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Financial matters

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Your 50+ customer may raise general financial issues with you and need information on how to plan for the future. This section provides some suggestions you can make to help them take stock of their financial situation and plan ahead.

With increases in life expectancy, both men and women may expect to live a healthy 20 years beyond their retirement age so a financial evaluation in mid-life can pay dividends by identifying potential problems or providing reassurance that money is available to meet changing needs.

Taking stock

Forecasting future pension income (see section on Pensions) to establish:

  • All sources of pensionable income
  • Evaluating potential shortfall or surplus
  • A timeline for when income levels will change
  • Identifying potential lump sums from occupational or private pensions that can be taken from age 55 and
    • re-invested to produce savings income
    • used to pay down debt to reduce expenditure in later life
    • used to fund self employment or training for career change
    • used to fund health care issues.
  • Potential savings from paying off mortgages / changes from a retirement lifestyle

Create a simple day to day budget to see where shortfalls or surpluses lie. Can anything be done now to remedy a shortfall?

Remedying a shortfall

  • Debt management
  • Reducing expenditure
    • shop around for utilities
    • best savings rates
    • best insurance
    • discounts aimed at the 50+ group.
  • Finding employment
  • Continuing to work and draw a pension
  • Self-employment
  • Sale of assets
  • Income from hobbies
  • Obtaining all benefits due
  • Increasing savings if possible

Identifying future hotspots

  • Money for house maintenance
  • Family events like weddings, higher education, caring for older relatives
  • Replacing car
  • Replacing household items

Can any plans be identified to put money aside for these future events?

  • Keep records of financial affairs and ensure that other people know how to access their paperwork in the event of accident or illness
    • passwords for online banking
    • bank accounts. Insurances for house and car
    • other legal documents
  • Protecting dependants
    • Make a Will
      • Even where income and savings are modest, writing a Will ensures that spouses/partners and children are protected. Co-habitees especially have no rights under law to property or pensions from the deceased estate even if they have been in long-term relationships.
  • Power of Attorney
    • A Power of Attorney ensures that someone they know and trust can take over their affairs if they are temporarily or long-term incapacitated.
      • A property and affairs Lasting Power of Attorney: provides their nominated attorney with powers to look after their day to day financial affairs and pay bills on their behalf
      • A personal welfare Lasting Power of Attorney gives the power to their nominated attorney to make decisions about medical treatment or care homes should they become incapacitated

Where appropriate, consider specialist financial advice.

This site is for help and information only. It is not meant as an authoritative guide. It is not meant as an authoritative statement of the law, and future changes in the law and other programmes and initiatives could make it less accurate at times. TAEN, the Department for Work and Pensions and the European Social Fund take no responsibility for your use of the information. You should always take professional advice on any specific legal or financial matter.

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Useful links

The Financial Conduct Authority provides consumer Information on the financial products and services they use, how to avoid scams and how to make a complaint.

Power of Attorney information

Turn2us provides information for people in financial need on how to access funds through welfare benefits, charitable grants and other sources