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Unable to watch the video today? Why not read the transcript below instead:

I just wanted to say thank you very much for watching my Baby Boomers series. I hope very much that you found it to be helpful in organising your thoughts about the sort of things you should be doing (or we should be doing!) now that we are in our sixties and seventies.

If you recall, we covered the five main areas of this age: the financial consequences of death, the financial consequences of dementia, debt, the importance of having a discussion between yourselves so that you know what’s going on with your finances, and we talked about downsizing, which I think is a very important part of everybody’s financial planning if you happen to own a house.

By definition all I can do is talk about this stuff in a very sort of simple way on a video.  If you have some more detailed questions or if you would like to have a conversation with me, then please do get in touch

To watch any of the videos again, you can click the titles below: 

Episode 1: Death
Episode 2: Dementia
Episode 3: Discussion
Episode 4: Downsizing
Episode 5: Debt

Thanks for watching,

Regards,

Nicholas.
 



Can't watch the video today? Why not read the transcript below:


Welcome to the penultimate video of The Baby Boomer Series; today we’re discussing debt.

Let’s get straight down to the bottom line - debt does not die with you.

Many of us have been through a tough period during the recession. Those of us in our late 50s are still working, and some of us following a redundancy because of the recession, have started our own small business. We may have re-mortgaged the house to put more money into the business. If so It is very important for you to understand that it is a debt, and if you were to die unexpectedly you would leave that debt to your dependents, principally your spouse or partner. I have heard people say, “Well it wouldn't be a problem. He / she could just sell the house and move on.”

Is that really what you want your spouse to have to do in those circumstances?

It really is worth thinking that through and seeing what you can do to plan appropriately. The most obvious thing of course is to remove the debt as quickly as possible, but this is always a little bit harder to do and takes time. It may be appropriate to think about life insurance to ensure that, in the event of your unexpected death, the debt is repaid.

This episode really has the same message that runs throughout the whole Baby Boomer Series, which is talk to each other - talk to your family, talk to your business partners and work out what’s going to be the best way for all of you.  

Regards,

Nicholas.

Welcome to the fourth video in the Baby Boomer Series – this week we’ll be looking at the issue of downsizing your home.

Downsizing a large family home is becoming a very popular option for releasing capital and reducing living expenses. Many Baby Boomers find themselves owning a huge home thanks to the housing boom of the last thirty years. By huge I refer to the amount of space it takes up and the money it takes to run it. My suggestion is that you talk to your family about downsizing and whether it's right for you and your loved ones.

Let’s think about this: suppose you have a house that’s worth £300,000. If you need some capital released from the  house, now is the time to do it, while you’re vigorous and able to make decisions. If you wait until you are in your seventies it won’t be as easy and will become a much bigger hurdle. Once the hurdle becomes too big, the option of equity release begins to look attractive.

In my opinion, equity release is not the best solution: interest rates are much higher on equity release mortgages (because they are fixed) and the interest charged rolls up over the years. A £25,000 loan can easily become £100,000 over twenty years. If you downsize earlier, you have the opportunity to take the money out of the house, invest it and use it provide income. You also have the option of making gifts to children and grandchildren to help with education costs or providing a deposit to get them onto the property ladder themselves. Or if you prefer you can use the 'SKI'(Spend the Kids' Inheritance!) plan. At least it’s being used for someone’s benefit rather than to a mortgage company.

So what is your action point from today? I suggest that you sit down with the family and have a conversation about downsizing. If you’re hesitant to talk to the family, then start by talking with your other half. The two of you can discuss how you feel about the prospect of downsizing, and how you could go about it cleverly.

And never forget.. your financial planner is always available to help you do just that – make plans that help you to get what you want!

Regards,

Nicholas.

Welcome to the third video in my series for Baby Boomers.



Cant watch the video today - why not need the transcript below?
 
This time we are lightening the mood just a little bit and talk about talking!
 
Most couples find financial planning is helpful in getting them to talk to each other about their finances. People tend to need prompting to do this!
 
