families

The many benefits of learning a musical instrument as an older person

June 9, 2025

The Many Benefits of Learning a Musical Instrument in Later Life

Nick Everything Else families, retirement 0 Comments

I’m slightly off topic today, but it’s a subject I hope will resonate with many readers of this blog (which is, of course, aimed primarily at over-50s).

Have you ever dreamed of strumming a guitar, tickling the ivories or even giving the ukulele a go, but assumed it was too late to start? Think again. Learning to play a musical instrument offers a wide range of benefits at any age, but for older adults it can be especially rewarding.

Whether you’re newly retired with time on your hands or simply looking for a fulfilling hobby, picking up an instrument could be one of the best decisions you make. Here are just some reasons…

1. Boosts Brain Power

One of the most compelling reasons to learn an instrument later in life is the impact it can have on your brain. Playing music engages both hemispheres of the brain, stimulating areas linked to memory, attention, coordination and problem-solving.

Research suggests that music can help delay cognitive decline and even reduce the risk of conditions such as dementia. In other words, it’s not just fun – it’s a workout for your brain as well.

2. Improves Mental Well-being

Making music is a proven stress-buster. It encourages mindfulness, takes your mind off worries, and creates a sense of achievement. For many older adults, especially those navigating major life changes like retirement or bereavement, playing an instrument can offer comfort, purpose and emotional expression.

Even just twenty minutes of playing a day can lower levels of cortisol (the stress hormone) and lift your mood.

3. Enhances Social Connections

Music has a magical way of bringing people together. Joining a local choir, ensemble or jam session can help reduce feelings of isolation and forge new friendships. Many communities across the UK offer beginner music groups for adults – often with a focus on having fun rather than achieving perfection.

And in this digital age, it’s easier than ever to connect with fellow learners online or via apps such as YouTube, Yousician or Simply Piano.

4. It’s Never Been Easier (or Cheaper) to Get Started

You don’t need a Steinway or a Fender to begin. Many beginner-friendly instruments – like the ukulele, recorder, harmonica or keyboard – are available from under £30. Online tutorials abound, and you’ll find countless free or low-cost courses through adult education providers, community centres or your local U3A (University of the Third Age).

Libraries and music shops may also offer affordable rental options if you’re not ready to commit to buying. And community groups often have spare instruments they may be willing to lend to newbies who aren’t yet sure if this will suit them or not.

5. Physical Benefits Too

Certain instruments improve hand-eye coordination, finger strength and dexterity. Wind instruments like the clarinet or flute can also help with breath control, posture and lung function – especially beneficial for older adults.

Even setting aside time to practise regularly adds structure and movement to your daily routine, and can provide a subtle yet valuable boost to your physical activity level.

6. A Hobby That Grows With You

Unlike some pastimes, music evolves with you. Whether you’re playing nursery rhymes for your grandchildren or tackling a Chopin prelude, there’s always something new to learn. And because you can practise solo, with a partner or in a group, it’s an incredibly flexible and life-long hobby.

Five Easy Instruments to Start With

If you’re unsure where to begin, here are some popular beginner-friendly options that are perfect for older adults:

🎸 Ukulele – Lightweight, inexpensive, and easy on the fingers. Great for singalongs.
🎹 Keyboard – Perfect for learning piano basics with built-in rhythms and tutorials.
🎼 Recorder – A simple wind instrument ideal for learning to read music and control breath.
🪗 Harmonica – Pocket-sized and portable with bluesy charm.
🪕 Digital drum pad – A fun way to explore rhythm without needing a full drum kit.

Click through any of the links above (sponsored) for searches on Amazon UK for the instrument in question.

My Experience

As regular PAS readers will know, I have been a member of my local U3A for a couple of years now. When I saw they were starting a ukulele group for beginners, I decided to give it a try.

I approached the first session with considerable trepidation. I’ve always enjoyed listening to music but don’t come from a musical family. The last time I had attempted to play any instrument was the recorder at school, and it’s safe to say I didn’t display any natural aptitude for it. Initially, then, I felt well out of my comfort zone.

Very soon, however, I started to enjoy some of the benefits mentioned above. My U3A group is friendly and supportive, and we are fortunate to have an excellent (volunteer) tutor to guide us. One advantage of the ukulele is that it is actually quite easy to learn a few basic chords, and once you can do that there are literally hundreds of songs you can play. Of course, getting good on the ukulele (or any instrument) takes time and practice. But you can still have a lot of fun even if you’re not quite ready for Britain’s Got Talent!

As someone living on their own, I have also very much appreciated the social element of my ukulele group. We meet one morning a week, and I have to say it’s a highlight of my weekly schedule. As well as playing and tuition (last week we had a workshop on how to change the strings of a ukulele), there’s always time for a chat over coffee and biscuits at our mid-session break. I count several members of the group as good personal friends now.

As mentioned above, there are lots of online videos and other resources you can use to help learn an instrument. But I do highly recommend joining a group as well (or at least working with a teacher or partner). This makes learning more enjoyable and can help maintain your enthusiasm. Tutors or more experienced members may also be able to answer any questions you have and provide feedback on your playing, including any mistakes you are making. It is certainly possible to learn an instrument on your own, but in my opinion it is significantly harder and requires a lot of self-discipline.

Final Thoughts

Age should never be a barrier to creativity. In fact, many older adults find that with less time pressure and a more relaxed mindset, learning an instrument becomes a very enjoyable aspect of their lives.

So if you’ve ever fancied yourself as a secret rock star, jazz pianist or classical flautist – it’s time to stop dreaming and start playing.

The only question is: what instrument will you choose?

Have you taken up an instrument later in life? Let me know in the comments below and/or share any of your own tips for beginners!

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Why a Financial Order is Essential on Your Divorce

May 14, 2025

Guest Post: Why a Financial Remedy Order is Essential on Your Divorce

Nick Making Money events, families 0 Comments

Today I’m sharing a guest article on a subject nobody likes to think about, but one that could be crucial to ensuring your financial security in later life..

Sadly, growing numbers of older people are seeing their marriages break down and having to undergo the painful process of divorce. Even if relatively amicable, this is likely to be stressful and emotionally exhausting. And – even worse – any mistakes you make now can have serious consequences for your finances, both now and into the future.

