At the grand old age of 96, I think he’s probably entitled to call it a day, but his high-profile retirement prompted me to consider my own. And yours. In fact – everyone’s in this day and age.
The thing that’s niggling me is, how old do we have to be to have everything in place, ready to retire? Do I need to be 96 before I’ve got all of my affairs and financial security in order – will you?
According to analysis carried out for the Department for Work and Pensions, people under the age of 30 are likely to have to work until they are 70 years old before they will be able to access a state pension.
In my line of work, it’s not just pensions I’m thinking about when I say I have concerns about being able to afford to retire. It’s what happens if I need to pay for something completely and totally necessary, but expensive when I will only ever have a set amount of money coming in each month. Something like a care home – for me, or for my wife. Will I have to pay? How much will I have to pay? And most daunting; if I can’t afford to pay, would my family have to sell the house to provide me with the care I need?
Future planning is scary
Of course, in Prince Philip’s case, he doesn’t need to worry about retirement and you can guarantee that there are already plans in place for if he needs specialist care in the future. However, for most people, finding out what to do if you need something like professional care can be pretty scary.
It’s not something that most of us want to think about, but in my experience, my clients find that it’s like a big weight has been taken off them, knowing where they stand legally and what they can do to make things as financially comfortable as possible for them and their families, in all eventualities.
Knowledge is power
As a rough guide, it costs around £30,000 a year for full time residence at a residential care home in the UK, and around £40,000 a year for a nursing home. According to figures for 2016 from the Office for National Statistics, the average median disposable income for retired households is £21,800.
Light at the end of the tunnel
Solicitors aren’t just for selling houses and making wills. We know our stuff when it comes to future planning and how to best keep hold of your money, for the sake of yourself or your family. Whether it’s protecting money in a trust, decreasing the amount of inheritance tax your family will need to pay, or advising you about whether you’ll need to pay for your own full time care, we can help. It’s why I’m thinking about all of this, instead of wondering what Prince Philip’s going to be doing with all his time off.
Contact a solicitor about future planning
To speak to me or another member of the team, contact us using the telephone numbers below: