Ready to trade places?

14 October 2019

How has 2019 been for you so far? Difficult for many, fretful for some and concerning for all around the UK. Maybe by the time we put our Christmas trees up for the season all will be resolved...or maybe not.

If you could trade your place for another, what would it be? Perhaps the desire to retire has grown, or to use tax free cash to pay off mortgages early, or to help children on to the property market. The Bank of Mum & Dad remains a major lender in the UK and there are some fascinating findings on this topic in the annual survey from Legal & General for 2019 here: https://www.legalandgeneral.com/bank-of-mum-and-dad/lg-bomad-retirement-infographic.pdf

Whatever changes you want to make, action will be required. And with positive action comes good planning. When it comes to financial planning, an early start to any planned future change is advocated to investigate the benefits and pitfalls well in advance.

You could ask why. Simply put, the decisions you make are likely to affect the rest of your life, so getting them right matters. If you choose to retire early, you want to retire permanently. Not to go back to work aged 78 because your money ran out. A recent article from a pension actuary noted that on average men live to approximately 87 and women to age 90. But what if you're not average and live to 100? Will you have enough to survive and live comfortably? In September 2018, the Office for National Statistics (ONS) noted that in 2017 there were 579,776 people aged 90 years and over living in the UK, including 14,430 centenarians.

More information can be found here: https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/ageing/bulletins/estimatesoftheveryoldincludingcentenarians/2002to2017

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Our message in this blog is that big financial life decisions need time and good financial planning. Getting it right, considering all known angles and building in resilience to a plan are all vital to make sure that any agreed outcome will stand the test of time. The team at Chapters Financial look forward to working with you in your plans and objectives as you reach your time to trade places.

No individual advice is provided during the course of this blog.

Keith Churchouse FPFS

Director

CFP Chartered FCSI

Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899