My guest today, Victoria Fellows, a partner and head of family at the Birmingham office of HCR Law, knows this very well. And she has some important advice for anyone who may find themselves in this situation.

Over to Victoria then…

Divorce rates among individuals aged 50 and over – often referred to as ‘silver splitters’ – have been on the rise in the UK over recent decades, with the number of over-60s legally separating doubling since the 1990’s. This trend contrasts with the decline in divorce rates across younger age groups. It can be put down to various factors, such as longer life expectancy, empty nest syndrome and the increasing numbers of financially independent women who are able to support themselves outside marriage.

At the end of 2024, the Law Commission published a scoping report on financial remedies on divorce. This indicated that 60% of the couples who divorced in 2023 had not properly dealt with their finances upon divorce, sometimes thinking it was not worth obtaining an order from the court as they believed they had no assets justifying the expense of formally separating their finances.

So while these couples are now divorced, both parties remain vulnerable to a financial claim application from their former spouse at any point until they remarry or die. The case of Vince v Wyatt illustrated why this was a mistake. The parties had nothing when they divorced and did not bother to get a clean break order. Post separation, Mr Vince became a multi-millionaire through his own business activities. Mrs Wyatt was allowed to bring financial claims against him 20 years after the divorce, resulting in a significant financial award being made in her favour.

Resolving financial issues during a divorce is therefore crucial for both immediate stability and long-term security. This is especially true for silver splitters undergoing ‘grey divorce’ – another term referring to divorces in later life. Unlike their younger counterparts, they will not have years of working life ahead of them to build up savings or pensions. It is therefore crucial that the marital assets are divided fairly to help ensure that both spouses have financial security during their retirement. There is also the possibility that in their fifties or sixties, one spouse will come into a substantial inheritance post-divorce which, without a financial remedy order, the former spouse could make a claim on in the future.

So What Do Financial Agreements Look Like?

As a result of being married, both parties have a number of financial claims that they can make against each other. The orders that a court can make are as follows:

Orders for maintenance pending suit (‘interim’ spousal maintenance)
Periodical payments orders (spousal maintenance for joint lives, specific term and/or a nominal amount)
Lump sum orders
Property adjustment orders
Pension sharing orders

In deciding whether to make any of the above orders, the court must consider all the circumstances. These will include:

a) The income, earning capacity, property and other financial resources of each party or what they are likely to have in the foreseeable future, including any increase in that earning capacity.

b) The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future.

c) The standard of living enjoyed by the parties before the breakdown of the marriage.

d) The age of each party to the marriage and duration of the marriage.

e) Any physical or mental disability of either party to the marriage.

f) The contributions which either of the parties have made or are likely to make in the foreseeable future to the welfare of the family, including any contribution by looking after the home or caring for the family.

In every case the court also has to consider whether a ‘clean break’ is appropriate. A clean break is where the parties’ finances are arranged to allow them to separate without any further financial responsibility for each other. While the court must give consideration to this, it does not mean that there can or should be a clean break in every case. This will necessarily depend upon the other factors involved.

How Are Agreements Reached?

There are a number of ways in which financial matters can be resolved:

Discussions directly between the parties if they are able to discuss and agree a financial settlement that both of them are comfortable with.
Mediation where both parties try to reach agreement between themselves with the assistance of a trained mediator.
Negotiation through solicitors. Each party can appoint a solicitor to negotiate on their behalf. This approach is suitable for complex financial situations or when mediation isn’t appropriate.
Other forms of dispute resolution. Arbitration and collaborative law are further alternatives. Arbitration is effectively a ‘private’ process that largely mirrors court proceedings but where the parties have more control in particular in respect of timescales. Collaborative law is a separate process which may only be suitable in certain circumstances. Each person appoints their own collaboratively trained lawyer and both parties and their lawyers meet together to work things out face to face.
Financial remedy proceedings. If all other options fail, it may be necessary for formal court proceedings to be issued to resolve financial matters. An application for financial remedy can only be commenced after a Divorce Petition has been filed with the court. The proceedings usually involve attending court on three occasions. If financial settlement is not agreed at either of the initial two hearings, or in between them, then a final hearing will be listed at which the Judge after hearing evidence makes a decision that is binding on the parties. This would be the most cost-prohibitive option and can end with resolution of financial matters being taken entirely out of the parties’ hands.

Top Tips to Make the Process Easier

Seek professional advice as soon as possible. Consult with financial advisors and solicitors who are experienced in later-life divorce and can help navigate complex financial issues and ensure a fair settlement is not only reached but also incorporated into an order to be approved by the court.

Enter into full financial disclosure to ensure that all assets are disclosed and taken into consideration when looking at overall settlements that plan for short- and long-term financial security. This will take time, so start sorting out your paperwork early. This is likely to include bank statements, pension records and documents relating to any other investments you might have, e.g. premium bonds, stocks and shares, rental income, and so on.

Remember to consider wills and estate planning as divorce does not automatically revoke a will. It’s crucial to update wills to reflect new circumstances and ensure assets are distributed according to current wishes.

Divorcing later in life presents unique challenges, but with careful planning and professional guidance, it is possible to navigate the process and achieve a fair and secure financial settlement.

Victoria Fellows (pictured, below) is a partner and the head of the family team of the Birmingham office of HCR Law.

Many thanks to Victoria and her colleagues at HCR Law for an eye-opening article on this important topic. If you are unfortunate enough to find yourself in this situation, devoting some attention to financial planning now can potentially save you and your family a lot of grief in the future.

As always, if you have any comments or queries about this article, please do leave them below.

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April 23, 2025

Guest Post: Why Has My Bank Abandoned Me?

Nick Everything Else guest post, families 0 Comments

Today I am sharing something a bit different – an opinion piece by a fellow writer who asks to be known as SD.

In her article, SD expresses her frustration with banks who no longer seem to care about their customers, especially the older ones. I guess this is something many Pounds and Sense readers may be able to relate to.

Over to SD, then…

I just read in the news about yet another banking app outage – this time, with serious consequences. Salaries were delayed, house moves disrupted, and critical money transfers put on hold. Everything ground to a halt, with no clear resolution in sight. And it got me thinking – if AI is so advanced, why can’t it fix outages like this?

