Research undertaken by specialist new retirement homes developer McCarthy & Stone among 1,000 retirees across the UK has revealed that, despite worries about the future, nearly half of those interviewed had not discussed their financial future, care and housing needs with their families. Worryingly, 9% of respondents had no idea how they were going to cope in the future - which in the context of the population of over 60s living in the UK, equates to over 1.2million people.
In response, the leading retirement housing provider, which currently offers ten developments of new homes in Scotland, has launched a comprehensive range of financial services products, with the aim of helping people take control of their finances and live later life to the full. This new range of specially tailored products includes pension annuities, equity release, a will writing service and guaranteed funeral plans.
The Pension Annuities Service boasts a skilled team of annuity experts who assess health and lifestyle factors in order to secure a better pension income. This is complemented by an Equity Release Service which provides people with impartial and no nonsense advice about the different ways available to release the value in their home.
McCarthy & Stone has also launched a range of later-life planning services to help with important tasks such as Will Writing and the preparation and registration of a Lasting Power of Attorney and Funeral Planning. Customers can access expert advice along the way, making the tasks less burdensome and providing peace of mind.
Steve Wiseman, Regional Managing Director of McCarthy & Stone, says: "Our research shows many people in Scotland are burying their heads in the sand about how they will cope in the future. We are extremely concerned, but not surprised, that a significant proportion of today's over 60s have no idea how they are going to cope in the future with finance and housing. We are committed and passionate about thinking differently about later life and hence we are introducing a range of new products and services that will make it easier for people to take control of the future and live their lives to the full."