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Why it’s good to talk – about retirement planning

In a recent survey held by Prudential, it was revealed that almost a third of couples aged over 40 know or understand nothing about their partner’s financial plans for retirement, with more than a fifth never having even broached the subject with their partner.

What makes this information even worse is that around one in ten individuals questioned, declared that they weren’t really interested about what the future held for them with regards to finances.

This “head in the sand” approach to the future is perhaps understandable, given the economic pressures currently being placed on the British public.  For many of us, it is a big enough challenge finding the resources to live day to day, without looking twenty or thirty years ahead.  However, those twenty or thirty years will, more than likely, pass very quickly and should we not tackle financial planning for retirement head on, we will no doubt find ourselves in a similar or even worse situation further down the line.

Similarly, an avoidance of the issue is mirrored when it comes to Estate planning solutions.  With around 70% of us having no Will in place, we are leaving behind a tangle of debts, informal promises and unnecessary stress for our loved ones – all because we either didn’t want to think about our own death or simply didn’t feel that it was something that needed to be addressed “at the moment”.

We must be proactive in dealing with our financial affairs, both in retirement and after we’ve gone.  It is vital that couples plan well ahead so that retirement is a time for relaxing and enjoying life, not struggling to make ends meet.  To avoid working hard all our lives only for our Estate to be spent principally on Inheritance Tax and funeral costs (potentially even nursing fees too), we need to work with professional UK probate practitioners, to minimise taxes and bills, whilst ensuring that we have a substantial nest egg to pass onto our loved ones when we’ve gone.

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