Five million over-50s looking to make their money work harder
Savers have had it extremely tough over many years now, and yet many still feel uncertain about making the switch to investing. This is largely because people don’t know quite where to start, and they are wary of the risk. However, people need to make their money work harder for them – not just to give them a higher level of income, but also simply to stop their money losing value in real terms.
A common mistake that some investors make is not diversifying their portfolio enough. To make sure investments are spread across different asset classes, it could contain a blend of equities, bonds, cash, property and others (such as commodities and gold) to benefit from their changing investment cycles.
Filling the gap if you lose the capacity to deal with your affairs
There is a distinct possibility that you could lose the capacity to deal with your affairs well before you die. Lasting Powers of Attorney (LPAs) are intended to fill the gap. An LPA is important, and it should be drawn up while you still have full capacity (they are often dealt with at the same time as a Will). Bear in mind that incapacity could be triggered by an accident or a sudden illness, rather than gradual decline.
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