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.
Useful links
Previous episodes:
Episode 110: The 9 Accelerators of Successful Retirement Planning - Life Priorities
Episode 114: The 9 Accelerators of Successful retirement Planning – Lifetime Financial Forecasting
Episode 117: The 9 Accelerators of Successful Retirement Planning – Minimising Lifetime Tax
Episode 122: The 9 Accelerators of Successful Retirement Planning - Well-crafted Investment
Episode 128: The 9 Accelerators of Successful Retirement Planning - Asset Allocation
Video: The differences between health and social care.
Video: Types of social care and how much they cost
Video: State benefits for those needing care in later life
Video: Paying for care with a deferred payment scheme
Video: Paying for care with equity release
Video: Paying for care from investments
Video: Paying for care using an Immediate Needs Annuity
Get in touch if you’d like me to recommend an independent financial planner near you
Email at hello@retirementcafe.co.uk
Watch the episode on YouTube here.