Paying bills was stalled, and customers were understandably frustrated. These outages seem to be happening far too often. Yes, it’s 2025, but are our banking systems really ready for a fully digital future?

Not long ago, I was a customer of a high street bank. After years of in-person banking, staff encouraged me to “go digital” and use their app. I was reluctant. As someone who experiences anxiety and panic attacks, I find complex IT systems overwhelming. I’m over 57 – I wasn’t raised in the digital age.

Despite me sharing my concerns, the bank staff didn’t really listen. A sign on the wall said “Not all disabilities are visible”, yet this clearly didn’t apply to me. My local branch, which was always busy, was shut down – ATM and all. Another nearby branch followed suit. There was one left five miles away, but eventually even that became digital only.

When I visited and explained my situation, I was told bluntly that I couldn’t be helped – there were no counters any more. I didn’t need anything complicated. Just a basic, face-to-face banking service. Instead, I was simply dismissed. Invisible disabilities, it seems, were invisible to them too.

So I closed my account and went to another high street bank – only to be met with more unwelcome change. Gone was the polished wood floor and staffed counters. In their place: low, foam seats and whiteboards hiding the old counter space. It felt less like a bank and more like a waiting room.

These trendy seating areas? Not great if you’re elderly or disabled.

Still, I figured sitting here was better than trying to deal with a chatbot. Banks think chatbots are a great innovation, but they’re not yet smart enough to help with specific, real-world banking issues. I’ve tried. It’s frustrating. And I thought AI was supposed to solve problems?

There were only three staff members at the new branch, all run off their feet. When I asked about opening a new account, I was told I needed a smartphone. I declined and walked out.

If they still had real counters and six staff members, people might not mind standing in line. They’d actually get served.

Which brings me back to banking app outages – again. They’re frequent, disruptive, and a growing source of frustration. Yet I was told digital banking was “the future” and that I’d be left behind if I didn’t.

Tell that to the millions of customers now stuck in this digital mess. It’s a financial farce.

Call me a tech dinosaur, but I truly believe shutting down mass branches was one of the worst decisions banks ever made. Staff lost jobs. Customers lost peace of mind.

It all worked just fine – until the banks decided to “modernize”.

Yes, a few banking hubs have popped up. But most town-centre branches now sit empty, derelict, and forgotten. It’s a sad waste of once-useful community spaces.

Many thanks to SD for a thought-provoking (and clearly heart-felt) article.

I do agree that the so-called digital revolution has made life harder for many older people and those with disabilities. Yes, some have taken to banking apps and online banking without major issues. I have a friend in his eighties to whom I had to give a crash course after his wife (who previously handled all their finances) passed away. Despite my concerns he soon got the hang of it and uses his bank’s app like a professional now.

But plenty of older people do struggle, especially with apps and complicated online security systems. And clearly it doesn’t help if your memory and eyesight aren’t as good as they once were. I can understand why so many older folk yearn for times gone by, when you could speak to a real-life individual and they would help you with whatever issues you might be having.

But what do YOU think? Have the banks really abandoned older customers, or do we just need to accept change and “get with the programme”? I’d love to hear your views and experiences, as would SD!

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April 17, 2025

Tow Like a Pro – Caravan Safety Tips From the Experts

Nick Everything Else families, motoring, holidays, travel, insurance 0 Comments

The weather is warming up at last. And that means many Brits will be planning a trip with a caravan, in some cases for the first time.

So today I’m sharing some top tips to ensure you (and your caravan) stay safe and reach your destination without any dramas. This post has been written in association with my friends at Compass, who are specialists in caravan and leisure insurance

As staycations continue to boom across the UK, more and more drivers are taking to the roads with caravans in tow. But with this rise in travel comes a sharp reminder: towing a caravan can be tricky, especially for the inexperienced.

According to recent claims data from Compass, a whopping 60.5% of touring caravan insurance claims are due to accidental damage. With the Easter holidays almost here and thousands of caravan enthusiasts preparing for trips, taking precautions on the road is more important than ever.

The Most Common Causes of Accidental Damage

Accidents often occur during reversing, navigating tight spots, or colliding with stationary objects like posts and curbs. Kevin Minnear, Head of Underwriting at Compass, explains:

“Accidental damage claims typically arise from drivers struggling with visibility and alignment when reversing. Misjudging turn angles or road positioning can result in costly repairs. Swaying at high speeds or during windy conditions is also a major factor, particularly for less experienced drivers.”

Caravan sites, service stations, and even parking areas can become challenging environments for manoeuvring, especially without prior practice or the right equipment.

Top Towing Tips to Help Prevent Accidents

To help you stay safe and avoid unnecessary claims, Compass shares these essential towing safety tips:

Check your towing match: Make sure your vehicle is suitable for towing your caravan. A good rule of thumb is the 85% rule – your caravan’s laden weight should not exceed 85% of your car’s kerb weight.
Distribute weight wisely: Keep heavy items low and close to the axle to maintain balance and reduce the risk of swaying.
Practice makes perfect: Reversing and manoeuvring can be difficult – especially under pressure. Practice in a quiet, open space and consider using a spotter or installing a reversing camera.
Adjust your driving: Towing affects acceleration, braking, and cornering. Drive at moderate speeds, allow for longer stopping distances, and watch out for crosswinds.
Run pre-journey checks: Check tyre pressures, lights, towing connections, wheel nuts, and mirrors before every trip.
Know the law: Ensure you have the correct driving licence and stick to legal speed limits: 60 mph on motorways and dual carriageways, and 50 mph on single carriageways.

Insurance and Training Matter

With accidental damage such a common issue, having the right insurance is crucial. Caravan insurance is separate from car insurance and is necessary to cover damages specific to your caravan.

Minnear adds:

“Many caravan accidents are avoidable with the right precautions. We encourage all caravan owners to familiarize themselves with safe towing practices and ensure their insurance covers what they need. DVSA-accredited towing courses are a great way to build confidence – and some insurers even offer discounts to those who complete them.”

As more Brits embrace caravanning, being informed and prepared is key – not only for protecting your caravan but also for ensuring your family’s safety and that of others on the road.

For more information about specialist caravan and leisure insurance, visit compass.co.uk.

