Personal Finance for the Over 50s

Equity release schemes have received their fair share of bad press in the past. Any comment to the effect that they might not be for everyone has been seized on as meaning that they are really for no one - these and other myths are just that – simply not true.

A report exposing how cheap funeral plans can leave families with more to pay has hit the headlines again today threatening to tarnish the funeral plan industry’s reputation however this is not necessarily a bad thing. 

It is always welcome news when a government carries through on one of its election pledges – especially one that is likely to affect millions of ordinary people.

Once you pass the age of 60 your worries are likely to be less about the inevitability of death, but the extent, length and cost of long-term care as you enter old age.

If you own or drive a car, your current motor insurance expires sometime this year. When the renewal letter drops through your letterbox, you are almost certain to be greeted with the unwelcome news that you are going to be paying more.

Beware, however, that all the benefits of your medical insurance plan are unlikely to provide any comfort or security at all once you travel abroad on business or on holiday. 

The simple answer to that question is yes you can – and there are plenty of homeowners who bear witness to the fact. Although a more recent report by retirement specialists Advantage found that fewer people in the UK are considering using their property for an income in retirement.

The death of someone close to us typically releases very personal emotions. Coping with grief is likely to vary considerably from one person to another and from one time to another.

Certainly, cheap home insurance does not have to be a thing of the past simply because you have reached your 50’s

In the latest figures released by the Office for National Statistics (ONS) - a man now aged 65 may expect to live a further 18.5 years and a woman 20.9 years. 20 years of life in retirement may prove difficult for many people to fund.