Later Life Care
Whether you agree with the proposed increase in National Insurance or the Health and Social Care Levy, one thing for sure is that the problem of care in later life and the cost of it, is not going away.
A step in the right direction has the been proposal to cap care costs at £86,000. The proposed ‘cap’ does not include the cost of food, accommodation and other living costs. It could still mean that therefore that most people will need to sell their family home to release funds to pay for this. There is no proposed ‘cap’ on these expenses, at the time of writing.
The issue of social care has been an issue for many governments for many years, however, no-one has been able to suggest a remedy, even after the Dilnot report was published in 2011.
No-one likes to think of their demise and the prospect of needing care in later life, however, it makes perfect planning sense to think through your options and have a plan, whilst you have time to take action.
Life is all about balance and for many in retirement, whilst your health allows, enjoying retirement is the main priority.
Should you balance this with the prospect of needing funds for care in later life?
Can you plan for this cost?
If not what are your options?
Are you prepared to use all your savings and your home to help pay for the care you would like?
Do you want to leave a legacy for your family?
We live in a society with an ageing population. The chart below shows the forecasted growth of the various age groups from 2014 to 2039. Over 70% of the UK population growth will come from the over 60 age groups, meaning the issue will only escalate in forthcoming generations.
If you have been trying to answer some of the questions above, then please contact YorWealth and we can help you answer questions whether it be for you or your loved ones.