Many thanks again to my friends at Compass for their assistance with this article. If you’re holidaying in a caravan this Easter – or later in the summer – I do hope your journey is both safe and enjoyable.

Happy caravanning!

As always, if you have any comments or questions about this article, please do leave them below.

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March 15, 2025

From Saving to Spending: The Retirement Mindset Shift

Nick Pensions & Benefits, Saving Money benefits, retirement, families, shopping 2 Comments

Today I’m looking at a subject that may affect many readers of this blog who have recently (or not so recently) retired. It’s certainly a concern that I’ve faced myself (discussed later in the article).

For decades, many of us save diligently for retirement, carefully managing our finances to ensure what we hope will be a comfortable future. But once we finally reach retirement, a surprising challenge can emerge: shifting from a saving mentality to a spending one.

This transition can be difficult, even stressful, leading to problems such as excessive frugality, missed opportunities for enjoyment and unnecessary financial anxiety. Understanding why this happens – and how to navigate it – can help retirees make the most of their ‘golden years’.

Why Can it be Hard to Spend in Retirement?

For most of our working lives, we are conditioned to save for the future. The importance of building a pension pot, maximizing savings and preparing for the unexpected is constantly emphasized. Over time, this mindset becomes deeply ingrained, making it hard to reverse once retirement begins.

Here are some key reasons why many retirees struggle with spending…

Fear of Running Out of Money – With no regular salary coming in, retirees often worry that their savings won’t last. This fear can be worsened by rising living costs, potential healthcare expenses, and uncertainty about how long they will need their money to last.

A Lifetime Habit of Frugality – Many people have spent decades budgeting carefully, avoiding unnecessary expenses and prioritizing financial security. Suddenly being told it’s ‘okay’ to start spending feels unnatural, even reckless.

Uncertainty About the Future – Unlike a working salary, which can be replenished, a pension pot or savings account feels (and generally is) finite. Economic uncertainty, stock market fluctuations and potential care costs make it difficult for retirees to gauge how much they can safely spend.

The Problems of Excessive Frugality

While being cautious with money is clearly advisable, being overly frugal can unnecessarily reduce quality of life. Some retirees deny themselves experiences, comforts and even essentials because they feel they ‘shouldn’t’ spend. Here are some reasons why this can be problematic…

Missed Opportunities – Retirement is meant to be enjoyed, yet some people avoid holidays, hobbies or social outings because they fear dipping into their savings.

Health and Well-being Risks – Reluctance to spend on home improvements, heating or even nutritious food can have serious consequences for health and safety.

Unnecessary Financial Stress – Constantly worrying about money can take a toll on our mental well-being, even when there are sufficient funds available.

Regret Later in Life – Some realize too late that they were overly cautious and could have enjoyed their retirement more. By the time they feel comfortable spending, they may no longer be fit and healthy enough to do so.

How to Develop a Healthy Spending Mindset

Making the shift from saver to spender requires a conscious effort, but is possible with the right approach. Here are some suggested guidelines to embrace the opportunities presented by retirement whilst still maintaining financial security…

Create a Retirement Spending Plan
Just as saving required a strategy, so too does spending. Work out a realistic budget that includes essentials, discretionary spending and an emergency fund. This can provide reassurance that spending on enjoyment is both affordable and sustainable.

Think of Your Savings as a Paycheque
Rather than seeing savings as a lump sum to be preserved, treat it like an income stream. Regular withdrawals – whether from a pension or other savings – can make spending feel more structured and less daunting.

Prioritize Experiences
Research shows that spending money on experiences rather than possessions leads to greater happiness. Travel, hobbies and social activities can provide fulfilment while keeping finances under control.

Reframe Money as a Tool for Happiness
Rather than viewing savings as something to hoard, retirees can shift their perspective to see money as a resource for a fulfilling and comfortable life. This change in mindset can help ease spending anxieties.

Consider Gradual Adjustments
If spending feels uncomfortable, starting small can help. For example, try increasing your leisure budget gradually or treating yourself to one extra luxury per month. Over time, this can help you feel more at ease with enjoying your wealth.

Take Financial Advice
A professional financial adviser can help retirees feel confident about how much they can afford to spend while ensuring their money lasts. Regular reviews of pensions and investments can provide reassurance (see My Experience, below).

Give Yourself Permission to Enjoy the Rewards of Saving
Remember why you saved in the first place – to have security and enjoyment in later life. A balanced approach ensures financial stability while allowing for a fulfilling retirement.

My Experience

I have been officially retired for several years now. I still do a bit of freelance work (and run this blog) but my freelance income has tapered off. I am fortunate to have some savings and investments, the bulk of which I acquired through inheritances (though some from money I saved over the years).

As regular readers will know, although I’m a money blogger with a particular interest in such matters, I do have a personal financial adviser myself (I talked about this a while ago in this article). His name is Mike, and in my recent annual review he gently suggested that I could afford to withdraw a bit more from my investments. Essentially, he told me that I wasn’t getting any younger (I’m 70 this year) and there would be no benefit to dying with a lot of money left in my account. In some ways I found this advice encouraging, in others a bit depressing!

I do accept the gist of Mike’s advice, though. Even though I’m basically in good health, none of us knows what the future may hold. So I have promised Mike that I will think about what he has said and consider whether to draw more from my investments, while still leaving enough to cover my possible health and care needs in future. Of course, without a functioning crystal ball this isn’t an easy task, especially with the very high cost of care in the UK. But it’s important to take a balanced view and ensure you aren’t depriving yourself unnecessarily now whilst still retaining sufficient funds in case circumstances change in future.

Closing Thoughts

As I said at the start, the shift from saving to spending can be one of the biggest psychological adjustments in retirement.

Retirement is meant to be enjoyed, but many retirees find themselves trapped in a frugality mindset that stops them fully embracing the opportunities presented by this stage of life.

While financial prudence is important, excessive caution can lead to missed opportunities and unnecessary sacrifice. By shifting perspectives, planning carefully and embracing the idea that money is there to be used and enjoyed, retirees can – hopefully – strike a balance between financial security and enjoying their hard-earned wealth.

As ever, I’d love to hear any views (or tips) from readers about walking the tightrope between preserving your savings and making the most of life while you can.

