Proper planning for later life

We often work closely with individuals to help them to manage and protect their wealth in later life.

Whilst we can make a big difference to the financial position of elderly clients, the biggest impact a financial planner can make is earlier in life, with proper planning for later life.

The latest findings from Sun Life Financial of Canada’s Sense Check at 60 study suggest that very few people are putting these plans in place for later life.

This study looked at people with between £100,000 and £500,000 in retirement savings; the sort of people we typically work with here at Informed Choice.

Only one in four (26%) of the wealthier group questioned in this survey feel strongly that they have planned in detail for their retirement.

This is against a backdrop of a more complex environment for retirement planning. 76% of those questioned in the study agreed that retirement planning has become more complex, even within their own lifetime.

Proper planning for later life is more important today than ever before. Society in the UK will come under increasing pressures as a result of an ageing population, and the recent global financial crisis has had a big impact on our collective plans for retirement income.

Seeking professional independent financial advice from a suitably qualified and experienced financial planner before you retire can put you in a much stronger financial position ahead of later life.

Photo credit: Flickr.com – Ethan Prater