U3A speaker report 6th November 2017

Today’s speakers were Steve Marker and Emma Jones from Hansford Bell, Chartered Financial Planners, Tavistock.

Their subject was Financial Life Planning in Retirement

Steve started by speaking about the recent changes in the Regulations for Financial Advisers, ie no commissions, minimum qualification levels raised, and others.

What is Financial Life Planning, it covers 4 main areas. 1: Life Planning Stage

2: Financial Planning Stage 3: Financial Advice Stage 4: Regular Reviews 6mths/annual.

Their advice in the Life Planning Stage was to prepare Goals (bucket list). If it all’s ends what would you regret not doing. Or if you had 5 years to live what would you do. Or if you had 24 hrs to live what would you regret not doing! And to have the conversation with your partner.

The advice in the Financial Planning Stage was to analyse existing finances, wants, needs and goals, the stress test. Do a cash flow chart, income, expenditure, total assets, net worth, money for care and a disaster scenario. The Financial Advice Stage consisted of, how much is enough, Care cost Planning, estate distribution, Inheritance Tax Planning and wills. Also the facts about gifting money, £6000 per couple per year, £5000 for a wedding etc. Regular Review Stage was to keep on top of your finances.

Emma then talked about Equity Release and how you could release funds tied up in your property. It was a very interesting talk, it showed us that Planning is very important in later years.

If you are interested in joining us at the Callington U3A please go to …. www.u3asites.org.uk/Callington or come along on the first Monday of the month to the Callington Town Hall at 10am.

Gillian Brown