The Five Ages of Financial Planning: 75+ – Supporting Those Starting Out

By the time you reach 75, your retirement income and requirements would have been agreed between you and your financial planner to give both you and your family an understanding of how your assets can provide you with an income, be used as care costs if necessary and be shared between your beneficiaries in the future.

Ideally, you should have first engaged with a financial adviser when you were just starting out on your financial journey to when you were moving onwards and upwards with your family life. Then, your relationship with your financial adviser should continue as you look at winding up and winding down or sailing into the sunset as your retirement goes on. The five ages of financial planning are important to consider, and working with a financial planner throughout these stages of your life is crucial.

Once you have completed later life planning and meeting the cost of care arrangements are in place, any remaining money can be distributed as you like. By this point of your personal financial planning journey and after spending several years working with one of the financial advisers based at our locations across the UK, you should have a strong understanding of what your succession plan will look like.

From an inheritance tax planning point of view, it may be wise to begin the distribution of your assets as early as possible. PFGL’s financial advisers work out of our FCA authorised and regulated offices throughout the UK, and they can support you with understanding the implications of inheritance tax.

What financial matters might you face at this point in your life?

Earlier in your life, you may have asked yourself “how can I retire early?” and you planned ahead to be able to do that. At 75 and over, you are now well and truly into your retirement, and hopefully, as a result of effective and efficient personal financial planning with a financial adviser, you are in a comfortable position with your income.

It can be difficult to initiate conversations around planning for your future, especially when it comes to discussing who receives the remainder of your estate upon your death. However, no matter how difficult it may seem, we strongly advise that you undertake this conversation as early as possible.

Formally introducing your financial adviser to your family is an important part of your personal financial planning approach, since they will play an important part in your financial affairs as you approach end of life care.

Why might you seek financial planning advice?

There are three common reasons why people seek financial planning advice:

• You have a specific financial need, like considering owning a home or receiving unexpected inheritance from a relative
• You have an issue and think you benefit from expert advice, like if you have some spare money that you’d like to use to help your children
• You want peace of mind that you are making the best use of your finances, like making use of tax or ISA allowances or effectively funding your retirement.

At this point in your life, you will have already completed planning for your retirement to ensure you can enjoy a comfortable life after working and saving for so many years. However, during this time, you will have most likely considered where your money will go once you pass away. Even though it may seem daunting, it is an important consideration to make and discuss with your financial adviser.

You may be thinking about gifting money to your family. You may consider helping your children or grandchildren with house renovations, developments or buying them a car. Some people decide they want to skip a generation and focus on supporting those who are starting out on their personal financial planning journey by paying off student loans or providing a house deposit. If this is something you are considering, it is important that you discuss this with your children, since they may be expecting an inheritance which is passing them by.

You may also consider leaving behind a gift to charity. Not only can this reduce your inheritance tax liability if the gift is substantial enough, but it can also be a way to show your gratitude for a certain charity and the impact they had on your life.

Your health is also now a key issue as you plan, especially since very few people live through retirement without some sort of health issues. Later life planning and meeting the cost of care is likely something you have already discussed with your financial planner, and considering your health and care requirements are a fluid situation, they should be an ongoing discussion with your financial adviser.

Preparing for your financial future

Even though you may feel like your personal financial planning is complete and all in order, making the most of your money is actually a constantly moving aspect of your life.

Since Perspective Financial Group Limited is the parent company of several regulated local offices, our expert financial advisers can provide you with the guidance you need to maximise your income and ensure your beneficiaries receive your money however you wish.

Financial planning is invaluable at every stage of your life. Your planning should have spanned saving and investing in your future to ensuring you are comfortable in your retirement and you have the ability to leave money behind to your loved ones.

Working with a regulated financial adviser at one of our locations, depending on which local office is closest to you, is the best way to ensure you have an effective plan in place for your finances during your life and for when you pass away. These financial advices provide financial planning services which are authorised and regulated by the Financial Conduct Authority.

Choose Perspective’s financial planners to support you

Perspective Financial Group Limited is the parent company of several financial advice firms located across the UK who provide personal financial planning advice and support to our clients.

Your personal financial planning journey should have spanned many years and you should feel like you are in a comfortable financial position at this point in your life. However, just because your finances are in order and you have provisions in place for any unexpected health issues or care costs, that doesn’t mean you lose the support of your financial adviser from one of Perspective’s regulated local offices.

Our expert financial advisers are still here to support you with staying vigilant about financial scams, discuss why financial planning is invaluable and remind you why protection matters for your income and life overall.

We have also created a leaflet-style document containing all of this information, which you can access here.

If you are looking to work with a financial adviser to support your retirement and your family, search our locations to find your closest local office.