Life planning is flexible approach to making sure that you can adapt your income around what you would like to achieve throughout your life, although there are no guarantees, it can offer great rewards if managed correctly. With more that a fifth of over 55’s now have to dip into funds they have previously planned to leave behind, this type of adaptable planning has never been so important.
A new report by Aviva Real Retirement shows that a quarter of over 75’s and 21% of those people aged 55 and over, has given a cash loan to family member, rather than leaving them an inheritance. Not only is money have to be left to other family members, inflation, diminished returns on investments and pensions, has also meant that more and more pensioners are having to re-mortgage or dip into savings to make up for the short fall.
People aged between 55 and 64 years of age are the least optimistic about being able to leave larger inheritance, compared to their parents, because in some cases it would have been completely gifted by the time they die. However according to the new research, half of the people questioned were confident that they would be able to leave more to their beneficiaries than their parents did.
Most of the people surveyed stated that their greatest asset was their property. Clive Bolton from Aviva stated: "It is not just the older generation who have seen their financial realities change, but also younger family members who often need support to access the property ladder or raise children of their own.
"For some over-55s the desire to leave an inheritance plays second fiddle to more urgent financial priorities, and even those who are financially secure are often tempted to share their wealth during retirement rather than wait to leave an inheritance."
If you would like some independent financial advice, no matter what age you are, then why not contact Enable Independent, our flexible approach to life planning, could help you to achieve your goals of retiring early, buying a second home abroad, putting your kids through university, or anything else you would like to achieve throughout your life time.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.
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