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February 14, 2025

Guest Post: Marriage in Later Life: A Guide to the Financial and Legal Implications

Nick Everything Else guest post, families 2 Comments

This Valentine’s Day I’m pleased to bring you a guest article on a subject that I know will resonate with many readers of this blog.

Finding love in later life is clearly to be celebrated. But there are potential pitfalls as well, especially if you’ve been married before and/or have children from previous relationships. Mistakes made now can have costly – and stressful – consequences for you and your family further down the line.

My guest today, Victoria Fellows, a partner and head of family at the Birmingham office of HCR Law, knows this all too well. And she has some excellent advice for anyone who may be contemplating tying the knot (again) in their later years.

Over to Victoria then…

More adults are remarrying in later life than ever according to the Office of National Statistics, and it could be a smart financial move as much as a romantic one.

Marriage is an important decision at any stage of life, but when it comes to later-life marriages, the financial and legal implications take on an added level of significance which can include both benefits and challenges. This is especially likely if you have been married before (which accounts for most marriages among over 50s) or have children from previous relationships.

One of the primary concerns when entering a later marriage is protecting your children’s and/or extended family’s inheritance rights. In the absence of proper planning, a surviving spouse may inherit a significant portion of the estate, potentially diminishing what your children from earlier relationships would receive. This can lead to complicated family dynamics, particularly if your surviving spouse chooses to remarry or if your children feel their inheritance has been unfairly diminished.

There may also be inheritance tax (IHT) issues if the combining of assets pushes the estate value above the inheritance tax threshold, creating additional financial burdens for children who inherit.

So how can assets be protected to provide reassurance to the happy couple and their families?

Pre-Nuptial and Post-Nuptial Agreements

In addition to thinking about what happens to your wealth when you die, it’s also worth giving some thought to what might happen if you separate.

A pre-nuptial agreement is a legal contract entered into before marriage that sets out how assets will be divided in the event of divorce or death. While pre-nuptial agreements are not legally binding in England and Wales, they can be persuasive if challenged in court, particularly if both parties entered into the agreement voluntarily and with full disclosure of assets. In later-life marriages, a pre-nup can be used to protect children’s inheritance rights by ensuring that assets accumulated before the marriage remain separate and are passed down to children.

A post-nuptial agreement can serve a similar purpose but is created after the marriage has taken place. Although UK courts are not legally obliged to uphold these agreements, post-nups can still be considered, especially if they are seen as fair, transparent, and made with legal advice.

It can be an awkward subject to raise, but nuptial agreements simply set out what a financial agreement would look like were you to separate and allow you to ring-fence any assets that one or both of you are bringing to the marriage. Often we find that our older clients feel more confident about getting married once they have raised the issue of a pre-nup with their partner because it provides both parties (and their wider families) with clarification on what would happen if they were to separate further down the line.

Wills and Trusts

Creating or updating a will is crucial to ensure that assets are distributed according to your wishes after your death. For individuals in later-life marriages, it’s vital to establish clear provisions that reflect your intent to protect children’s inheritance, ensuring that your assets are passed to your own children and grandchildren not your new spouse’s family. A well-drafted will can explicitly set out which assets should go to children from previous relationships and can address potential challenges from a surviving spouse.

Many people are unaware that when they marry a previous will is likely to become null and void. Therefore, if you pass away without making a new will, the law will decide how your assets are distributed, which may not reflect your wishes or the needs of your loved ones.

In addition to creating or updating a will, you can consider a life interest trust which could upon your death give your surviving spouse the right to an income for the rest of their life, at which point the remaining capital would be passed to your children. This will prevent the entire estate passing to a surviving spouse for them to pass on at their discretion, which may or may not include your children.

Joint Ownership and Beneficiary Designations

When it comes to property you should carefully consider whether joint ownership or beneficiary designations will achieve your asset protection goals. In the case of joint ownership, you can hold property as tenants-in-common, which ensures that you each own a specific share of the property. This is important because, upon the death of one spouse, their share will be passed on according to their will or trust, rather than automatically going to the surviving spouse.

Beneficiary designations on life insurance policies, pensions, and retirement savings plans should also be reviewed. In the UK, these designations take precedence over what is written in a will, meaning that you can directly allocate these assets to your children rather than your surviving spouse.

Pensions

If you have any ‘defined benefit’ (final salary) pensions, they will likely pay a portion of your income to your spouse when you die, so it’s important you update them to let them know of a new spouse.

Meanwhile any money that remains in ‘defined contribution’ pensions, such as stakeholder pensions or self-invested personal pensions (SIPPs) can be passed on when you die to your chosen loved ones.

You can tell your provider/s whom you would like to inherit your pension by completing an expression of wishes form.

Conclusion

Marriage in later life presents unique financial and legal considerations, especially when it comes to protecting assets for children from previous relationships. It’s essential to have open, honest communication with both your spouse and your children. Discussing your intentions, explaining why you are making certain decisions, and addressing any concerns upfront can help to avoid potential conflicts down the road.

With careful estate planning, the use of legal tools like pre-nuptial agreements, wills, trusts, and tax strategies, you can safeguard your wealth and ensure that your assets are passed down according to your wishes. By taking these steps, later-life marriages can be both emotionally fulfilling and financially secure, providing peace of mind for you your spouse and their families.

Victoria Fellows (pictured, below) is a partner and head of family in the Birmingham office of HCR Law.

Many thanks to Victoria and her colleagues at HCR Law for an eye-opening article on this important topic. It may not be particularly romantic but devoting a little attention to these matters now can potentially save you and your heirs a lot of grief in the future.

As always, if you have any comments or queries about this article, please do leave them below.

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February 5, 2025

Guest Post: Debunking Common Myths About Over 50 Life Insurance

Nick Everything Else retirement, families, guest post, insurance 0 Comments

For those of us who pride ourselves on family and caring for the ones we love, life insurance can be a very helpful safety net to have. Whether you want to leave behind a nest egg or just help them cover funeral expenses, taking out a policy can give you peace of mind that your loved ones will be looked after when you’re gone.

But unfortunately, life insurance is often surrounded by myths and misconceptions that can cause a lot of confusion when it comes to choosing a policy.

