Dear laterlife newsletter subscriber,

Hello again and welcome to the first edition of the New Laterlife Spotlight newsletter as previewed earlier this month in our main newsletter.

SPOTLIGHT ON FINANCE AND INSURANCE

Finance is one of the biggest concerns for all of us in later life, because whatever our income while working, once we retire and are on a reduced income, making the most of our money becomes crucial. In addition we need to ensure that, if we haven’t done so already, we consider wills, inheritance tax and related matters.

On the Insurance side of things we have an opportunity to save money in later life because there are an increasing number of insurers willing to recognise that we are a better risk: for example for Home Insurance. However, for health related insurance it just goes upwards, but there are still ways of alleviating the cost.  

Start to understand your financial situation. Look at the first page of the Finance and Retirement section. It’ll show you some of the things to consider and will help you to understand your finances. It’ll point out the need for a budget and will show you some of the things to include.

Do you understand your pension properly? Pensions are likely to be your biggest source of income in retirement, so you need to know how they work and how much you’re going to get. Take a look at our Pension Planning page to set you on the right track.

Equity Release is an increasing source of finance for people as they get older. Do you think that this might form a part of your financial planning? If so, go to our Equity Release page to find out more. Find out about the two different types of equity release and some of the pitfalls.

Are you up to speed with Annuities? If you have a personal pension, you are likely to need to buy an annuity at some stage. Do you know what that involves and what your options are? Do you know how annuities work? If not, look at our page on annuities to find out all about them. Then have a look at the Annuity Supermarket page for one source of help in making the most of yours.

Making a will can be crucial for your family. Have you got a will? Is it valid and up to date? Does it still truly reflect what you want to happen to your money when you die? Find out about the importance of making a will and where you can go to for help and advice in drawing one up at our Making a Will page. And what about the related practical issues of making it easy for your family? Would they be able to navigate your financial and legal affairs and be aware of some of the things that you would like to happen that aren’t part of your will? The E-STATE product is very useful in this regard.

Inheritance tax (IHT) is a topic that is linked inextricably to wills and one that engenders much heated debate! If it’s something that concerns you, have a look at the IHT page. The new £600,000 nil rate band will benefit couples, widows and widowers but not single people so make sure that you know where you stand.

Insurance is another aspect of finance that gives people in later life pause for thought, especially as it gets more and more expensive the older we get. We’ve got, therefore, a section on insurance that covers home, travel, life and motor insurance. Go to the front page and then click the link or links that you require. We also have a separate page on Health Insurance, which probably causes people in later life more problems than almost any other kind of insurance. There’s information and advice on health insurance and also a link to a health insurance enquiry form, so have a look at this page – it might just save you a lot of problems.

If you feel that, with all this financial information to hand, you need some professional help to guide you through the complexities of it, have a look at our Financial Advisors page, which will help you find an advisor near you.

Finally, in order to help you make the most of your money, there are two of our Guides that are designed to help you. The first is our Guide to Making the Most of our Money in Retirement, where you will find lots of ideas for helping to make your money go further. It will also give you help in analysing your finances and constructing a budget, issues that are mentioned above.

The second one is our Guide to Concessions, which will help you to ensure that you get everything that you are entitled to and that is available to you.

Laterlife has a lot of financial help to offer you. All the pages above have links to other organisations and web sites that can provide even more practical assistance to you, so make sure that your finances are in the best of health by visiting Laterlife.

Enjoy your retirement

Retirement will mean some significant changes and not just financial. The better you prepare for these the more successful and enjoyable your retirement will be.

laterlife Planning Retirement Workshops help you do just that.

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 MAKING A WILL IS IMPORTANT

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