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Will you still need me, will you still feed me, when I'm 64?

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Many of us will be familiar with the above refrain and recall the music hall tones in which it was sung by Paul McCartney. Many of the generation that first heard that song, 50 years ago, are now likely to be well over 64 themselves, some in their 70s and some possibly in their 80s.

In today's modern world, is there any relevance in the questions that Paul McCartney asked all those years ago? 

My answer to the first question is a resounding “yes”. The state retirement age has increased, for many to age 67 thus being a greater need for older people in employment. However, the answer to the second question is far from unequivocal and may in fact only amount to a slightly worrying “maybe”. As many surveys and reports show, we in the UK are now living longer than we have ever done, life expectancy has increased for both men and women. Better general health awareness, advances in medical science and better healthcare, are all factors which are helping us all to live longer.  As a result of living longer, this increases the need for care for many in their later years. Care has to be paid for from one source or another, which imposes a financial burden on both individuals and the state. Care planning for the state and for the individual is undoubtedly a profoundly difficult and problematic issue to which there are no easy solutions; as someone famously once said, it is not possible to please all of the people all of the time.

Life is dynamic. In evolutionary terms the changes that we have seen in life and society over the last 50 years have taken place in something shorter than the equivalent of the blink of an eye, but the issue of our care in the future is something to which we must all give consideration. Who wants to end up living somewhere they absolutely hate when they are no longer able to care for themselves? My late father-in-law identified his care home many years ago. He chose it because of its beautiful sea view.

I have written about the need to plan for one’s later life before. It is potentially imperative, but like most plans, it is something to be in embraced rather than feared. In order to ensure that you are cared for in the way you wish, give some thought to the following points:-

  Most importantly, think about what you want.

  • Consider how you might plan via estate and succession planning. 
  • Do you have a will? It is important to keep it up to date and to review it regularly.
  • What care will potentially be available to you from the state?
  • What financial services products might assist you?

Birkett long can assist you with most of the above, but most importantly it must be said that giving some thought to the issue is the most crucial factor of all. If you would like to discuss any of the above, please do not hesitate in contacting one of our specialists. I am based at the Basildon office and can be reached on 01268 244151 or