Later Life and Care Fees Planning

We are generally living longer. The average life expectancy of a man of 65 today is now 85. (ONS Oct 2023), with 1 in 4 living to 92. Using their own data Legal and General find that those living in higher socio-economic groups generally live longer with an average life expectancy to age 91. And 1 in 10 will live to 99. It seems that poor health may only make a difference of 2 years.

We offer independent  advice and help to clients, deputies and attorneys. Veronica is a member of SOLLA – the Society of Later Life Advisers, an organisation with ‘older’ clients in mind.

Many of us will spend part of our retirement and later years needing some additional help. This could be at a time when we are least able to think clearly about how best to provide the money to cover the costs or needs.  – which is why it is so important to think about the future and to make sure that you have a power of Attorney in place.  Financial decision-making can be complicated and the earlier that decisions can be made about what to do if something happens, the easier it can be activated at that time.

You may find you need to cover the costs of Care– in your own home or a Care Home/ residential home. There are several ways that we can help generate more income at these critical times.

Careful review and consideration of your own circumstances will let us help create that peace of mind, either for yourself, your loved ones or your parents. If you’d like to explore this further and would welcome an initial chat – please  contact me

You can’t rely on the State

Local Authority and Care Fees –Eligibility to  Benefits are Means Tested

Your capital What you will have to pay 
Over £23,250 You must pay full fees (known as being self-funding).
Between £14,250 and £23,250 The local council will fund some of your care and you’ll contribute to the rest.
Less than £14,250 This will be ignored and won’t be included in the means test – the local council will pay for your care. However, they will still take your eligible income into account.

BUT they must leave you with £24.90 for personal expenses

Further information from Age UK 

Certain types of income and certain types of capital eg money from certain disability benefits and pensions, may not be counted in the means test. All other income and capital will be taken into account

Request a Call Back

If you'd like us to call you back please complete the form and we'll be in touch as soon as possible.