When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
A well prepared pension plan which is regularly reviewed should go some way to providing this.
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you do with the savings you have - if you are looking to generate a greater return on your money than is available to you through your savings instruments.
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation & investment risks.
Whatever your level of wealth, there is nothing wrong in deciding to prepare a risk aversion strategy. This is reasonable and prudent for anyone who is sure that they already have ample to provide for themselves and their family into the future.
The whole process of dealing with an elderly relative who needs care can be difficult, emotive and stressful. At Prosper we specialise in giving advice on Long Term Care solutions by working closely with the family members concerned.
We can put together a comprehensive package of measures to assist in every aspect, from dealing with existing investments and property arrangements to setting up Immediate Care Plans. We will guide you through...