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How will long-term care impact my finances?

With care costs increasing, legislation subject to change and people living longer lives, it is more important than ever to consider a financial plan for long-term care.

The amount of time spent needing daily care at the end of life has doubled in England over the past two decades*. Being comfortable in the knowledge that we will be able to cover any long-term health or care needs we may have in the future matters to all of us, and becomes more important as we get older. This may be an issue that has been sitting at the back of your mind as you approach retirement or look to planning for the future.

You may want to save for the possibility of long-term care for yourself and your partner, or perhaps for a relative. With care home costs in 2017 now reaching highs of £92,000 per year**, the sooner you start planning for this type of financial outlay, the better.

Saunderson House can help you put a strategic financial plan in place. We can advise you on how best to manage the flow of spending and saving to help ensure you have enough to account for any future care costs, based on how much you need to put aside and when this ‘pot’ is likely to be needed.

We will construct a financial plan specifically tailored to your needs and investment recommendations based upon the expert research of our in-house investment team. Your adviser will work with you to plan your long-term care strategy, including any financial implications for your family and other assets.

*’Time spent frail in old age ‘doubles’ – BBC news health – 16 Aug 2017

**’£92,000: the average cost of a care home in Britain’s costliest regions – The Telegraph – 20 March 2017

Key Contact

Ian McNally
Director
Ian began his career in Financial Services in 1986 Read More

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