A report commissioned by FTSE 100 life and pensions company Friends Provident suggests the over 50 population now command approximately 80% of the UK’s wealth.
The Freetirement Generation report, undertaken by social trend researchers the Social Issues Research Centre (SIRC) revealed a generation enjoying a life of “Freetirement”, without the burden of debt free to choose how and when they work and explore new activities.
The report also revealed that the fact that people are remaining physically young for longer had implications for the kinds of lifestyles and values that are being sustained in retirement. However as the population lives longer the likelihood some will end up with a long-term condition is also growing.
Statistics show more than a quarter of the population 15.4 million people are already dealing with the impact of a long-term condition that cannot be cured. Around 1.9 million people have three or more multiple conditions such as arthritis, mental health illness, heart disease, and diabetes. By 2018, the NHS is expecting that figure to increase to 2.9 million. Whilst the outlook of “Freetirement” is wonderful for those of mature years it is worth considering whether the relevant plans have been put in place to deal with those issues which are a consequence of the ageing process. Wills, Lasting Power of Attorney and planning for care are perhaps issues which slip under the radar whilst enjoying “Freetirement”. However addressing such issues whilst you are able to do so gives “Peace of Mind” for both you and your family.
At Edward Hands & Lewis we have qualified and experienced solicitors on hand to provide impartial advice to you if you are without a Will or amendments to a pre-existing Will, Lasting Power of Attorney or estate planning.
Talk to our legal team
The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.