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Later Life Planning and Meeting the Cost of Care

A lighthouse

Meeting the Cost of Care

Many of us will one day have to face the challenge of ourselves or a loved one needing care, whether that be at home or in a residential care home.

Careful consideration needs to be given about how this care is going to be funded. The amount of financial support that you can expect from the state may differ depending on your individual circumstances and even your geographical location. You could have various options to consider when planning your future long-term care. Our expert financial planners can help you explore various available alternatives and help you to find the strategy that is best for you.

It can therefore be worth your while seeking specialist advice. Within our group of companies, we have expert financial planners who we would be delighted to put you in touch with.

Having Sufficient Income in Later Life

There are many ways of securing extra money in later life, especially if you own your own home, if you are thinking about:

  • Increasing your regular income or contingency fund
  • Funding home renovations or improvements
  • Helping out family members eg to purchase a property through an early inheritance

Many people chose to downsize their property in order to release money from their home. Some properties can become liabilities rather than assets if they becomes expensive or difficult to maintain, or are not easy to live in. Or you might choose to sell your property and move into accommodation with a level of support provided, for example assisted living or a relative’s house.

These are all tried and tested solutions. However, they may reduce the amount of inheritance available in your estate or could impact your entitlement to some means tested benefits. However, there may be other alternatives to consider.

It may be prudent to take professional advice from a financial planner. Within our group of companies, we have a variety of experts with specialist knowledge in this field who we would be delighted to put you in touch with.

Where a client’s circumstances require specialist advice, and the local office does not hold the necessary permission from the Financial Conduct Authority, we can draw on the wider specialist expertise available within Perspective Financial Group Ltd nationally. Many of our financial planners hold advanced qualifications in specialist areas of advice, as well as having decades of experience in solving almost all financial planning related issues.

Perspective (Whittington Goddard) is a trading style of Perspective (North East) Ltd which is authorised and regulated by the Financial Conduct Authority.

Perspective (North East) Ltd, Registered in England and Wales No 04163906 Registered Office: Lancaster House, Ackhurst Business Park, Foxhole Road, Chorley PR7 1NY.

Perspective (North East) Ltd is a subsidiary of Perspective Financial Group Ltd.

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What to do if we didn’t get something right

We strive to deliver the highest possible level of service to every client, every time. If we got things right, we’re always happy to hear that – thank you. If we didn’t, in the first instance, please contact your Financial Planner or their Office Principal about the matter using the contact details on our website.

Should you not be satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows:

The Financial Ombudsman Service
Exchange Tower, London, E14 9SR

Tel: 0800 023 4567 or 0300 123 9123