full whilst they are still relatively active and healthy.

One of the skills of a Financial Adviser is to help clients to achieve their goals in the most efficient way possible.  Sometimes there has to be a reality check in terms of what income can be generated from savings, investments and pensions.  However, clients should expect their Financial Advisers to have been working together with them so as not to face such a shock.  No-one who pays a Financial Adviser a fee for advice should reach retirement to find that it isn’t what they expected from an income perspective.

The way to reduce the first concern therefore is to make sure that regular reviews are completed to check if the plans are on track and are being used in the most efficient way.

Dealing with failing health

The second major concern is how to deal with failing health, particularly when care might be required.  Frankly, this is a more difficult issue to resolve than the first one!

Dementia is the biggest fear in people over 50. Many of our clients will be caring for loved ones with dementia and having to deal with both the emotional and economic costs and decisions around their care. It’s very scary that there are currently no treatments to slow or stop the disease. Therefore, they will simply be watching their loved ones fade away. Sadly, there are no survivors. However, there is hope.  We know Alzheimer’s is a disease and, like cancer and HIV, through research we will beat it.

Furnley House is supporting Dementia Research UK whose mission is a life changing treatment by 2025. This can only be achieved through their supporters, world class studies and additional investment into research.

If you would like advice on investing for your future, please do not hesitate to get in touch, we’d love to help.

Blog written by Richard Burrows, Distribution Director, Furnley House.