How can you make the most of your money as you move into the next stage of life? Next Act editor Claer Barrett, FT columnist and the author of ‘Money Moments’ Jason Butler, FT insurance correspondent Oliver Ralph and the FT’s money mentor Lindsay Cook share their thoughts.
Saving for retirement is our topic today how much is enough we can be talking about the financial planning questions that everyone needs to ask in the run-up to retirement plus innovations in a travel insurance market that should make it easier and cheaper for those travelers with medical conditions to go on holiday and the growing business of longevity as businesses
Try to attract the spending power of older consumers i’m claire bar editor of the next acts and joining me today are jason butler the ft columnist and the author of money moments simple steps to financial well-being oliver ralph the fts insurance correspondent and lindsay cook the fts money mentor columnist so starting off with you jason butler you wrote a column
For the next act last week which broadly looks at the eternal question perplexing financial planners and their clients which is how do you run out of life before you run out of money yes and and hopefully make the checks of the undertaker bounce as one of my clients said as the extra thing sorry for zhenia undertaker’s out there it is a problem and i think there’s
A problem in the sense that getting your strategy right when you’re building your retirement nest egg is one thing but the investment strategy and their withdrawal strategy that goes with it once you are ever you know just getting to drawing off your money in retirement and post that that is just as important so there’s no point in spending 20 30 years building
A nest egg and having it invested correctly if you then don’t invest it after the event and your drawers are not sustainable one of the things that you might want to really spend a lot of money on retirement of course is traveling going on that dream holiday abroad perhaps a cruise perhaps visiting parts of the world you’ve always dreamed of going to but if you’re
Suffering from a long-term medical condition then getting the right level of insurance cover to underwrite your trip could prove very expensive as oliver you have been reporting in the ft throughout this year yes there’s been a growing concern about people with pre-existing medical conditions and and what they’re being asked to pay for their traveling particularly
People with cancer well and the can’t screw today they came with some research that people are paying many hundreds or even thousands of pounds for a single trip insurance policy because there’s a pre-existing medical condition and it may be something that’s actually relatively under control or relatively far in the past but they still say they’re paying thousands of
Pounds and aids meaning that there are either not traveling at all or they’re traveling without insurance which has been a concern to the financial conduct authority which has looked into how they can change the situation in the uk what more is the the regulator the financial conduct authority doing to try and help those people who are finding it hard to get cover
Well the fca is recognized as an issue with this and produced a report on earlier this year there they’ve produced various solutions but the most of them revolve around signposting people towards specialists in the market if they if they go on to price comparison side or thicker quote from the insurance company and it’s very high or the insurance that the mainstream
Insurance company doesn’t want to provide a quote the idea is that somehow it’s not clear how yet but somehow people will be signposted towards specialists who might be able to produce policies suitable to their needs we’re going to speak to lindsey coocoo it’s the f t’s money mentor she writes lots of the articles for next acts and she’s written a humdinger about
The uk’s growing longevity industry so a huge summit was held in london last week to which members of the longevity industry all attended what is it believe it or not there are already 10 million people in the uk who are expected to live until there are a hundred and while everybody’s been thinking what about care home costs and things like that the opportunity
Of longevity is that if we can change the dynamic so that people can stay in their homes longer if you can get companies to design and invent things and products and services that keep people in their homes then you have people who are they’ve got over 70 s have most of the money they’ve got the money to spend and they can create jobs if you would like to read more
About any of these topics you can go to the f t’s content hub for those in later life ft.com / next act and read all of these pieces we hope to be back with you next month thank you very much
Transcribed from video
FT Next Act: Saving for retirement — how much is enough? By Financial Times
