Later Life Care.
In 2015, the number of people in residential care in the UK was 43,000.
This is set to increase substantially within the next 16 years to 750,000!*
Whilst some care costs are met by the State, the amount of money spent on care by 'self-funders' is currently estimated at £12 billion per annum*. Self funding can include savings, selling the family home and using pension income.
The importance of taking good financial advice has never been greater.
However, with only 7% of 'self-funders' seeking appropriate regulated and qualified financial advice, there is a massive gap in the provision of care funding*.
With an average cost of over £38,000* and an average stay in care of 4 years**, wealth can be depleted very quickly.
Getting financial planning right for care is extremely important.
For your peace of mind and to find out how to manage your finances for later life care - whether for yourself or a relative - please contact one of our Wealth Planners.
You can see a case study here and find out more about the impact long term care costs could have on your retirement wealth.
Source: *Laing & Buisson Care of Elderly Report 2015.
**Partnership Care Report 2016