It’s all very well talking about growing old gracefully and assuming that you and your family will always be fit and helath. Realisitically, we all know deep down that life ins’t always straightforward. So when should you begin to think about your later years and start to plan your finances? At AEON we advise you to think about long term care well before you retire so that you are suitably prepared.

Long Term Care

We live in an ageing society and there is a one-in-four chance that we will either become a carer for a family member, or develop our own long term care needs. Most of us assume that the Local Authority or the NHS will step in when the need arises and offer appropriate support. However, depending on your financial circumstances, you cannot take this for granted. The likelihood is that people who have not taken precautionary measures will have to pay for their own care. This means that their resources will be massively depleted with both their income and their capital taking the strain.

For this reason, it is really important to begin to think about your older years and any health or personal long term care well before you reach retirement age or develop an incapacitating illness. A discussion with our AEON Later Life Adviser, Steve Mottram will guide you painlessly through the various options and the welfare benefits to which you may be entitled.

Discussing long term care is not always comfortable but it can be arranged as part of your retirement financial planning. Choosing the right place to spend your later years can be extremely expensive and, without planning, often comes when it is too late to maximise your assets.

If you would like to know more about how you could protect your assets, should you or a family member need long term care, please contact us. Please also see our case study for an example of how we can help.