3 reasons to get advice about retirement

Posted on: 25 February 2014 by 50connect editorial

Live a carefree retirement with a legally binding Will that ensures your assets and inheritance goes to those you wish it to.

retirement planningFor many people, retiring is an opportunity to finally relax and enjoy time to themselves. However, while retirement presents many positive opportunities for those entering it, it is not without its hurdles. This often means that prospective retirees need to speak to specialists about their plans, ensuring that they make the best decisions for them and their future.

To help you understand why this is so important, here are three reasons when you may need to speak to specialists about your retirement.

1. You don’t know where you should live

Where you live once you retire is ultimately your decision but this doesn’t mean that you’ll always know what to do for the best. Choosing between staying in your family home and moving elsewhere can be difficult at the best of times but when you’re entering retirement it can be even harder due to an increased desire to stay somewhere comfortable and where you’re surrounded by family and friends.

Experts like McCarthy & Stone who offer retirement and assisted living flats in locations up and down the country are an ideal person to speak with. They can help you decide whether moving to one of their communities would offer you the best quality of life.

2. You don’t have enough money

Financial problems are just as prevalent in the older age brackets as they are among any other demographic. This is why equity release schemes and annuities are highly important products for retirees to consider and age partnership – experts in these matters – are a great body to look to for help.

It is important you understand all the different options at your disposal and make an informed decision based on all the data at your disposal. Consider what option is best in both the short and long term and seek independent financial advice if you’ve got debts or other financial commitments to consider as well. Age UK and Citizens Advice Bureau are both good organisations to turn to when dealing with these sorts of matters.

3. You haven’t got a Will

Finally, those entering retirement without a Will need to give serious thought to what they want to happen to their assets once they’re no longer here. Nobody likes to think about their own death, but unfortunately it is a necessary part of a life and without a legally binding Will you may find that your inheritance does not go to those you wish it to.

This is because those who do not have a Will have their assets distributed under the rules of intestacy following death. This is a set of rules which determines who will inherit from your estate and may not accurately reflect your wishes.

To avoid this problem, speak to independent advice organisations and legal representatives about drawing up a Will. You can get Will kits that allow you to write your own document but it’s important that it is managed correctly and witnessed in the appropriate manner to make it legally binding. Legal experts should always be consulted to ensure your Will is legally binding, as a false or illegal Will is not recognised when it comes to distributing your assets and will therefore be ignored.

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