Will Your Finances See You Through Old Age?

The UK population has grown to an estimated 65.1 million people and projected to pass 70 million people by the year 2026. What effect will a growing population have on the amount that will need to be invested by the government into the UK’s economy, though? and more still will we as individuals have sufficient funds to cater for our needs as we get older?

You may be perfectly able to manage your finances yourself now, but it is always worth planning ahead, especially making plans about who could help you in the event of not being able to in the future.  There are so many things that need to be considered, especially after retirement. It’s good to start by reviewing your finances to make sure your income enables you to live the life you have been used to or even to cater financially during ill health.

A Few Areas to Consider:

Cutting your household should never be as drastic as going cold or hungry, there are many other ways to cut your household bills including getting a discount on your council tax bill if you live alone, claiming financial aid for a family carer who looks after you for more than 35 hours a week, applying for council tax support if you find yourself struggling and on a low income.

There is often a great deal of money to be saved by switching energy suppliers, many of us tend to get stuck in a rut and carry on paying extra in a tariff that we should not be in or is outdated for our needs. Changing is not simple but with help from a computer savvy friend or relative you could soon be saving a considerable amount each year.

You should also consider how you’ll stay active and social after you leave work. Age UK can help you prepare and support you through the retirement process as well as offer advice and guidance concerning your financial worries or current difficulties. See this Age UK pages about boosting your income as well as information and advice sections.

This article is not designed to bring this delicate issue to attention and if it makes you consider your finances as you get older than the article has achieved its purpose.

There are a range of saving initiatives that can help you manage your finances in later years things like, stock, shares, cash ISA’s and many more are all possibility that should only be considered after receiving professional and trusted financial advice.

Just out of interest and in the case I haven’t bored you too much already if like me you are figures geek then amuse yourself by checking out the fascinating history of banks, building societies and other finances over the years as highlighted below supplied with compliments by ISA investor firm, True Potential.

Financial income over the years