Retirement finances: The one big cost you might have missed

BBLaw Retirement PlanningThe unforeseen gap in financial plans during retirement

By today’s standards, the UK population generally enjoys greater health and mobility, well into their later years. Plus, the Office for National Statistics predicts that by 2035, the number of people aged 85 and over will reach 3.5 million.

The highest yet.

However, most of us find that our health and mobility can deteriorate as we get older, especially as we’re now living longer. Extra help with mobility and health care helps maintain the best quality of life possible, but these additional care costs can come as a surprise.

Care cost is something few consider when organising familiar aspects of financial planning, such as pensions, life insurance and Wills.

The worry is that unexpected care costs can cause some elderly people in financial distress – forced to sell their home in the worst cases.

Cathy MacCracken, Partner at Birchall Blackburn Law, said:

“People come to us with concerns about their future health and social care needs and that’s understandable – it’s a worrying prospect for us all. We try to offer reassurance by explaining all the options clearly and advising the best solution for the individual. Many clients say that just knowing they have a plan is a weight lifted.”

Elderly people are having to pay for care out of their own funds

The NHS can no longer give the cradle to grave support once promised in the ‘40s. This is why planning for care costs is such an important issue to highlight – so that people don’t get caught out.

It’s heartbreaking but our team have seen cases of people selling their homes to pay for external support. They may have outlived relatives, or family can’t offer the level of care needed.

A little extra planning, for peace of mind during retirement

By talking to a solicitor, you’ll have chance for them to review your full financial picture. This takes place either at our local offices or, if you feel more comfortable, we’re happy to visit you in your own home.

By taking time to understand your history and circumstances, our solicitors can advise you on the care planning solutions that best fit your needs.

All of our private client lawyers are members of the highly respected Society of Trust and Estate Practitioners (STEP) and Solicitors for the Elderly (SFE). This means they specialise in legal matters that affect elderly clients, which is a complex area of law.

They’re also genuine, compassionate professionals, who see the value in strong relationships.

If you’d like to find out more, please don’t hesitate to contact us. Call Freephone 0800 614 722, or from a mobile, 0333 321 2192.