Later Life Care Planning
Finances for Later Life Care
Finances for Later Life Care
As we age the burden of your care in later life may shift to others and this care will require funding, be that in your own home, a care or nursing home. Preparing for this either individually or as a couple where one partner may need care and the other remains in the main residence eases the strain financially and emotionally.
The Stroud Wealth Management Team offer regulated advice in making financial provision for later life care, at whatever stage of your life a conversation now could make the future easier.
Selecting the right care for ourselves, or a relative is something few of us have experience of. After all, for most of us, it is something we may only have to do once. It is however a growing issue for many people in the UK and, as life expectancy continues to lengthen, it is something that an ever-increasing proportion of the population will need to address.
If you are planning for your own care, the costs involved can be daunting to say the least. The average cost of residential care in the UK is high. While the state can help with some costs, eligibility is limited and many people find themselves over the threshold at which state support is provided.
The subject of state care funding continues to receive persistent attention, with the Government recently announcing that the introduction of the greatly anticipated care cap, which had previously been delayed until 2020, would be abandoned.
The Government have committed to further consultation on how to improve care and support for older people and tackle the challenge of an ageing population, with a promise of the proposals being published later this year.
When you are ready to make some decisions Stroud Wealth Management and St. James's Place have a number of specially qualified advisers who can help you navigate the maze of paying for your care fees.
Get in touch for no obligation advice.
