Financial planning – Why it’s better for your money to outlive you?
When we put together a financial plan, we use a mortality of age 100 because we don’t want you to run out of money. We also use a financial planning forecasting tool to help you “see” your financial future in technicolour! This helps you see the impact of your spending and what’s left.
Why is this so important?
We think that by not running out of money it gives you choice and dignity in later life and peace of mind now. Obviously, none of us want to end up in a care home but it is a reality for a lot of people. When you can pay for your care, your family are able to choose the best place for you rather than rely on the local authority finding a space. The popular alternative is paying for care at home if you can – however this can be more expensive than a care home and remember you still have all of your household bills and repairs to cover.
Spending, giving, retaining money for care costs later, mitigating Inheritance Tax – it’s a balancing act, which often requires specialist advice to help make those big decisions. Thankfully we are here to help.