Stafford Independent financial adviser recommends financial planning to age 99

Thursday 6 October, 2016

Neil Homer, independent financial adviser and member of the Stafford financial planning team said:

‘Recent statistics from the Office of National Statistics, in their statistical bulletin – Estimates of the very old, justify why Lonsdale Services recommend financial planning to the age of 99.  When we chose to use 99 years of age for our cash-flow modelling we took the age recommended by actuaries.  Many of our clients are often shocked that they may live this long, but the recent Office of National Statistics findings show that many more of us will be living to 100 and will have to plan our finances accordingly.  At Lonsdale Services we recommend all our clients use our cash-flow model, the Lonsdale Services Lifetime Financial Planner.  It allows us to monitor your current and future income and expenditure so you can achieve your financial goals.  However, we can also factor in the cost of long-term care and can model your financial planning to different ages to make sure you have enough retirement income to last you to age 99 or beyond.’

Office of National Statistics 2015 findings 

According to a recent 2015 survey from the Office of National Statistics more people than ever are now living longer, and the number of people aged 100 or over has quadrupled over the last twenty years.  In the last ten years there has been a 65% increase in the number of centenarians.  In 1985 there were 130 people reaching the age of 105 and last year there were 850 people.  There are also half a million people aged 90 or over in the UK, and seven out of ten of them are women. 

Neil Homer, our Stafford ifa recommends cash-flow modelling if you save into a defined contribution pension scheme 

Neil Homer, independent financial adviser Stafford said: ‘Many of our elderly or retired clients currently have defined benefit pension schemes so they know how much income they will receive each month. Consequently it is so much easier for them to undertake financial planning, and to use our Lonsdale Lifetime Financial planner to see how they would manage their finances if they lived to 99 or have to pay for long-term care. With the new pension freedoms & choice and the increase in defined contribution pension schemes we are going to find more people have lump sums at retirement rather than regular monthly income.  In this situation it is more important than ever to do retirement planning and speak to an independent financial advice who can model your cash-flow.  The great unknown is the age we are going to die, but the statistics show that we are all living longer.  Unless we plan our finances to age 99 we may find that we run out of savings before we get there.’ 

Please note the Financial Conduct Authority does not regulate Lonsdale Lifetime Financial Planning.

 

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