Toby Alcock at financial adviser Towry.com shares his top tips:
- Know the implications - make sure you have a good understanding of the financial implications if your partner should pre-decease you. This will highlight potential shortfalls so you can take measures to find a suitable solution to put in place.
- Look for gaps - women are more likely to have gaps in their NI contribution record due to having time off when children are young. Getting a state pension forecast is a good idea to understand what, if any gaps exist and consider voluntary contributions to improve matters.
- Plan on living longer - women do in general live longer than men and this needs to be taken into account in financial planning as they are more likely to be left managing the financial resources for longer.
- Know your assets - women often do not get involved with the finances and when disaster strikes it often becomes a very steep learning curve at a very emotionally difficult time. Know what assets you have, where they are and what they do.
- Consider lasting powers of attorney (LPA) - women may see the health of their partner deteriorate and if they need to make decisions in the event of incapacity this is only possible if an LPA has been established. If an LPA has not been established, assets in their partner’s name will be administered by the court of protection which can be a very long, expensive and frustrating environment to work within. Yours Retirement can help you make a LPA. Find out more here or call 0808 156 9012.
There’s more money-saving advice in every issue of Yours magazine, out every fortnight on a Tuesday.