So in this post I’ve teamed up with British Seniors, Over 50 Life Insurance specialists, to take a look at the truth behind these common assumptions. Below, we’ll debunk some of the myths around Over 50 Life Insurance, so you can take pride in making an informed decision for your family.

Myth 1: “I’m Too Old to Get Life Insurance”

One of the most common myths is that people of a certain age can’t get life insurance. Many people assume that insurers won’t cover them if they’re over a certain age. In reality, Over 50 Life Insurance policies are designed to be taken out later in life. With British Seniors, you’re guaranteed acceptance for an Over 50 Life Insurance policy if you’re a UK resident aged 50 to 80. Better yet, there’s no need for medicals, blood tests, or complicated forms – you can get your policy sorted out over the phone.

Myth 2: “Life Insurance Is Too Expensive for Seniors”

Another common misconception is that life insurance becomes too expensive as you get older. While it is true that premiums are cheaper when you’re younger, many Over 50 Life Insurance policies are built to be affordable. When you take out a policy with British Seniors, you have control over your future payments with a fixed benefit amount or you can add the Increasing Benefit Option. With a fixed benefit amount, your monthly payments will stay the same for the duration of your policy. With the Increasing Benefit Option, to help keep up with the effects of inflation, your benefit amount and monthly premium will increase annually.

Myth 3: “I Don’t Need Over 50 Life Insurance Because I’m Debt-Free”

While being debt-free is a fantastic achievement, life insurance can be used for so much more than just debt. Many people take out life insurance to cover funeral costs, leaving their loved ones free from financial burdens during a difficult time. You could also leave your benefit amount as a nest egg for your family, so they can have some extra financial security. So, even if debts are no longer a concern, a life insurance policy can still offer some peace of mind and support for your loved ones.

Myth 4: “I Have Savings, So I Don’t Need Insurance”

While consistent saving is a great way to prepare for the future, even a substantial nest egg can be subject to risks where life insurance is not. Nobody knows what tomorrow will bring, and the reality is that many of us will end up needing our rainy-day savings for unforeseen expenses, like medical emergencies, home repair, loss of income, or simple day to day life as the cost-of-living increases. With an Over 50 Life Insurance policy in place, you have something of a financial safety net, so no matter what your savings look like down the line you can still count on your benefit amount.

Myth 5: “Life Insurance Payouts Are Taxed”

Many people worry that the payout from their life insurance policy will be heavily taxed, reducing its value for your family. The truth, however, is that life insurance payouts are usually exempt from income tax. Having said this, it’s important to note that your policy could be counted towards the overall value of an estate for inheritance tax purposes. Setting up your policy in a trust can help with this, by seeing to it that your loved ones receive their payout untaxed.

Myth 6: “I Can’t Get Life Insurance Due To A Medical Condition”

Another common myth is that having a medical condition makes it impossible to secure Over 50 Life Insurance. While this could be true of some policies that involve health assessments or medicals, some insurers offer guaranteed acceptance if you meet the criteria. With British Seniors, you’re guaranteed acceptance if you’re a UK resident aged 50 to 80. That means no medicals or blood tests are needed.

Myth 7: “I Can’t Leave Anything Significant to My Family”

While it’s true that the payout from an Over 50 policy may not be as large as those from other types of life insurance, the payout can still make a significant difference. You could secure enough to cover funeral costs, unpaid bills, or even to leave as a monetary gift. Having a policy in place also goes beyond financial value, as it can be a lovely gesture that tells your loved ones you care about them and their future.

Conclusion

In short, life insurance is not as complicated as it might seem – and being over the age of 50 doesn’t mean it’s too late to get covered. With these common myths busted, we hope that you feel more confident when it comes to planning for the future. Now you can make an informed choice for your loved ones and feel proud that you’ve looked out for them. If you’d like more information on British Seniors Over 50 Life Insurance, reach out to their trusted, UK-based advisors today and you’ll get a free quote with no strings attached.

Many thanks to my friends at British Seniors Over 50 Life Insurance for their assistance in compiling this article. As always, if you have any comments or queries, please do leave them below.

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January 9, 2025

Guest Post: Dos and Don’ts for Divorce in 2025

Nick Everything Else events, guest post, families 1 Comment

My guest post today concerns a subject none of us wants to think about, but one that can have huge financial (and other) ramifications, especially if not handled well.

Traditionally divorce lawyers see a peak in enquiries in January. Indeed, the first Monday in January is sometimes known as ‘Divorce Day’. This uptick may be partly to do with people putting off taking action till after the festive season is over. Nevertheless, divorce is undoubtedly a matter on the minds of many people at this time of year.

If – sadly – you find yourself in this position, my guest today, Simon Bassett, head of the family team at RWK Goodman, has put together some Dos and Don’ts to help ensure the process goes as smoothly as possible for you.

Over to Simon, then…

Dos and Don’ts for Divorce in 2025

Dos

Focus on your long-term goal – your happiness and the children’s happiness.
Build a support network – divorce can be a daunting process so build a support network of trusted family members and friends and consider using a therapist or divorce coach – we find that our clients who have good support make better decisions and are less likely to procrastinate.
Choose your solicitor carefully – like any working relationship, you need find someone you can work with and build a rapport with. Seek recommendations from friends and colleagues and if the fit doesn’t feel right, find another.
Try and keep the divorce amicable and out of court by using non-court methods such as mediation. Not only will this be better for your children and your own emotional health, it will also save you money in legal fees and speed up the process.
Sort out your paperwork – if you have your finances in order, e.g. details of all your expenditure, income and pensions, this will save you masses in divorce fees.
Be grateful for what you had – the end of a relationship should not be viewed as a failure. Some relationships simply run their course, so be grateful for what you had, e.g. there were many years of good times, and what the marriage produced, the children.

Don’ts

If you are certain your marriage has come to an end, don’t delay taking action. Things may get messy, but they will get better!
Look back and obsess about what went wrong.
Compare your divorce to other people’s – every divorce is different.
Don’t ignore your solicitor – if they recommend something, it will be based on many years’ experience and the advice will be specific to you and designed to achieve the best possible outcome.
Don’t email your solicitor every time you have a heated exchange with your ex!
Don’t be greedy – the courts take a very dim view of people who exaggerate what they may need post-divorce.
No matter how tiresome your ex is, don’t ever be negative about him/her in front of the children. Remember that you are your children’s role model.

