How to Guide: Later-life planning and care

Have you prepared for the fourth phase of your retirement?

It’s tempting to think of retirement as one long long holiday where we kick back after years of hard work and indulge in hobbies and interests. As a vision that’s appealing, but it fails to take into account that ageing is not a choice it’s inevitable. This is fine to a point, but a more realistic view is to think of retirement as a series of phases during which lifestyle wishes and healthcare needs can change dramatically over decades. (If in doubt, check out Dr Riley Moynes’ TED talk on the 4 phases of retirement.)

Nonetheless, when it comes to planning finances for retirement, our focus is often on the earliest years. Those heady pre, early and mid-retirement phases when dreams are fresh, exciting, and, let’s be honest, often more physically achievable. Whilst it can be uncomfortable to think about what life could look like in our 80s, as a financial consideration it is just as important as those earlier phases when you are feel like you just got a ‘get out of jail free’ card and might still be in celebration mode.

The good news is that planning for later-life financial security IS achievable if you are proactive now. The decisions you make in pre and early retirement can have a profound impact in later years. So… whether you’re planning to check into the equivalent of the ‘The Best Exotic Marigold Hotel’ or are thinking of tailored live in care, you need to think what you want your later years to look like sooner rather than later, if you want to build in financial longevity. To start this process, we’ve compiled a baby boomer’s roadmap for later-life and care planning that signposts the key points you need to consider when financial planning for phase four.

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