There are so many things that you have to pay for in your day to day life. You have your mortgage, your bills, your kids school fees, your car – the list goes on and on. The one thing that you may not have factored into your expenses throughout the year is the cost of your retirement and subsequent funeral. It sounds like a pretty depressing conversation, but it’s actually a pretty serious one.
Your funeral and your retirement are going to happen, and it’s entirely in your hands how you want those things to happen. You can have a retirement that is full of luxury with a fully planned funeral with bronze grave markers ready paid for, or you can have a much less luxury one.
It’s totally up to you. If you want to be able to cover your funeral costs, though, you need to think about the ways in which you can do that. Below, we’ve covered a few of these for you:
- Prepay for it. You can plan and pay for a full funeral whenever you want to. Most people don’t realize that they can prepay like this, but you can. The only thing to be wary of is the company you use when you are planning your funeral. Some companies can and do go bust over the course of your life, and there is a chance you won’t get your money back if that happens.
- Save up. If you don’t want to pay into a specific plan, you can always open a dedicated savings account to cover the costs for later. This will build into a lump sum that you can use and plan your funeral later on in life. This is particularly good if you worry about losing your money.
- Using funeral bonds. You may not have heard of these before, but they are a very real thing! You can invest through a life insurer or a friendly society and they’re exempt from a pension income test, too.
There are some circumstances that mean that you may not be able to afford the funeral that you want, and that does happen from time to time. You will find that the state will pay for a basic funeral if you can’t afford one, but if you want something fancier or you want those grave markers we mentioned, it’s up to you to save now.
You can also apply for loans or join associations that allow you to gain funeral benefits to help you to afford the funeral that you want. You should consider that your funeral is as much a part of your life as any other part of it. Your whole life should culminate in a celebration, and the earlier you plan for your funeral the better off yours will be.
Affordability is not always easy to discuss, but getting some advice is the best thing that you can do so that you can gear your plans in the right direction right now!
Be safe out there.
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