Later Life Planning

The concept of financial freedom is to achieve your goals and objectives and remove worry around your finances. We work as your partner in helping you to achieve a more stress free lifestyle.

An important part of this philosophy is that, if you choose our ongoing service, we would like to work with you for the whole of your life.

This involves looking into an area often neglected in financial planning – the need for considering long term care needs. Getting older can lead to some uncertainty as there are a lot of unknowns, might you need some form of care in the home, or perhaps at some point more structured care if your need increases?

As is well publicised state funding is not significant in this area. It is also means tested which means that if you have capital over a certain amount, you will be expected to pay some or all of your fees. Your local council will carry out a needs assessment first of all to see if you qualify for some form of care and then will look into your financial position to see if you qualify for any funding. The local council only has to find one suitable care solution so it may well not be your preferred option in terms of location, or in terms of the type of environment provided.

We feel it is important to plan for long term care and will build this into your life long financial plan. We can also look at long term care options when the need has arisen. There are solutions available such as simply paying as you go for long term care which is made possible through careful planning or purchasing what is known as an immediate needs annuity. Simply put this is bought outright and guarantees to pay your care costs for as long as you require them. We work with the ethos that every client is an individual and no one size fits all. At Beaumont we have specialist advisers who focus on long term care needs and for the more complex case our Director Matthew Hignett is a SOLLA (Society of Later Life Advisers) accredited specialist. Whatever your circumstances you can rest assured that through our ongoing service we will work with you to plan appropriately for your entire lifetime. Alternatively if you have an immediate need for advice in this area we can focus in on the issue and arrange a single piece of advice to help with a specific issue.

To discuss your Later Life Planning with Matthew or one of our expert independent advisers, get in touch with our team today.