Putting a plan in place for retirement is a prudent step for everyone. However, it’s important to remember that plans will need revision periodically to ensure they are fit for purpose, and when possible, it’s wise to factor in potential issues.
A common consideration for many people is how caring for someone can impact their plans. Caring responsibilities typically involve time and money, which means they can have a significant bearing on retirement plans. As a carer, your role may involve looking after a family member, friend or partner who is unable to cope without assistance due to illness, disability, frailness or mental health issue.
Caring responsibilities typically arrive unexpectedly, which means they are often unaccounted for in retirement plans. However, caring often comes with additional expenses including higher bills, food and travel costs, and the rising prices of assisted living. As a result, many people require additional time and money. Those working may have to stop working earlier to free up time, thus capping their revenue for retirement, while others must access their pension savings at an earlier point to help cover the expense.
These potentials costs are worth considering when making retirement plans to ensure you are prepared. As experts in retirement planning in Chester, we at Hartey Wealth Management believe in a proactive approach. From protective policies to sound investment strategies, we can help you create an effective retirement plan that assists with unexpected circumstances.
Get in touch with us today for a one-to-one consultation.
