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When the first state pension was introduced in 1908 by David Lloyd George, life expectancy was 50 and the pension could only be claimed by the one in four people that made it to 70. Things have changed. It may not be the case for everyone, but it is now not uncommon for someone to live in retirement for longer than their working life.

The big risk now is not whether you will die – that’s a certainty – but how long you might live. Unless you belong to a collective (see Co-Operatives) each of us prepares in our own way for the risks that come with old age or be forced to rely on others. Not many people willingly embrace the idea of being left at the mercy of State provision if they can help it.

First of all talk to us and run the numbers. Your first duty is to grasp just how big they can be, then to understand the impact that decisions you make today have on your life in decades to come. We work with some brilliant specialists in the field. The trouble is we are repeatedly reminded that because every person, every family, and every circumstance is different, this needs to be done one person, one family at a time.

There are all sorts of way to make provision. But with rules regularly changing and valuations of businesses fluctuating, this part of your financial planning needs your serious attention. We can vet all sorts of ideas and help you understand the numbers. We can give you advice in some areas and only opinion in others, but like so much else in life – it’s good to talk.

Whatever else you do, don’t jump at the first idea, always give yourself space by saying – “I’ll get my accountant to check over this proposal.” And then get us involved.