0118 979 7596
mail@pfcthamesvalley.co.uk
Later Life
Later LifeFinancial Planning
We currently have 3 million people over the age of 85 in the UK and this number is expected to increase to 5 million by 2030. Over 85s are the fastest growing age group in the UK.
Get in touch
The expanding older population brings a range of financial issues and concerns:
1
01
You may well have to work longer than you think
2
02
Your retirement may last for longer
3
03
Declining health could lead to the potential for the need to fund long term care
4
04
Government budgets do not match the increasing demand for care services.
5
05
You may want to help the next generation or more likely the generation below
What do we do?
We are specialists in dealing with later life issues. We often work with attorneys or court appointed deputies when someone is no longer able to manage their financial affairs for themselves.
Reviewing your current finances
Effective cash management
Kirsten holds the Later Life Accreditation from the Society of Later Life Advisers, one of less than 500 advisers nationwide to do so. This independent specialist qualification is only granted to those who have undergone a rigorous assessment process including experience analysis, written submissions and a face-to-face interview.
Get in touch
She is also a former solicitor dealing with private client matters such as wills, probates and powers of attorney so can identify where additional legal advice could be required.
How do we work regarding later life advice?
We are specialists in dealing with later life issues. We often work with attorneys or court appointed deputies when someone is no longer able to manage their financial affairs for themselves.
Care Funding
Process of finding suitable care and working your way through the minefield of legislation can be hard, but this is particularly difficult when you are also trying to help a loved one adjust to a major change in lifestyle.
Often putting together a plan for funding care is on the back burner. It is not surprising that only a small percentage of families take specialist financial advice on paying for care when their relative either moves into a care home or needs a great deal of care at home.
On average 24% of self-funders eventually fall back on state support. This can mean in a worst-case scenario moving to an alternative care home. This can potentially be avoided with appropriate advice.
We can advise on what is covered by the state and the NHS, and what an individual needs to fund their care.
Inheritance Tax planning
As part of our financial planning process for all clients, we identify their needs and objectives as well as looking at the likely impact of inheritance tax on their estate.
We advise on a range of options including the impact of gifting, the use of trusts or specific tax efficient investments. We also look at the impact of making those decisions on any future need for care.
Immediate Care Annuities
These are specialist products that can provide peace of mind to families that their loved one’s care costs are going to be covered for the rest of their lives.
We always recommend that clients get quotations for an immediate needs annuity as this clearly demonstrates that as attorneys, they have looked at all the options.
Where these are not appropriate, we review existing savings/investments to put together the most effective way of drawing funds to pay for care.
We offer a cash management plan so we can source bank and building society accounts that can be opened and operated by attorneys and which can ensure that any cash is getting the best rates available.
Equity Release
Historically equity release or lifetime mortgages have had a poor reputation. This was often the case due to a lack of appropriate consumer protection, high interest rates and often decisions being made without discussion with the family.
The Equity Release Council now provides rules and protections for clients, and the reduction in interest rates does mean that this is now becoming an element of overall financial planning.
There are now a wide variety of options available including the ability to draw down funds as and when you need them, taking a regular income rather than a lump sum, paying interest on the loan to stop it compounding and indeed more flexibility to repay.
People do, on the whole want to stay in their home, but may need access to funds for many reasons.
The most common we encounter are: -
- Insufficient income or capital in retirement due to lack of pensions
- Paying off old interest only mortgages or other debts
- Helping grandchildren or other family members get on the housing ladder
- Paying for care at home
Our financial planning process helps clients understand their future needs, and whether they may need to consider either downsizing or some form of equity release in the future.
Property is now considered an integral part of financial planning, particularly those who are ‘asset rich and cash poor’.
