The need for care in later life.
As at March 2021, the number of people living in residential care in the UK was 490,326*. About 70 per cent of all care home residents have dementia or severe memory problems, according to the Alzheimer's Society.
Whilst some care costs are met by the State, the average annual fee paid by residential care 'self-funders' in England is £44,000**. As a result wealth can be depleted very quickly. Self funding can include savings, selling the family home and using pension income.
So how much should you set aside for care? A useful tool to get an idea of how much you will need is to use the Cost of Care calculator. Please note: this is only a guide and actual costs will depend on the individual circumstances of each client.
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**.
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 advisers.
** Age UK, May 2019
***Partnership Care Report 2016
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In addition to being short-listed for Professional Adviser Awards 'Best Adviser - South East' in 2017, 2015 and 2014 from over 200 entries, we have also been shortlisted for "The Mortgage Awards 2019 - specialist broker of the year".