Effectively Preparing For Old Age
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Effectively Preparing For Old Age

Published by: Scott Artichoke (3)
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At whatever stage of your career you are at, it is important to consider your retirement options so that you can effectively prepare for the future. If you have elderly parents, it may be your responsibility to care for them and ensure their finances are in good working order, too.

1. Save into a pension fund. If your employer offers PAYE schemes, this is a great way of gradually saving for your pension through your monthly wage slip whilst your employer also contributes. It means that you can sensibly save up money to buy an annuity when it does eventually come to the stage of retiring. If you are self employed, there are still pension funds you can use privately.

2. Buying your annuity. You should do your research a few years before needing to buy the annuity. This is important as you can then keep an eye on the market and see what attractive rates you could obtain. It also means that you can be more prepared if you need to help sort out your elderly parents’ finances, as you can better understand the market.

Other options you could consider are things like equity release schemes or downsizing your property to free up some extra cash.

3. If your parents are in nursing homes then their elderly care costs may be high. You might want to look into NHS Continuing Care if you have not already.

If you are eligible then the care will be free and you could reclaim any wrongly paid care fees that you have already paid. Many people do not realise they qualify for this kind of financing.

Even if you were initially declined Continuing Care, it is still worth having an expert relook at the case as many decisions have been wrongly made.

It is also worth noting for your own future if you or your partner may eventually require care. It may seem a while off, but knowing the facts and what is available is important to giving you peace of mind when preparing for your retirement. Any preparation you do now will better your options in the future.

Scott Artichoke - About the Author:

For more information about claiming back care fees and avoiding the costs of care visit www.Cheselden.co.uk.

Source: http://articleswrap.com/article/effectively-preparing-for-old-age.html
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