InvestmentsAug 16 2018

Guide to financial advice for later-life marriage

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CPD
Approx.60min
  • To understand the financial drivers behind later life marriage.
  • To be able to explain the financial advantages and disadvantages of marrying later in life.
  • To ascertain ways to help clients with complex inheritance issues.

Guide to financial advice for later-life marriage

  • To understand the financial drivers behind later life marriage.
  • To be able to explain the financial advantages and disadvantages of marrying later in life.
  • To ascertain ways to help clients with complex inheritance issues.
pfs-logo
cisi-logo
CPD
Approx.60min
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Introduction

By Simoney Kyriakou
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Marriages are on the decline in England and Wales, according to data from the Office for National Statistics (ONS). 

But while younger generations eschew traditional ties, there is one generation that is bucking this trend: Baby Boomers. Statistics show there is a rise in marriages among the older generation, those aged 60 and above. 

This can sometimes be a first marriage, but more often than not, it is a second or even a third marriage. But why are so many people choosing to marry later on in life? 

Finance, according to financial experts quoted in this guide, is one of the prevailing reasons driving more people to consider tying the knot later on in life.

Women, especially, whose pension and other accumulated assets are far lower than their male counterparts' pension pots, are more likely to seek marriage to help underpin their financial stability later on in life. 

But while this might seem a reasonable solution, there are many things to consider: what of inheritance? What are the tax implications? What sort of protections should be put in place and how can advisers help navigate the often tricky intra-family dynamics that second and third marriages can bring?

This guide covers the reasons why more people are marrying later on in life, what the advantages and disadvantages are, as well as certain things to encourage clients to consider when it comes to estate planning and inheritance.

The guide qualifies for an indicative 60 minutes' worth of CPD.

Contributors to this guide: Keith Richards, chief executive of the Personal Finance Society; Charlene Coulbeck, senior paraplanner for Informed Financial Planning; Helen Medhurst-Jackson, financial planning director for Investec Wealth & Investment; Jane Finnerty, joint chairperson of the Society of Later Life Advisers; Nicola Haines, vital statistics outputs branch, Office for National Statistics; Resolution; Office for National Statistics. 

Simoney Kyriakou is deputy editor of Financial Adviser 

In this guide

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