3 Essential Life Plans Your Family Needs

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In the UK, life expectancy is steadily increasing, with the average person living to around 83 years old. While this is great news, it’s important to remember that life is unpredictable, and it’s never too early to start planning for the future. The success of your plan will also depend on how wisely you spend. While at it, factoring your family into these plans is crucial, especially if you want to protect their financial stability. This article discusses three crucial life plans to make while you can.

Plan for retirement

Retirement may seem like a distant prospect if you’re young, but it’s important to start planning early. According to research by the Centre for Ageing Better, about 1 in 4 people in the UK will live to be 100 years old. Retirement could last for several decades, and it’s crucial to plan to ensure you have the financial means to support yourself. Start by considering when you want to retire and how much income you’ll need to support yourself. You can then explore options for saving and investing, such as pensions, stocks, and shares ISAs. It’s also important to keep your retirement plans updated as your life circumstances change. Additionally, consider the potential impact of inflation and economic changes on your retirement plans. Even if you are currently on track to meet your retirement goals, it’s vital to regularly review these plans and adjust them as needed.

Create a will

Even though about 60% of UK adults don’t have a will, creating one is necessary. A will is a legal document that outlines your wishes regarding your assets and possessions after you pass away. Without a will, your loved ones could be left with a lengthy and costly legal battle to divide your assets. More often than not, this has caused additional stress for many people during an already difficult time. Creating a will doesn’t have to be complicated or expensive. You can either create a DIY will or hire a solicitor to draft one. Once you have it, it’s important to keep it updated as your life changes, such as when you get married or have children. 

Make funeral plans

According to research by Co-op Funeralcare, the average cost of a funeral in the UK is now £4,417. Having a will can ensure that your loved ones aren’t left with the financial burden of paying for your funeral. While it’s not something many people like to think about, making funeral plans is an important part of preparing for the future. In the UK, it is estimated that 94% of adults fail to make funeral plans. Therefore, upon their passing, the family left behind has so much pressure to plan a decent funeral. Fortunately, you can take the necessary steps to change the narrative in your case. Whether you choose to be buried or cremated, planning can help ease the burden on your loved ones during a difficult time. 

Start by discussing your wishes with your family and friends. However, a more proactive step would be to pre-pay for your funeral through a reliable funeral plan provider. This step can help ensure that your wishes are respected and that your loved ones aren’t left with the financial burden of paying for your funeral when their resources are already scarce. Making funeral plans can be daunting, and it’s understandable to feel overwhelmed. Many people are afraid because it forces them to confront their mortality. However, making these plans can provide peace of mind for you and your loved ones.

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