Money talk D
Later Life financial advice from Congresbury-based Centurion
ave Robinson, Anne Hills and Sean McCabe of Centurion Chartered Financial Planners are accredited by the Society of Later Life Advisers and specialise in advising people as they age. We will be writing a series of short articles over the coming months, highlighting some of the financial issues people face through retirement and into later life. We are constrained on space but we will do our best! As well as planning for lifetime concerns, we will also consider looking after your loved ones after your death. One key point straightaway is what happens if you lose the capacity to deal with your own affairs? If you haven’t appointed an Attorney to act on your behalf, financial planning has to stop until the Court appoints someone to act on your behalf. Disruption is inevitable, costs are likely to increase. We recommend you take legal advice and arrange a Lasting Power of Attorney. In future months, we will help you consider these questions:Are you maximising your income? Are there State
Benefits, such as Attendance Allowance or Pension Credit, that you are entitled to but that you are not claiming? Are you drawing down on your pension benefits in the best way and taking full advantage of ‘pension freedoms’? Are you taking the ‘right’ amount of risk with your investments? What return do you need? How risky are your investments? How would they react in a market downturn? What are the effects of Income Tax, Capital Gains Tax and Inheritance Tax on your savings and investments? How would you want to be
cared for, if the need arises? Would you prefer to receive care in your own home or a residential setting? Do you know what the state will subsidise? How will you fund the costs, if you need to? Are you in your forever home, or will you downsize in the future? Would adaptations make it possible for you to live there for the rest of your life? What is Equity Release? Who would you like to benefit from any inheritance you might leave? • Next month we will explore drawing up a budget and maintaining liquidity with your savings and investments.
Contact Dave on 01934 312690 or email dave@centurioncfp.co.uk 10
www.valley-life.co.uk
VALLEY LIFE MAGAZINE ISSUE 18 / FEBRUARY 2018