Retirement Stage: Ages 65+

Financial advisers providing financial planning services can call upon a generic framework to inform them of the likely advice and services required based on the client’s age. However, this framework must be combined with tailored services which consider the individual and their own life experiences and objectives. Although the framework on its own isn’t the optimum way to provide financial planning services, it functions as a starting point for advisers.

Those who have entered retirement may believe they no longer need financial planning services. These types of services are typically considered beneficial as a way to plan for retirement. Yet, they can still be beneficial during retirement and in the later stages of life, which are often referred to as the wealth decumulation stage.

Financial planning services for retirees

Most retirees will be enjoying their retirement with the money they accumulated from savings and investments during the previous years and decades. Hopefully, these decisions have enabled the retiree to enjoy the type of lifestyle they were striving to achieve in retirement. Due to a myriad of possible reasons, retirees might need further financial planning services to manage their retirement income – or even maximise ongoing savings and investments.

Other financial planning services for early retirees often include:

• Estate planning
• Wealth transfer strategies
• Equity release

Many retirees wish to gift some of their wealth to younger family members at this stage of life. Yet, there can be implications of gifting money in some ways. There could be more tax-efficient and beneficial methods that can be discussed with a financial adviser.

Those who are not experiencing the quality of life in retirement they had expected also have options available. If the retiree is a homeowner, they may now qualify for equity release products which provide tax-free money to help fund retirement with no monthly repayments. These can be discussed with a qualified adviser.

Managing the unexpected

Another benefit of using financial planning in retirement is to plan for unforeseen but possible events, especially those associated with health and well-being. A medical diagnosis can put a strain on retirement finances but can be planned for within financial advice services. This includes medical insurance considerations and other techniques.