Seven in ten retirees have not set up a Lasting Power of Attorney
More than 615,000 pensioners are on course to make investment decisions into old age but new research suggests tens of thousands have not set up a Lasting Power of Attorney (LPA), with seven in ten (70%) people in retirement not having set up an LPA.
Responding to situations rather than reacting to them
As the saying goes, ‘People don’t plan to fail, but they do fail to plan.’ To enable you to achieve want you want to, whether that’s trying to lose weight, getting fitter or securing that promotion, having a plan and being prepared for every eventuality is a great way to help move you closer towards your goals.
Have you worked out how much you can afford to take from your pension pot?
Thousands of retirees shifting their pensions into drawdown are not taking basic steps to work out how much they can afford to take from their pot, putting them at risk of draining their savings too soon, according to new research.
Those dearest to us, and those financially dependent upon us
If something should happen to you, the last thing you want is for you or your family to be worrying about money. One of the most important aspects of your financial planning should be to ensure that you’ve made provision for your family and any dependants in the event of a serious illness, injury or untimely death.
No two people have identical financial circumstances, which is why it’s essential you have your own total wealth solution that meets your individual needs and goals. Planning for financial success can be complicated in today’s world. A broad knowledge of everything from complex retirement and investment products to risk management strategies and tax laws is required.
If you do not know where you are going on your journey, how will you know when you arrive? This is very true about the importance of having financial goals. You need to set financial goals to help you make wise financial decisions, and also as a reward for your efforts. Goals should be clear, concise, detailed and written down. Unwritten goals are just wishes.
Financial well-being ultimately comes from achieving financial security and independence. When you’ve reached a state of financial well-being, you’ve got to a point where you have a sufficient level of income for your lifestyle needs, enough capital to give you peace of mind, and the knowledge that whatever happens you, your family and business are fully protected.
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