We don't always like to think about what our later life future holds, but whilst we are all now living longer, that does not necessarily equate to a healthy life expectancy. It is important not to ignore the fact that this could mean we need assistance later on in life and may have to plan for it.

It appears from this Which? research that 1 in 10 people underestimated the true cost of care by more than £757 per week, the equivalent of £39k a year!  More shocking is that only 1 in 10 adults aged 55 or over say they have put aside money to pay for care needs as they get older!

Many assume that the cost of their future care will be met by the Local Authority or NHS, but with these uncertain times, it is impossible to know for certain.  Are you aware of the eligibility criteria for NHS or Local Authority if you were to need this right now?

This Which? simple online eligibility tool could help you find out how long your money might last for and give advice on what happens if your money runs out.   https://www.which.co.uk/later-life-care/financing-care/cost-of-care-and-eligibility-checker

Alternatively my colleagues at Irwin Mitchell Wealth Management could advise you on how to plan for your future care.  

Please click on this link to see the whole Which? article: 


As well as planning for how you are going to afford your future care, you should also consider who you would want to make decisions with regard to your property and financial affairs and/or health and welfare, should there come a time where you lack capacity make such decisions yourself.  Creating a Lasting Power of Attorney (LPA) would give you peace of mind that there will be someone to assist you with your finances and health and welfare, should the need arise.  

The alternative may well be that a Deputy is appointed for you by the Court of Protection.  This is a more costly route and can cause significant delays, at a time when urgent assistance or decisions are required.  The Court may appoint a Deputy that you would not otherwise have chosen yourself.