Later Life Planning

What is later life planning?

Thanks to advances in medicine, many of us are living longer, healthier lives. Our increased life expectancy has many benefits. We have more time to spend with our loved ones and explore our hobbies, but it also makes seeking later life financial advice even more important. 

It is likely in our later years we’ll require some form of care, whether this is care in the home or residential care such as a nursing home or retirement village. This care can be expensive and if you haven’t planned for this cost, it can be an extremely stressful time for you and your family. 

At Francis Clark Financial Planning, we can help reduce the stress of planning for later life by building a tailored financial strategy that ensures your future needs and wellbeing are cared for.

What does later life financial planning involve?

Later life planning is all about preparation. Our financial planners use a variety of methods to help you plan for later life: 

Lifetime cash flow planning

Lifetime financial forecasting (also known as cash flow planning) is a method that projects your existing assets and income together with your current and future expenditure and liabilities. 

This helps to give you a clear idea of your financial situation so you can understand if you are saving enough towards your retirement. This strategy considers potential care home fees planning should it be required and how much you should be aiming to save. All too often, the cost of long term care has not been planned for when people consider their retirement plans.

How to pay for long-term care

Our financial planners can help you plan for the possibility of needing long-term care in the future. 

By understanding the potential costs associated with long-term care and building it into your financial forecast, we can work out if you are on track to meet your retirement goals, whilst assisting you with care home fees planning. If you’re not, our expert financial planners will help evaluate what changes can be made to help you achieve your goals and maintain your quality of life.

Later life planning can involve looking at investment planning to make sure you have sufficient savings to fund your care and personal protection to make sure there is sufficient money to pay for a loved one’s care. This ensures you are fully informed on how you can prepare for the future.

What is a care needs annuity?

To help cap the total cost of care fees, a care needs annuity may be purchased. This will provide a regular income in exchange for an upfront investment. This regular income can be used towards long-term care so that you don’t have to go through unnecessary turmoil trying to find the money in future. 

There are different types of annuities and when discussing later life financial planning, our expert financial advisers will inform you on the details to help you decide if it is the best route for you.

What other sources of funding are available?

In your later life, there are many protections and obligations put in place by your local government, the NHS and the State to make sure you are receiving a high-quality level of care. 

Our expert financial planners will help you understand the obligations the authorities have towards you and how these can be properly utilised when planning for later life. We can adjust your financial plans to dovetail any financial support you may receive from outside sources.

What if I need support with later life planning for a family member?

It can be an incredibly difficult time when a family member unexpectedly needs care. At Francis Clark Financial Planning, our financial planning services include working with families and legal teams to provide strategies for family members who need immediate care.

Contact Francis Clark Financial Planning about later life planning

If you have more questions about how you could benefit from later life planning, or you’re ready to take those first steps, a member of the Francis Clark Financial Planning team will be more than happy to talk. 

You can contact us regarding later life financial advice on weekdays from 9 am to 5 pm on 0800 832 1785 or email us at [email protected] anytime. We can meet with you in person or online. We can come to your home or place of work, or you are welcome to visit us at one of our offices across the South West of England. Visit our contact page to find out more about our offices and where we’re located.

Book Consultation

To book your initial consultation (no cost or obligation), please fill in the form below with your details and one of our financial planning experts will be in touch.

“Francis Clark Financial Planning are extremely keen to make sure their customers are both protected and can take advantage of the markets, even in volatile times. Everything is explained carefully in language that even we can understand. ”
Keith & Linda Caddy, Cornwall
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Later Life Planning FAQs

  • When should I start planning for later life finances?

    We recommend starting later life financial planning as early as possible, ideally in your 40s or 50s. Early later life planning allows you to build a solid financial foundation and take advantage of investment opportunities that can grow your wealth over time and into your retirement.

  • What are some key considerations in later life financial planning?

    Key considerations include estimating your future expenses, creating a budget, diversifying your investments, considering long-term care insurance, and developing an estate plan. Our dedicated financial planners also factor in potential healthcare costs and the impact of inflation.

  • How can I ensure my later life financial plan is flexible?

    To ensure flexibility in your later life planning, it is important to keep your plan regularly reviewed and adjust it as your circumstances change. At Francis Clark Financial Planning, we provide an ongoing review service whilst ensuring that we stay informed about financial markets. We consider different scenarios, and can advise adjustments to your spending, investment, and insurance strategies as needed to adapt to evolving circumstances.

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