Finding it difficult to plan for later life? You’re not alone…
According to a recent study by the Office for National Statistics, by 2041 an estimated 3.2 million people will be aged over 85. By 2066 1 in 4 of us will be over 65, with this age bracket growing five times faster than the working age population.
Employment rates for the over 65s have also doubled since 1993, suggesting that we are not only living longer, but staying healthy for longer too. While some of those surveyed continued working due to financial necessity, the majority simply felt they were not ready to retire. For others, retirement presents an opportunity to travel, pursue hobbies or spend time with family members. In the face of ever-increasing childcare costs, families often rely on grandparents to look after young children.
For most of us ‘old age’, when we may need a bit of help from others with our finances, to continue living at home or even full time care, is a far off prospect. However, all of these things are made easier with a little forward planning.
Despite this, a report released by Solicitors for the Elderly and independent think tank Centre for Future Studies found that 36% of those surveyed had not made any provision at all for later life, including a Will, pension, funeral plan or Lasting Power of Attorney.
In the UK we seem to find it very difficult to discuss the consequences of growing old but these conversations need not be so difficult. Preparing in advance, discussing things openly and making a record of your wishes and intentions can provide reassurance for you, your family and friends.
Most people know that it is important to make a Will but often don’t realise that they can also make formal arrangements, in advance, for the management of their personal health, care and financial matters should they lose capacity to make these decisions themselves in the future. A Lasting Power of Attorney, allows you to nominate people as your ‘attorneys’ to make decisions about your finances, medical treatment and care.
At Cripps our Private Client team can guide you through the options for future-proofing your later years and assist you in putting any of these important documents in place. Please contact Hannah Baker on 01892 506 057 or at firstname.lastname@example.org for further information.