Later Life

Care home fees, long term care annuities, nursing home fees, residential care fees, domiciliary care , nursing home costs

As we move into later life, our needs and priorities often change unexpectedly. With life expectancy on the increase, we have to make some tough decisions about finances. To bring you peace of mind and financial security, we believe we have the expertise to guide you through the complexities of the choices available to you in later life, including care funding, equity release, annuities, lasting power of attorney, trusts & wills, estate planning, inheritance tax planning, maximising income from your investments, amongst others.

None of us know what the future may bring but we can potentially help to bring you a significant amount of control over some very important aspects of old age:

  • Where will you live
  • How much capital and income will you have at your disposal
  • What sort of care will you receive and who will pay for it
  • How will the Care Act 2014 affect your situation
  • What can you expect to receive from the local authority if you need care
  • Will you need to sell your home if you need care
  • How can you ensure you pass on as much as possible to your family
  • Can you protect your family from paying inheritance tax
  • Do you need to set up a lasting power of attorney

Care needs

If your assets are worth £23,250* or more (including the value of your property) then you will be expected to cover the costs of your care in later life. Without the most suitable planning, some people may have to use most of their savings and other assets to cover these care costs. This could involve selling your own home.
*England only.

So how would you fund your own personal care?

Pensions

From April 2015 the new pension rules state that anyone over 55 can take as much money as they like from their Defined Contribution (DC) schemes, without limit. It is important that you seek financial advice to ensure you do not spend all of your pension too quickly. It is estimated that 12.2 million people will face inadequate incomes in retirement. Planning what exactly should happen with your pension pot throughout your retirement is crucial. We aim to help you work through the options available so that you feel confident that your savings will last throughout your later years and that you are sure you can afford to do all the things you had planned for in your retirement.

Investments and savings

You will want to ensure that your savings and investments are in place to support you through your later years. This could include a reduction in risk, a refocus, for example, from capital growth to income, downsizing, a restructure of your financial situation. You may want to consider releasing equity via selling your home and downsizing to something more appropriate. In later life you may wish to access some of the capital value held in your property.

Contact Ashbourne Independent Financial Solutions to discuss your situation to see how we can help. >>>

To understand the features and risks of a lifetime mortgage. Ask for a personalised illustration.

A typical fee for a lifetime mortgage is £200.00

To understand the features and risks of a lifetime mortgage, ask for a personalised illustration.

Latest News