We all want to enjoy a happy and healthy retirement. After all, you’ve earned it. It’s time to relax and do all those things you’ve been hankering after during your working years – travel, spend time with the grandkids and get your handicap down.
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But to do that, two things have to be in place. You’ll need to be fit and have peace of mind over your estate, and those things won’t just happen naturally. You need to take the steps to guarantee it. So what does that entail?
Here we look at what it takes to ensure you make the most of your golden years.
Health
The NHS recommends you eat at least five portions of fruit and vegetables every day and base meals on higher fibre starchy foods like potatoes, bread, rice or pasta. It also says to have some dairy or dairy alternatives (such as soya drinks) and to eat some beans, pulses, fish, eggs, meat and other protein.
You should drink at least six to eight glasses of fluids a day and use unsaturated oils and spreads. Try to avoid regularly having foods and drinks that are high in fat, salt and sugar.
On the exercise front, the NHS says you should aim to do at least 150 minutes of moderate intensity or 75 minutes of vigorous activity a week. Moderate intensity could be brisk walking or riding a bike, while vigorous includes running and swimming. It also recommends strengthening activities that work all the major muscle groups (legs, hips, back, abdomen, chest, shoulders and arms) at least twice a week.
For mental health, NHS guidelines recommend maintaining social engagement, as well as learning new skills and not relying too much on modern technology to maintain relationships.
Legal affairs
There are a number of things you must do to ensure you have total peace of mind over your legal affairs. First up is Power of Attorney.
Failure to have Power of Attorney can leave you exposed in the case of an accident or an illness. Doctors may make your medical decisions without the consent of your loved ones. In some cases, medics won’t administer treatment if there is any risk to you, even if your spouse or children wish them to do so.
It’s also more likely than you might think to be declared incapacitated.
Tony Marchi, principal at ILAWS Scotland, said: “Something as simple as a high temperature can result in you being declared incapacitated and stop you from taking your own decisions. People think Power of Attorney is only for someone with dementia. It’s really not.”
The need for Power of Attorney has been highlighted by health groups. Last year a campaign by NHS Grampian warned: “Granting a Power of Attorney to enable a family member or friend to make decisions for them when they no longer have the mental capacity to do so themselves is as important as making a will.”
But in some cases people leave it too late, thinking it can be granted after they’ve been declared incapacitated.
Tony added: “We’ve had a number of clients recently where their GP has advised them to get Power of Attorney but they’ve left it too late.”
ILAWS can arrange Power of Attorney for you for the low price of 195 + VAT = £234 (plus £87 court and registration fees) when they can cost as much as £900 elsewhere. The firm offers a no-obligation, free consultation. If you decide it’s not for you, then it won’t cost you a penny.
Another often overlooked area is your estate and what happens to it if you go into care.
Staying in a care home can cost as much as £75,000 a year. The threshold for council support with care home fees is having assets of £32,750 or less and worryingly your house can count towards that. That means it can be taken from you to cover costs.
However, the good news is there are legal steps such as a Protected Property Trust (PPT) or Transfer that can mitigate that risk to your assets.
A PPT places your home in a trust which safeguards your property. A Transfer involves legally transferring ownership of your home to someone, such as your child. It is not possible for them to sell while you are in the property. It simply allows you to remain in your own home and prevent it from being counted as ‘an asset’.
However, time is of the essence as PPTs and Transfers cannot be arranged after you’ve gone into care.
Conversation