Updated 03 September 2020
Planning for later life is not always high on our priority list. It seems that 37 years old is the age when most people even begin to start the process of planning. Which is much too late, says John Prout.
Planning for later life is not always high on our priority list – maybe we don’t have time or simply don’t want to think about it, but ageing is something that affects us all. It might seem a long way off but with so many different aspects to consider and the rising costs involved, it is important to start putting plans together.
37 is the magic number
With people living longer, and NS&I’s latest research highlighting that almost a third of Britons don’t know how to fund their later life costs, it is never too early to start planning such matters. The more time you give yourself to be prepared for a more comfortable later life, the better. Britons believe that the age of 37, on average, is the right time to start considering their later life financial needs.
Don’t get flustered
While the issue is on the radar for many – 26.7 million adults in Britain (54 per cent) have started to think about their financial needs – only 27 per cent have actually started to put financial plans into practice. Reasons for not taking action usually stem from either not wanting to think about such events or having a short-term focus, but it is crucial to review your options and to reassure your family that you have plans in place. Almost 50 per cent of British people consider later life planning to be important as they want to maintain control over their decisions, while 39 per cent want to plan in a calm manner so that rushed decisions aren’t made at a stressful time.
Planning later life needs can be a daunting subject to approach and it can often be difficult to know where to start. With many considerations to take into account and careful financial planning needed, it is important to get access to the right information. Just over a fifth say that they have approached or would approach a financial adviser for support in relation to planning their later life needs, 13 per cent would approach friends or relatives for advice and 9 per cent would seek help from their parents. There are many financial advisers who specialise in later life matters and getting the right information from the right people as early as possible can help you make the right choices for your later life needs.