Things to look out for…

October 20, 2017 - George Simpson

…as you approach and enter retirement


After reading a newspaper article recently, it struck us how easy it is for individuals to sometimes overlook things.

The article was describing a very loyal pensioner who had been renewing a home insurance policy with her bank for some 17 years. Needless to say, the premium was way over the odds. In fact, it was 8 times over…

Regularly reviewing your needs and requirements will go a long way, and this applies to all things financial not just insurance policies. Price however shouldn’t always lead the way. In the example of insurance, you need to make sure the level of cover you have is adequate – and also vice versa – ensure that you aren’t covered for elements that you don’t need anymore.

You should always review that the solutions you have are still on track for your goals and indeed review your goals as well. As we get older our needs and wants change. But the key tip here is that engagement and advice is invaluable; don’t leave arrangements set up years ago ‘ticking over’ in the background.

As you approach retirement, or possibly whilst you’ve settled into retirement you may start to think about your long-term health and any care you may need in later life. There are very few of us that reach our retirement years without some health worries along the way and it may be that private medical insurance or long-term care planning are issues to look out for and explore further.

To a great extent financial planning in your seventies and beyond will be dictated by your health and your income. Hopefully the results of planning and preparation will mean your income for the rest of your life is now established and, if you are affluent, you may also be able to look at giving away some of your income and/or wealth to reduce an eventual inheritance tax bill.

Essentially, your seventies are a decade in which to relax and reap the rewards of a lifetime of sensible financial planning. Continue to have regular meetings with your financial adviser and continue to take all the prudent steps with regard to tax efficient investment and savings. But above all, the message for your seventies is simple: “You’ve worked hard: you’ve planned your finances: now enjoy it!”


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