Life expectancy in Britain was below 39 years in 1765, and over the course of the next two and a half centuries, it is expected to have increased by more than double, reaching 81.1 by 2020.
Thanks to vaccination, better nutrition, advanced medical treatments, and reduced smoking rates all contributed to increasing life expectancy. While we are now living longer than ever it’s important to consider future planning now.
Failing To Plan
Planning for retirement is a lifelong process and simply putting money aside is not enough. Have you thought about your futures and how do you want to spend your later life? Planning and preparing for later life is related to increased happiness in older age.
‘’Evidence shows that positive views of ageing and retirement, and being in control of the decision to retire, are associated with sensible, proactive retirement planning.’’
Despite this, many people at mid-life have not considered their later life nor taken future-oriented actions such as financial planning or medical care. Saving money for retirement is just the beginning of the planning process.
- ‘’More than one in five of us are already over 60, and the number of people over 60 is expected to increase from 14.9 million in 2014 to 18.5 million in 2025 (ONS, 2015)
- 75% of 75-year-olds in the UK have more than one long term condition, rising to 82% of 85 year olds (Barnett et al, 2012)
- Between 2007/08 and 2013/14 the numbers of A&E attendances by people aged 60 or over increased by two-thirds, a steeper increase than is expected by demographic change alone (NHS England data, 2015)’’ – NHS website
Planning And Preparing
Start planning now to feel confident that the care you receive in the future will be right for you. Just the way you want it.
Your Legal Affairs
There are certain things you can do to sort your legal affairs which may make a difference.
- Power of attorney – You may want to set up a Lasting Power of Attorney (LPA). This lets you appoint someone you trust as an ‘attorney’ to make decisions for you when you’re no longer able to do so. Read More: ‘Power Of Attorney – How To Get Started’
- Make a will – If you don’t have a will, set one up as soon as possible. And if you do, check it to make sure it still reflects your wishes.
- Pre-paid funeral plan – Looking at the pre-paid funeral plan may be a good option. Arranging your wishes and paying for your funeral now will protect you from rising funeral plan costs. In doing so, this provides you with the peace of mind that you have shared your final wishes with your loved ones. According to the Money Advice Service website, the ”average cost of a funeral is £3,675”
- End of life planning – Read More: ‘How Doctors Choose To Die’
Your Financial Affairs
It’s important to make sure your finances are in order too.
When dealing with your finances, start by making sure you know where important documents are, such as your mortgage or tenancy agreement, insurance policies, and bank statements.
- Debts – Getting rid of debts is an important part of later life planning. Read More: ‘Talking About Money With Your Partner’
- Pension – Claiming your state pension and tracing your pension. You can use a free government website service to find contact details to search for a lost pension.
- Benefits – You can use the ‘benefits calculator’ to see what are you entitled to.
- Include: property, savings, investments & inheritance tax.
Organise your finances today. This is very important in older age, where there’s an increased chance of illness which may make it difficult or impossible for you to manage money.
Read More: ‘Things You Can Do Now To Leave Your Online Affairs In Order’
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