Car insurance is one obvious expenditure we all attend to. However, there are many other vital outlays in life that we should also plan and account for.

John Lowe, The Money Doctor

THIS week, I conclude my  examination of financial planning for each stage of your life, with retirement, and start examining insurance.

Retirement With luck and/or judgement, your debts should all be paid. You should have a range of assets, not least your own home and a pension fund. You should have spare cash to indulge your chosen leisure activities.

If this is the case, your priorities are likely to include any or all of the following: Creating an emergency fund; funding any benefits lost following retirement, such as health insurance or a company car; planning for long-term care; tax planning; investing for income or finding other ways to boost income.

If you aren’t as well-off as you would like, then, naturally, your priority will be making the most of what you have available and trying to improve your situation as much as possible. This concludes my analysis of the main life stages of financial planning. Next …

Insurance made simple

Life is a dangerous business – and so, insurance was born. Every day, all around us, terrible things are happening.

Some of these terrible things happen to possessions (for instance, houses burn down, cars crash, roofs are blown off, holidays are cancelled because of strikes and  bicycles are stolen). Some terrible things happen to people (for instance, people fall ill, get hurt in accidents, and die). More in the February 28 edition.