Solo carer ‘appreciates more than ever’ the need to prepare for retirement

Angellica Bell speaks to carer about retirement planning

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

As well as running her own business, Feyi cares for her mother with dementia. Being a solo carer, Ms Bell asked Feyi whether her situation has changed the way she views financial planning.

She said: “I appreciate more than ever the need to prepare for your retirement, for your older years.

“There will come a time, I know I will have to ask for external help.

“And I have to think about what that looks like.”

Feyi is a sandwich-generation mum, whose experiences caring for her mother through dementia inspired her to start a company that she hopes will help others in similar situations.

The hope is for her business to be able to fund her own retirement.

She stressed the importance of having support systems in place, just in case they are needed.

Feyi continued: “I’m in the final salary pension scheme and I’ve got like two other pensions.

“I would like for the business to exist long after me so that I can step back, enjoy life and savour the years really.

Retirement alert as Britons face ‘drag’ on their cash savings [INSIGHT]
Tesco Bank chaos: Britons unable to switch as current accounts close [UPDATE]
Pension warning as women set to be £180,000 worse off than men [ANALYSIS]

“That’s what my future is.”

Feyi discussed how people’s bodies and minds change with age, and so do their needs.

As a carer it is important for people to be able to plan for these changes financially and mentally.

With her own retirement on the horizon, and the intensity of caring for a parent, she wanted to make sure all her needs were covered.

Furthermore, Feyi has to plan ahead for her daughter.

She wanted to leave a legacy and ensure her daughter can be looked after also.

She said: “I’ve always been the one to do my mother’s shopping and things attend to her. 

So, naturally I just flowed into this carer role.

“Once my role as carer slows down, I have all these extra years.

“I do know that I have to look after myself.

“Even now as a carer because the time is coming when the demand to be physically in different places will grow.

“I have a daughter and she is concerned that I spend time looking after myself as well.”

Source: Read Full Article