Talking Points - the cost of care
Paying for care in later life is high on the list of many people’s financial worries, and the shifting sands of government policy have only added to the uncertainty.
Getting on: planning for later life
Less than half of UK homeowners aged under 60 are confident they will have enough money to choose where they live and are cared for in old age, even if they sell their property.
These concerns were exacerbated by proposals in the Conservative Manifesto that would have removed a ring-fence around family homes that currently exists when it comes to paying for the cost of care.
Instead of the hoped-for cap on costs, many people would have had to pay for care costs from the value of their homes if other sources ran out. Though later abandoned, merely floating the idea has caused people to doubt the notion that the family home is sacrosanct.
Still – despite this uncertainty – we believe financial planning for old age needn't be a source of anxiety.