FLIT | Financial Wellness

Author: deirdre@allskills.ie

Elder Intro Lifestage Considerations 06 Frauds Scams and Abuse

We need to be particularly aware of frauds, scams, and financial abuse as we lose some of our original strengths which have seen us through. With the world becoming more digital and fast-moving, we often feel under pressure to complete transactions without having the full information available to us. We are often not offered the privacy or opportunity to review documentation before completing a transaction. It can be very difficult to distinguish between a customer service person who is genuinely busy and rushed versus somebody who doesn't have our best interests at heart and is trying to push us through a transaction. Unfortunately the protections and remediation for frauds and scams in Ireland are quite limited. Hence being aware of the risks ahead of time with good education puts us into a much better position.

05 Jul 26 0 0 0

Author: deirdre@allskills.ie

Elder Intro Lifestage Considerations 05 Savings Investment Pensions

We talk a lot about pensions and planning for pensions during your life but we probably have less knowledge about how to actually enact or draw down a pension and what happens at this stage. Also we may be caught off guard by a bout of illness before it becomes time to call on a pension and this can impact the amount that we are actually able to make. We don't draw down. A bit of forward planning in this area makes all the difference and being aware of tax implications, maybe implications around marriage versus non-marriage in the household, and maybe keep your weather eye on the inheritance situation.

05 Jul 26 0 0 0

Author: deirdre@allskills.ie

Elder Intro Lifestage Considerations 04 Borrowing

This section looks at borrowing in later life: the implications and potential consequences. It's not all bad however. As with all borrowing it needs to be taken on board with a good all-around understanding of what's being committed to and what the longer-term consequences are, both for the person themselves and possibly for the people who are left behind afterwards.

05 Jul 26 0 0 0

Author: deirdre@allskills.ie

Elder Intro Lifestage Considerations 03 Spending

The accepted logic is that spending will reduce in the retirement, pre-retirement, and retirement stages of life. However this is not always the case. It's worth being very aware of spending. It may actually turn out that there is a bubble of additional spending as you prepare your home, your life, and have a last burst of really enjoyable travel at this point.

05 Jul 26 0 0 0

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