Simon Bassett is the head of the family team at RWK Goodman and has over 30 years’ experience advising clients on divorce and other family law issues.

Many thanks to Simon for his valuable advice. Although I’ve not been in this situation myself, I have friends and relatives who have. From what I have seen, the process is far less stressful for all concerned if matters can be conducted in a civilized – and even amicable – way.

You can contact Simon and his colleagues at RWK Goodman via their website. They have offices in London, Bath, Oxford, Swindon, Bristol, Marlborough and Thame.

As always, if you have any comments or queries about this post, please do leave them below.

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December 30, 2024

Stay Healthy This Winter: The Best Supplements for Cold and Flu Season

Nick Everything Else events, health, families 0 Comments

Right now – as you can see on the official UKHSA website – flu and other respiratory viruses (though not Covid) are soaring.

Of course, winter often brings a surge in colds, flu and other seasonal illnesses. But while not unexpected, these infections can be a nuisance at least. And – in the case of older people especially – they can sometimes be life-threatening.

While a balanced diet, regular exercise and adequate sleep remain the cornerstones of good health, certain supplements can provide an extra layer of protection. Here’s a guide to the best supplements to support your immune system during the colder months.

1. Vitamin D

Why it’s essential: With limited sunlight during UK winters, many people experience a drop in their vitamin D levels. This nutrient plays a crucial role in immune function and helps reduce the risk of respiratory infections.

How to take it: Public Health England recommends everyone consider a daily supplement of 10 micrograms (400 IU) of vitamin D during the autumn and winter months. Higher doses may be necessary for those with deficiencies, but consult a healthcare professional first.

2. Vitamin C

Why it’s essential: Vitamin C is known for its immune-boosting properties and its ability to reduce the duration and severity of colds. It’s also a powerful antioxidant that helps protect cells from damage.

How to take it: A daily dose of 500–1,000 mg is generally safe for most people. You can also pair supplementation with dietary sources like oranges, kiwi fruit and bell peppers.

3. Zinc

Why it’s essential: Zinc is vital for immune cell function and has been shown to shorten the duration of cold symptoms when taken early. It also helps your body fight off viruses more effectively.

How to take it: Lozenges containing 10–15 mg of zinc can be taken at the onset of a cold. Long-term supplementation should not exceed 25 mg daily unless advised by a healthcare professional.

4. Probiotics

Why it’s essential: A healthy gut microbiome supports immune function, and probiotics help maintain this balance. Some strains, like Lactobacillus and Bifidobacterium, are particularly effective in reducing the risk of upper respiratory tract infections.

How to take it: Look for a high-quality probiotic supplement with at least 1 billion CFUs (colony-forming units). Yogurt and fermented foods like kimchi and sauerkraut can also be excellent natural sources.

5. Elderberry Extract

Why it’s essential: Elderberries have been traditionally used to fight colds and flu. They are rich in antioxidants and may reduce the severity and duration of symptoms.

How to take it: Elderberry syrup or capsules are common forms. Follow the recommended dosage on the product label, and avoid taking it if you have an autoimmune condition without consulting a doctor.

6. Echinacea

Why it’s essential: Echinacea is a popular herbal remedy that may help prevent and reduce the severity of colds by boosting immune activity.

How to take it: Look for standardised extracts and follow the manufacturer’s dosage guidelines. Echinacea is best taken at the first sign of illness.

7. Omega-3 Fatty Acids

Why it’s essential: Omega-3s, particularly EPA and DHA found in fish oil, have anti-inflammatory properties that support immune function and overall health.

How to take it: Aim for 250–500 mg of combined EPA and DHA daily. Vegetarian or vegan options include algae-based supplements.

8. Garlic Supplements

Why it’s essential: Garlic contains allicin, a compound with antimicrobial and immune-boosting properties. Regular garlic intake has been associated with fewer colds and flu.

How to take it: Opt for aged garlic extract supplements or incorporate fresh garlic into your diet for the best benefits.

Final Tips

Consult a GP or pharmacist: Always check with a healthcare professional before starting new supplements, especially if you’re pregnant, nursing or on medication.
Choose quality brands: Look for products that are third-party tested for purity and potency. A wide range of supplements and vitamins is available from Amazon.
Maintain healthy habits: Supplements work best when combined with a balanced diet, regular exercise, good hygiene and adequate sleep.

By supporting your immune system with the right supplements, you can give yourself a better chance of staying healthy this cold and flu season.

This blog post was created with the aid of AI.

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August 24, 2024

UK Bloggers’ Back to School Giveaway 2024

Nick Everything Else events, reviews, competitions, families, shopping 0 Comments

Yes, it’ s time for another exciting giveaway here on Pounds and Sense. This one has a ‘back to school’ theme. In most parts of the UK, of course, this occurs in early September. Scottish schools generally return a bit earlier, around mid-August.

Again I have clubbed together with some of my fellow UK bloggers to provide a plethora of great prizes. And the best news is, it’s entirely free to enter. The giveaway is open now and will close on September 1st 2024.

The prizes have been hand-picked for children and young people returning to school this autumn, so they should be ideal for your children or grandchildren. But if you want to keep any for yourself, we promise we won’t tell!

This event has (again) been organized by Rowena Becker, who blogs at My Balancing Act. No small amount of effort has been involved in arranging and co-ordinating it, so many thanks again to Rowena for her hard work and dedication.

Without further ado, then, I’ll hand you over to Rowena to introduce the giveaway…

Back to School Giveaway

Get ready for an exciting opportunity as some of the top UK bloggers unite to bring you a fantastic back-to-school giveaway! We’ve teamed up to offer one lucky winner a fabulous collection of school essentials that will make heading back to the classroom a breeze.

From stylish lunch bags and durable water bottles, to school shoes and jackets, this giveaway promises to equip you with some great goodies to kick off the school year in style. Join us in this collaborative celebration and enter for your chance to win these amazing prizes. Let’s make this school year the best one yet!

In order to be able to bring you this incredible giveaway, some of the UK’s top bloggers got together. A massive thank you to all involved! The bloggers taking part are:

The Prizes

Start-Rite school shoes

Start-Rite Shoes is giving one lucky winner the chance to win a pair of school shoes for their child.

