The Retirement Café Podcast

Having promised herself that she wouldn't be returning to the male dominated industry of finance, Carole found herself sat at a Tax conference, training to be a financial planner, once again surrounded by men.

After hearing the age old stereotype of the woman wanting to spend the money on a kitchen and the man wanting to invest it, Carole questioned her part in the financial industry. But rather than be defeated by the gender stereotypes, she decide to work to defeat them.

Carole figured that while she can't force women to have an interest in investing, she could get them talking about money. So, she set up some workshops with women to help them voice their concerns, and learn about investing and planning for their future.

In our conversation, Carole chats with me about some of the patterns she has noticed since becoming a financial adviser. She gives us some advice on what women can be doing to start getting an understanding of investing, and her wishes for the women in finance in the future.

Dennis is well-known in the world of financial planning as one of the good guys. When I set up MFP Wealth Management 12 years ago, Dennis was one of the experienced and well-respected financial planners that I looked up to and who helped me on my journey to creating the business I have today. He has always offered sage advice, drawn from his 35 years in the financial advice professional.

But Dennis hasn't always been in financial services. He started his career in the Royal Marines before joining financial services and ultimately setting up multi award-winning Yellowtail Financial Planning in 2006. Maybe his spell in the Marines is what drives him to take on new challenges, most notably the infamous Marathon des Sables – a 250km epic run through the Sahara. Dennis is also a published author and often quoted in the consumer and professional press.

In our conversation Dennis shares his personal story and why he embarked on a hot, deadly run across the vast Sahara Desert for a second time at the age of 60 in October this year.

A few weeks ago Holly joined us on the podcast to discuss what happens when you die without a will in place.

This week we welcome Holly back to discuss the rules of making gifts when you are acting in the role of an attorney under a Power of Attorney.

Most people want to mitigate the inheritance tax their estate will pay, and this need becomes more important as people get closer to the end of their life, even when they have lost mental capacity.

One way to reduce inheritance tax is to gift some of your asset. But there are some complex rules around gifting, especially if you are gifting on behalf of someone when acting as their Power of Attorney.

Holly is a solicitor who specialises in the Court of Protection and Mental Capacity. She is part of the Wills and Equity Committee at The Law Society which consults the government on issues around mental capacity and Lasting Powers of Attorney. She is a fountain of knowledge on this topic.

In our conversations we discuss the important role that attorneys play, how to understand what a donor's "best interest" is and what this means for gifting, and the main rules for gifting when acting under a Power of Attorney.

The office of Fair-Trading estimates that 30% of over 65-year-olds have to fully fund their care in later life.

They also estimate that around 25% of those self-funding, run out of money.

These figures are likely to change, with the new health and social care levy that was announced on the 7th September 2021. But that announcement doesn't change the importance of planning how you will fund care in your later life.

Once again, my wife and business partner, Kathy, is back with me to discuss the process of finding and funding care. There are many ways that you could fund care, as a self-carer, and we explore a few of the lesser-known options available.

For more in-depth information about care in later life, head over to my YouTube channel to watch my series all about finding and funding care.

We all know that we should be saving for our future. But we all make mistakes.

We all create bad habits, whether it is grabbing that coffee on the way to work or splashing out on the gadget that you don't really need. Or we got sucked into a sales pitch while browsing in the shop.

Anne Caborn believes that understanding why we make the financial decisions we do and when we make them can help us make better financial decisions. So, she set up Money Fight Club with friend and fellow journalist Lindsey Cook.

Anne Caborn was a freelance journalist who has worked through the transition from print media to digital media. In the 1980s she was compiled the first British Rich List for Money magazine, which introduced her to the fascinating world of the psychology of money. The experience of writing this article inspired to found various projects that combined her passion for writing and finance.

In our conversation Anne talks about her experience of being a journalist and writing the first British Rich List. We discuss why she set up Money Fight club, why she believes it is important that we are aware of why we spend money as we do; and Anne shares a few tips you can use to make better decisions with money.

