During Covid, I feel we saw a higher level of camaraderie that has now somewhat dissipated as life returned to normal, and keeping an eye on loved ones and neighbours is so important, to ensure they are managing through the winter months, particularly with the current cost of living crisis. It’s thought that one of the contributing factors for more elderly people dying in the winter months is due to them not wanting to turn expensive heating on, or even not eating properly as they may avoid venturing out in the cold.
So often, the need for care comes suddenly and the first priority has to be where and how to provide care. However, don’t overlook the need to plan finances, because if you are the one needing care, and you are self-funding, your savings may go down fast.
Too many people approach us for advice when their money is already running out, by which time it’s too late to do anything about it.
As soon as the right care is in place, that’s the time to make sure the ability to pay for it is guaranteed, and if you can plan ahead, that’s even better. You may be eligible for Local Authority financial support, but if you’re not paying the bills, you may have less choice about where you are cared for. If you start out paying for your care, and the Local Authority are required to step in later, the risk is that they may not be prepared to pay the fees for where you are currently placed. What happens then?
This is a worry for some people, but with the right advice from a specialist financial adviser, you can plan your financial affairs so that your money will last as long as possible. It’s even possible in many cases to buy a guaranteed income for the rest of your life, which could remove the risk of your money running out.
So if this is an area you would like to research further why not pick up the phone today and book a free, without obligation consultation.