The foundation of any school uniform is a quality fitted pair of shoes, but there is nothing uniform about a Start-Rite school shoe! With 12 new styles added to their school shoe collection this season, Start-Rite is more prepared than ever to protect your children’s feet. No one size fits all, as every pair of feet has individual requirements to ensure healthy physical development.

Whether you’re looking to support wide or narrow feet, a high instep, or shoes that double for a special occasion, Start-Rite has a style to suit every child.

EcoSplash Fleece Lined Jacket Navy from Muddy Puddles

Gear up for the ultimate back-to-school season with Muddy Puddles’ in our back-to-school giveaway! Included in the prize bundle is a top-tier kids waterproof jacket that ensures your young adventurers are ready for any weather.

This navy raincoat features an impressive waterproof rating of 10,000mm to keep your child dry during heavy downpours, perfect for rainy days. Crafted from durable, breathable fabric made from recycled plastic bottles, it’s both eco-friendly and long-lasting. The soft fleece lining provides extra warmth, while the jacket’s design makes it easy to layer across various seasons. Fully taped seams offer robust protection against the elements, and reflective details enhance visibility in low-light conditions for added safety. Plus, it’s machine washable at 30 degrees for easy care.

Muddy Puddles has your kids covered for back to school with their back to school jackets, waterproofs, and more—ensuring every rainy walk to school, puddle-jumping session, and chilly playground adventure is tackled in style and comfort!

Smash lunch bag and water bottle set

Gear up for the school year with an essential lunch bag and water bottle set! The Smash Lunch Bag is your kids perfect lunchtime companion, designed with full insulation and an antibacterial lining to ensure their meals are as fresh as possible. Made from premium neoprene, this lunch bag is not only fully washable but also brings a splash of personality and fun to every meal.

Stay hydrated in style with the Smash Twin Wall Soda Bottle. Made from durable stainless steel, this sustainable bottle features a sleek design and a removable cap, making it an ideal everyday accessory. It’s BPA-free, food-safe, non-toxic, and offers a smart, twin-walled construction.

Create-a-Space™ Storage Centre from Learning Resources

Introducing a stylish addition to any back-to-school setup: the Create-a-Space™ Storage Centre from Learning Resources, which is part of our exclusive giveaway prize bundle! Perfectly blending modern design with practicality, this white 10-piece set will seamlessly fit into any décor theme, whether at home or in the classroom.

The carousel-style design features 8 removable containers, providing the perfect solution for organising essentials like glue sticks, crayons, pens and more. Keep your workstation clutter-free and enjoy a space that is as functional as it is chic with this versatile storage centre.

LittleLife Flip-Top Water Bottle!

Family active outdoors brand, LittleLife, is giving one person their choice of a flip-top water bottle, perfect for the school day.

Made from impact-resistant Tritan copolyester, a watertight lid and holding 550ml, these bottles are durable and fit fuss-free into your child’s school rucksack or backpack. LittleLife’s water bottles also come with a chew-resistant straw to avoid lingering tastes and odours due to being BPA-free.

Brainstorm Toys Children’s 14cm Desktop World Globe

Discover new horizons with the Brainstorm Toys Children’s 14cm Desktop World Globe, a shining star in our back-to-school giveaway prize bundle! This compact yet high-quality globe is a treasure trove of knowledge, showcasing detailed political boundaries, natural wonders like lakes, rivers, and deserts, as well as capitals and major cities.

Perfect for curious minds, this globe is ideal for home or school, making it a must-have for any aspiring explorer. The sturdy base ensures stability, while its easy rotation allows young adventurers to seamlessly explore different areas of the world. Enhance your child’s learning experience and ignite curiosity with this engaging educational tool.

Little Brian Scribble Paint Sticks

Unleash your creativity with Scribble Paint Sticks by Little Brian, a standout addition to our giveaway prize bundle! These innovative paint sticks are perfect for adding intricate details and patterns to your artwork, thanks to their finer tip. Featuring 12 vibrant classic colours, they bring your child’s artistic visions to life with ease. Enjoy a mess-free painting experience where paint twists up and down just like a glue stick and dries in under 60 seconds. Whether you’re working on paper, card, wood, or glass, these versatile paint sticks make it simple to explore your creativity without the clean-up hassle.

How to Enter

You can enter this Back to School Giveaway by completing as many Rafflecopter widget entry options below as you like. All entries will be collated, and one winner will be randomly chosen via Rafflecopter.

a Rafflecopter giveaway

Terms and Conditions

The giveaway will run from 4 pm 23rd August 2024 to 8 pm 1st September 2024.
The winner will be notified by email from rowena@mybalancingact.co.uk
The winner will have 7 days to respond, after which time we reserve the right to select an alternative winner.
This prize draw is in no way sponsored, endorsed or administered by, or associated with, Facebook, Instagram, X, YouTube, BlogLovin or Pinterest or any other social media platform.
Prizes open to over 18s only. Age verification may be required to receive some prizes.
Some or all of the prizes may take a few weeks to arrive.
If any prizes are out of stock then we will do our best to find a suitable replacement but cannot guarantee it.
Anyone who unfollows before the giveaway ends or doesn’t complete the required entry action will be disqualified.
The prize is non-transferable, non-refundable and cannot be exchanged for monetary value.
We may be using a parcel service or Royal Mail for some of the prizes and their standard compensation will apply in the event of loss or damage.
Some items may be sent directly by the supplier and we do not have responsibility if these go missing and we cannot replace such items.
In the unlikely event that one of the companies withdraws a prize, we cannot offer an alternative.
The winner’s name will be stated on some or all of our bloggers’ websites and announced on Twitter/X and other social media channels. It will also be displayed on the Rafflecopter entry form. By entering this prize draw, you give your permission for this.
Please note the winner may have the same name as you so if you see your name displayed, be aware that you are not the winner unless you have been notified by us.
There may be some delays in receiving prizes.

Good luck, and I hope a Pounds and Sense reader wins this fabulous prize bundle!

Note: This post (and others on Pounds and Sense) includes affiliate links. If you click through and make a purchase or perform some other specified action, I may receive a commission for introducing you. This will have no effect on the product or service you receive or the price you pay for it, but it does help me pay my bills. Thank you!

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