What would be your (honest) answer to the question “how long could you live off your savings/partners earnings if you no longer had an income?”
Entrepreneurs are notorious for putting their business first whilst forgetting about their personal financial goals and the bigger picture. What happens to them if they cant work due to illness – is there an income protection policy in place? What about when they come to retire?
Did you know that if you save £3,600 gross per annum into a pension for a new-born until they were 18 and then left it to grow? At 60 they could have a pot of nearly £800,000!
Over 3 million couples are living together in the UK but aren’t married. My clients are often surprised that there is no automatic financial protection if things go wrong.
Halifax recently found that 25% of 18-34 year olds are relying on an inheritance to get on the property ladder. With increasing care costs, I feel there could be a lot of disappointed 18-34 year olds out there.
