This recording is for anyone who wants to gain a better understanding of the financial issues facing people in later life, including types of care, funding options, considerations like estate planning and the wider support available.
Article last updated 28 November 2024.
This information should not be taken as financial advice or a recommendation.
| Question | Answer |
| Do premiums change if your health needs change between setting up a deferred care annuity and it coming into effect? | The premium is paid at the outset, not when the deferred income is paid, any change to health after the premium is paid is irrelevant. |
| The average cost of residential care is £72,000 per annum*. This seems very low as we have friends who are paying around £130,000 per annum. Please could you clarify. | The cost of care is region specific and the amounts quoted are averages. (Source: Lottie, Care home costs and care fees UK average, November 2024. ) |
| The cost of living continues to rise and there are other countries that look more attractive, does Rathbones have experience / thoughts about dealing with moving abroad for later life care? | This would be dependent on individual circumstances. |
| Do financial planners ever visit at home? | As a business with fourteen offices across the UK and one in Jersey, we're never too far away from our clients and thus regularly visit them at their home. |
| When a local authority assesses our capital do they include the value of our home? | They may, when permanent residential care is required. There are certain instances when the main residence is disregarded from the local authority financial assessment, one of those instances is if the property is occupied in whole or in part, as their only home by the resident’s spouse, partner, former partner, or civil partner (except where you are estranged). |
| What's the difference between a Financial Planner and a Financial Advisor? | At Rathbones Financial Planners give ongoing advice on an continuing basis and Financial Advisors just give one-off advice in specific areas. |
| Do you have any illustrative examples of care annuities...premium, income etc? | This would be specific and based on age, health, care needs, and income required. If you're a client and those details are supplied we can obtain an indicative cost for you via a third party. |
| What does the panel think about buying/moving into a retirement village, for example, a McCarthy Stone development, which would provide older people with a more supportive environment. | This would depend on your individual circumstances, moving into a retirement village may well help combat isolation, as always care should be applied and advice should be taken before making a decision. |
Arguably the best investor of all time has decided to retire at the end of the year. Meanwhile, UK interest rates are forecast to fall in a bid to prop up the economy.
6 mins
The world is a very noisy place at the moment, and it’s increasingly designed to be that way. It doesn’t seem to matter where you go or what you do, someone or something is always trying to attract your attention. The proliferation of media outlets only increases the competition, potentially distracting us in the short term from longer-term goals.
7 mins
Major equity indices hit bear market territory on twists and turns in US tariff policy, before responding to news of a partial climbdown. Meanwhile, the oil price rose and fell and the dollar weakened.
12 mins