Do you know what a statutory will is, and when it would be applied?

Do you know what would happen if you died without a will?

Or would you know what would happen if you lost mental capacity and didn't have a Power of Attorney in place?

Writing wills and putting powers of attorney in place can be emotional but once they are in place, they can provide peace of mind that your assets are going where you want them to go.

Holly Mieville-Hawkins is the head of the mental capacity group at Mitchell. She has spent her career making and defending applications in the Court of Protection to make sure people's wishes are carried out once they no longer have capacity.

In our conversation, Holly explains the difference between a Power of Attorney and deputy. She then talks through the process of determining mental capacity and how to put a deputyship, and/or statutory will in place.

This episode is the first of two episodes recorded with Holly. The next episode is on gifting and will be released in a few weeks.

When someone dies, they can leave behind around 15-20 accounts to be closed.

The closure of these accounts becomes the responsibility of the loved ones left behind, meaning that while they grieve for the person lost, they also have to face the painful and stressful account closure process.

Vicky Wilson and her mother spent a total of 6 weeks trying to close down her grandmother's accounts after she passed away in 2019. Having repeated the phrase "my grandmother's dead" countless times, Vicky realised there was a gap in the market.

So, she and her mother founded Settld, a free private sector "Tell Us Once" service that aims to save other families from facing the same unnecessary difficulties, as they communicate with over 750 private companies on your behalf.

In our conversation, Vicky talks about the amazing work she and her team at Settld are doing to help those grieving close their loved one's accounts. She also explains what bereavement standards are, and why industries should be working together to standardise the bereavement process.

We've all heard that 'cash is king', but is it when it comes to funding your retirement?

Inflation can ravage your retirement savings, which you need to grow to retain the value of your income in retirement. Which is why cash shouldn't be the only way to hold your retirement money. The expected return on cash is much lower than the expected return on property, commodities, or equities. That is why asset allocation is such an important part of your retirement planning.

My wife and business partner, Kathy, is back with me this week to discuss what asset allocation is and how the different types of assets have different roles to play in your financial plan.

A diagnosis of dementia can be scary, not just for those suffering with the disease, but those close to them too. As the dementia progresses, communications skills can be lost and the loved ones surrounding the dementia patient often wonder how they can communicate with their loved one.

Dr Jane Mullins has spent her career working with people who have neuro degenerative conditions and researching dementia. After working in memory clinics and as a care home manager, Jane completed her PhD which centred around communicating with people who have dementia through sensory ways.

Her projected specifically explored using tourism memories and multi-sensory communication strategies to help couples rekindle their couplehood.

Using the knowledge from her PhD research and the experience gained from her career and research, Jane went on to publish a book Finding the Light In Dementia. The book offers support and help along the way when you or a friend or relative is diagnosed with dementia.

More recently Jane has set her sights to creating a training programme for families and care providers to teach them how to develop a connection between the individual requiring care and those providing it.

In our conversation Jane talks about what she learnt from her PhD research project, and how anyone can use photos and props to start an engaging conversation with someone suffering with dementia. She also shares her motivation behind setting up the training programme and why she believes it could make a difference to the dementia care industry.

Planning for later life can be difficult. Whether you are planning for your own future or for a loved one, the subject of growing old can be emotional and easy to avoid.

And it is often made even more difficult when you start researching and are bombarded with a ton of information comprised of technical terminology.

Jackie Cleveland was faced with this issue when her mother-in-law wanted to start thinking about her future. With very little information and understanding about the options available to them, Jackie undertook the task of researching.

She soon discovered that the there was a wealth of information out there but trying to sift through it all was a bit overwhelming. This experience inspired her to set up Podplan, a service that collates all the information one might need when researching and planning for later life.

In our conversation Jackie shares the story behind Podplan, how Podplan can help anyone looking to the future and why it is so important to plan for any event that might occur as you enjoy later life.