YOUNGER CLIENTS

It is a sober thought for many of us that The Society of Later Life Advisers class ‘later life advice’ as anything relating to over-55s, so without bracketing our clients above that modest age as old, we could by the same token happily describe those in their early 50s or less as younger!

This is arguably a time of unprecedented strain on this generation. In some cases, people find themselves ‘in the sandwich’, simultaneously caring for elderly parents while still having financial responsibility for their own children, who may still live at home. All this is in an era when final salary pension schemes are a rarity, and the growing ranks of the self-employed have by definition no employee benefits package.

The areas we are likely to address with our clients at this stage of life include the following:

•  Protection – to repay a mortgage, to provide for lost income in the event of death or serious illness, income protection should illness or injury prevent working, Private Medical Insurance.
•  Pension trajectory – what retirement age and standing of living is a realistic proposition?
•  Guidance on helping children onto the property ladder or with their own fledgling financial planning.
•  Care fees planning for parents (including Inheritance Tax mitigation if relevant).