Is it time for a 5 year plan?

21 February 2021

It’s a funny old half term and it all start with this Monday morning call.

Am I speaking to the one and only Becky ….”

Yes, one very confident, chirpy cold caller! And life insurance broking is his game. Whilst I choose not to invest in any of the deals, he does make me stop and think about the insurance I do have. I root out my policy to find that it covers me for a bizarre number of years, with a seemingly random sum of money. It is clearly no longer fit for purpose and needlessly pricey. As I start to research alternatives however, I hit a brick wall of indecision…because making a wise choice depends on where I see myself and the teens in the next 5 or 10 or 15 years . And I just do not know. A lot can change in 5 years…

Here I am 5 years ago. It’s my birthday 2016. I am coupled up, dressed up and out for the evening!

Fast forward 5 short years to my recent 2021 Birthday and here I am, single, sitting in my lounge and Locked Down with a take-out curry!

Who could have known quite how different life would be? And the next quinquennial, promises to be no less dramatic in terms of change. No more teens, no more mortage, no need to work as many hours, no need to live in this corner of the North-west. It is difficult to know how to even start thinking about it all.

It has been a year when I have grown accustomed to living; day to day, tier to tier, Bojo press conference to inevitable U-turn! But if I thought I could run away and hide behind the covid curtains for a bit longer, I was mistaken. Half term also brings necessary negotiations with tree surgeons and roofers. Thinking through some fairly substantial financial decisions keeps bringing me resolutely back to the same daunting, dithering ground. Because, ‘How much to pay?‘ and ‘How much to do?‘ are all balanced by looking ahead to how much longer I expect to be here.

There is certainly a lot of advice out there for those of us facing the prospect of ’empty nesting’. Indeed the Citizens Advice reports finding “a huge demand – nearly half its enquiries” – from the 50-plus age group, for whom the main issues were pensions, mortgages, wills and life insurance. I have to be honest though, at the heart of my unease is the fact that I’d never expected to be facing these choices and ‘resetting the life plan’ as a single person. Without a partner to bounce ideas off and help me to frame a way of thinking about it all, I’ll confess to feeling absolutely terrified. So I start smaller. Next week I have an appointment with a, Independent Financial Adviser to talk… about me. Not stereo-types, not ‘typical case studies’ for my age group, just me. And I feel calmer. It was clearly time to stop avoiding the issue, I am a long way from a plan at the moment, but getting some facts hearing some options, doing my homework…none of that can hurt…

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