The Personal Finance Society recently held a series of Roadshows highlighting the need for joined up Later Life advice both pre and post retirement.
Michael, as our resident later life specialist, was keen to attend to meet other Later life Financial Planners to find out the latest views from our profession and ensure that Ardent continue to help our clients in the most effective way.
Demographically there is a ticking time bomb as the baby boomers age. People in their 50’s generally have a low expectation of their life expectancy, usually going on what they know, “my mum died at 75 so I can’t see me making much past that” is a common point of view. Conversely, clients in their 90’s have a much more positive outlook and believe they will make 100 at least. The reality is that people are living much longer, and we must plan for this going forward.
Rising demands on social care increase the pressure on a system already showing signs of distress. The Government Green paper comes out later in the summer. This is a great opportunity to tackle the problems head on, but the general view at conference was that there wouldn’t be any radical changes and the can would be well and truly kicked down the road. We will wait and see, but definitely challenging times ahead.