Protection for Empty Nesters

Protection for "Empty Nesters" - a Single Person or Couple Approaching Retirement

"Empty Nesters" - Approaching Retirement

With their children independent and their income relatively high, people in this stage of life tend to have the highest disposable income. It's a time when we should be enjoying life but its also time to make sure that you and your spouse are in a strong position to continue enjoying life once you retire.

Retirement is just around the corner and ensuring that your retirement income is sufficient will often become a higher and higher priority. This means funding pensions, investments and savings - hence a significant period without income at this stage could mean your lifestyle in retirement is significantly impacted. The death of a spouse might have even more profound financial effects on the survivor.

Consider the pointers below, but remember this page is for information only and the list of risks mentioned are certainly not exclusive. We strongly advise taking financial advice before taking any action.

Is your retirement planning on track?

The "empty nesters" stage of life is often the last chance to make a significant difference to your retirement income. A financial adviser can help you assess your income needs at retirement and find out how close you are to meeting that goal. If there is a shortfall, we may be able to recommend solutions.

Reviewing your pension/investment strategy at this stage is particularly important - as clients come closer to retirement we often recommend reducing the risk rating of their pension funds to reduce the chances of a sudden market dip reducing their income when they retire.

If either of you were out of work for any significant period, could you cope financially? Could you continue to fund your retirement?

An income protection policy could insure your income until your retirement, even if you were permanently disabled.

What if one of you died - would your debts be repaid? Would the household income be sufficient afterwards? Would the surviving partner be able to fund the lifestyle and retirement they would want?

A life policy could pay off any debts or mortgages and/or provide a lump sum for your family. A Family Income Benefit could provide a monthly income for your family, ensuring that your income would be paid to your loved ones even if you died.

Now might be a good time to consider insuring against the possible future costs of long term care.

Long term care can be extremely expensive. If this is a concern to you, speak to a financial adviser about the possibility of insuring against this risk in advance. The cost and viability of these options will depend on your medical data and underwriting but normally the earlier you do this the cheaper it will be.

Are your wills up to date? Do you have Lasting Powers of Attorney in place?

Now would be an excellent time to review your wills and ensure you have Lasting Powers of Attorney in place for both of you. These will ensure that in the event of one of you being incapacitated your loved ones would be able to make decisions for you - this does not happen automatically. For more information on Wills and LPAs, click here

Lastly, now might be a good time to start thinking about estate preservation planning.

Whilst this may not be a priority at this stage it can be a significant advantage to put plans in place early. For more information on estate preservation, click here.

Next Steps

If you wish to take advice or simply wish to discuss the options,
do feel free to contact us.

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The content of this website is intended for private individuals and introducers in the United Kingdom only. It is intended to provide generic information only and constitutes neither financial advice nor an offer to provide financial advice. We strongly recommend that all parties seek professional financial advice before taking out, funding, amending, crystalising, taking income from or cancelling any financial policy, product, instrument, contract or commitment. If you would like to seek advice on any of the aspects mentioned on this website from us please click here to contact us.

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