Later life financial planning can begin at any age, you may now be working less or not at all, want to spend time enjoying your hard-earned pension money, or need extra healthcare as you get older.
Now that we are retired, we have much more time to ourselves and this can be a great opportunity to do the things we always wanted to do. However, we also have no more income from employment, so hopefully you will have a financial plan for your retirement including a pension in place.
This is your time and enjoying a comfortable retirement should be a priority.
Your goals could include:
It is important to plan for when you are not around ensuring the tax burdens for your loved ones are minimised and you can pass on wealth to the people you care about.