132: Series 8 Ep 6: The 9 Accelerators of Successful Retirement Planning - Funding Care

Watch my conversation with Kathy on YouTube or listen on the podcast player below

 
 

The Office of Fair Trading estimates that 30% of over 65-year-olds have to fully fund their care in later life.

And around 24% of those self-funders run out of money whilst in care.

Time will tell whether the new health and social care levy announced on the 7th September 2021 will impact those figures, but it won’t change the importance of planning how you will fund any care you may need in later life.

This week we discuss the process of funding care. We explain the difference between health and social care, how to get your care needs assessed, the means test, the rules on whether you have to pay for your own care, funding options including the little-known immediate care annuity and what happens if you run out of money.

For more in-depth information about care in later life, head over to my YouTube channel to watch my series all about finding and funding care.


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133: The rules for making gifts under a Power of Attorney, with Holly Mieville-Hawkins

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131: Money Fight Club: Making your money work harder, with Anne Caborn