At some point in life, your loved one may not be able to make their own decisions. They may require you to make decisions for them and although it's a difficult situation to think about, it can be made easier through planning ahead. If your loved one can no longer make decisions regarding health or financial matters, it may be time to put a power of attorney in place. Power of attorney is a legal document which gives a person the authority to take care of the finances of someone who no longer can. It could be that they have become incapacitated or are in hospital temporarily and …
Plan Ahead – Making Your Will
If your loved one doesn't have a will, then there's a chance their possessions may not be distributed correctly when they've passed away. We all know discussing death is never a pleasant experience, but when it comes to a will it's a necessary conversation to have to ensure that you're loved ones wishes are carried out. What is a Will? A will is a legal document which outlines what will happen to money, possessions and property (also known as an 'estate') when a person dies. If a legally recognised will has not been put in place then there's no guarantee an estate will be …
10 Ways to Save Save Save!
It’s not always easy to know how to manage expenses when your loved one only has a small pension. Once retired, income can decrease significantly, and it can be difficult to save money without having an additional income such as part time work. Luckily, many solutions exist to compensate, which is why in this article we have compiled 10 of the best and most effective ways to save money! 1. Write Down your Expenses Writing down expenses - no matter how big or small - is a good way to find out how much money your loved one has in their pocket every month. The first step is to …
How to Reduce your Bills
Many elderly people find themselves on a fixed income in later life; For most, this comes in the form of a pension or some kind of benefit. Relying on pensions or benefits can make it difficult to keep up with ever-rising bills and payments, elderly people can also find themselves with health issues which in turn can be costly, and make it even more difficult to save money. Even if your loved one is living comfortably and has some extra cash to spare, it's always advantageous to cut back on expenses and leave more cash for a rainy day or special occasion! A study by Age UK found …
Finance Tips for you and your Elderly Loved Ones
Financial security is something we all aspire to have and to see our loved ones enjoy. However, according to a study by the Financial Conduct Authority, about 15 million people have no pension savings which means one in three retirees within the UK will have to rely completely on a state pension. The current state pension sits at £159.55 per week and without an additional private pension or life savings, this means that elderly people could be struggling throughout their retirement. These facts may seem bleak, but there are simple and effective finance tips which can be followed …
News: Pensioners Living Costs Exceed UK Average, Financial Costs & Flu Vaccine
In this week's news round-up we cover the following stories: Living costs for pensioners in South East exceed UK average reported by the Sussex Express. Health chiefs urge elderly get their Flu vaccine as early as possible, reported in The Gazette and finally the story reported in The Guardian that states 'Half of UK adults are financially vulnerable'. Pensioners Living Costs Exceed UK Average A report featured in the Sussex Express has said that pensioners living in the South East are paying living costs that are above the UK average. The research by the Financial Planning …
