It seems that not a week goes by without long-term care, and the potentially huge costs associated with care, popping up in the news. Those approaching retirement are often understandably worried about covering the costs of care in the future – and may not be fully enjoying their money in retirement as a result.

Juggling uncertainties

We’re always being told to plan for the future. Yet, here in the UK, there are no savings plans available for long-term care. Unlike choosing a pension or getting a mortgage, planning for future care costs isn’t a case of finding the right financial product for you. Of course, it’s possible to buy an immediate needs annuity at the point when you’re going into care. But this can also create uncertainty, leaving you struggling to decide whether it’s better to buy an annuity or simply fund care from savings.

There’s also the question of whether or not you’ll be eligible for state benefits to help cover the cost of care. In our experience, many people who reach the point when they need care have never claimed benefits before, and therefore have no idea what help may be available or how to access that help. It often surprises clients to learn that, while some do need to fund the entire cost of care themselves, others may not have to pay for any of it, even if they’re relatively wealthy. A financial adviser will be able to help you navigate the complex world of state benefits.

Looking forward with confidence

It is possible to do some advance planning, however. For example, Ascot Lloyd works with clients to stress-test their assets in their 50s and 60s, using cash flow modelling for various future scenarios. This provides some welcome clarity and confidence for those thinking about their retirement and future needs.

Clearly, long-term care is a sensitive subject that can involve some difficult conversations. That’s why we have a number of advisers who are certified by the Society of Later Life Advisers, meaning they are trained and qualified in providing advice to people who require care, as well as their families.

Learn how Ascot Lloyd can help you plan for your longer-term needs while making the most of your money in retirement.


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