Retirement planning: The simple steps that could ‘save you thousands’ in later life – Express

The guide for consumers has been published by the Chartered Insurance Institute (CII), and it strives to help people take simple steps earlier in life, to financially prepare them for later life. According to the CII, it could potentially save them thousands of pounds.

The guide goes into detail on a number of topics, such as:

  • “Who to talk to and when – encouraging the right conversations at each stage of life to prepare for later life;
  • “Starting the conversation – some suggestions on how those conversations could be started; and
  • “Hints, tips and tools – how to plan more effectively,” the CII said.

Research by the CII, involving 2,000 consumers in December 2020, found people who discuss care plans with their wider family find “huge reassurance” from talking over the issues and coming up with a plan.

The survey found even simple steps, such as bringing financial information together so someone they trust can access it in an emergency, can ease concerns.

Of those who had already discussed care issues with their family, 78 percent said they had benefitted from the process.

This was greater than the number who reported a benefit from adapting their home (69 percent) or set up savings and investments (59 percent).

That’s not to say starting these conversations is always easy.

Sian Fisher, CEO of the Chartered Insurance Institute, said: “Throughout our lives, we have conversations and make decisions that may seem trivial at the time, but they can save us tens of thousands of pounds, or prevent huge amounts of stress for both ourselves and the most important people in our lives.

“Often, the actions that make the biggest difference are not expensive, but just involve having the right conversation at the right time.

“For example, it can be as simple as taking time to think about the things other people need to know, if you are no longer able to tell them.

“This guide aims to help people make those small, simple steps to help prepare for the risks in later life.”