With most couples there is a tendency for one person to take responsibility for the money.  Although there is nothing the matter with this, what tends to happen is that the other person ends up not knowing anything.  Inevitably somebody, usually the person who is responsible for it all, dies, and the other individual is left just not knowing what on earth is going on.  This is a recipe for disaster!
 
So how do we fix this? Very easily!
 
Start by making a list of everything - assets, income, bank accounts etc.  Sit down together around the kitchen table and talk! Do this once every six months or so. Talk about what you are spending money on, talk about your assets, the income that you are getting, simply have a conversation. This may sound incredibly simple but you would be amazed how the vast majority of us just don’t do that. 
 
If you feel that you can’t, whether you can’t get yourself around to it, it just doesn’t seem to work or the conversation is not as productive as you would like then maybe talking to a financial planner would be helpful to you. 
 
So please, when it comes to your finances, Baby Boomers please talk to each other!

Regards,

Nicholas.

Welcome to the second video of the Baby Boomer Series - Today we are looking at the subject of dementia.





Not able to watch the video today? Why not read the transcript below instead:


Although dementia is a topic we would all probably prefer not think about or address, unfortunately it is a huge reality of old age

The purpose of this video is simply to give you some information about the financial consequences of dementia. 

If someone close to you, your family, your spouse, is unable to look after their own financial affairs it can create chaos. It may not be possible to access a bank account or do something as simple as renewing a car insurance policy. You cannot make decisions on a person’s behalf unless you have a Power of Attorney.  The point of course is that a Power of Attorney is a legal document which enables whoever you appoint to act on your behalf if you are unable to do so yourself.

My mother is now 90 years old and unfortunately is unable to do anything for herself since suffering a stroke. Luckily, we had arranged and put in place a Power of Attorney many years ago when she was much younger and able to make those kinds of decisions.  It has meant my brother and I have been able to deal with her financial affairs, her house and car, paying her bills – relatively easily.

The emotional impact of dealing with someone close to you who is suffering from dementia is huge. It's a relief not to have to worry about the money side of things. Although my Mother’s situation was slightly different in that she had a stroke rather than suffering dementia, I have been very grateful for that power of attorney.

If you don’t currently have a Power of Attorney, may I suggest that you take a few minutes to please research them. If you’re not really sure where to start or to look, send me an email and I can give you some more information.

Regards,

Nicholas.

Welcome to Episode 1 of my Baby Boomer series.



Not able to watch the video today? Why not read the transcript below instead:
 
We are going to be starting right at the end by looking at ‘Death’.  Essentially, this is a subject that I talk a great deal about with clients because it is a key to the way in which we plan our finances.
 
Benjamin Franklin said “The only thing that’s certain in life is death and taxes” and of course, to an extent, he is right! 
 
Death is an emotional subject - I have my own experiences around this and all I can offer you is just some very simple basic ideas on what you should be thinking about around death.
 
Remember, by looking at this subject you are setting things up for your dependants, for your spouse and for your children and I’m sure you’ll agree, there can be nothing more important than that!
 
So what are the issues that we need to consider? Clearly you need a Will, as well as needing to think about (quite carefully!) whom you would appoint as Executors. If you have assets in excess of £500k (and most of us have these days the way in which house prices have increased) then you need to be thinking about a Trust. You’ll need to give some thought to protecting your assets from potential nursing care costs in the future. And if you have grandchildren, you might want to think about making gifts to them and therefore hopping over a generation.
 
There really is quite a lot to think about, and some important decisions to be made!
 
The real issue is getting our heads around this difficult subject; the worst thing you can actually do is bury your head in the sand and not directly deal with it.
 
Just think, none of us have go to this Baby Boomer age without having experienced death in our own lives.  Think of the effect and the emotions around your experiences and think of how you want so much to help your children and your dependents at that very difficult time. 

So, let’s have the conversations now, let's take the actions we need to take now, ideally with the guidance of a caring financial planning practitioner. Then we can get on and  enjoy the 'best years of our lives' with the peace of mind of knowing we've done the right thing.

Regards,

Nicholas.