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, explore our hobbies and all life has to offer – but it also means being prepared for our future is essential. 

It is likely in our later years we’ll require some form of care, whether this is domiciliary care (in your own home) or residential care such as a nursing home. This care can be incredibly 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 by building a financial strategy that makes sure your future needs and wellbeing are taken care of.

What does later life planning involve?

Later life planning is all about preparation. Francis Clark Financial Planning use a variety of methods to help you plan for later life:

Lifetime financial forecasting

Lifetime financial forecasting (also known as lifetime cashflow modelling) will give you an overview of your existing assets and income, then balance these against 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’re saving enough towards your retirement, how much you should be aiming to save and estate planning. 

Lifetime financial forecasting also looks at the ‘what ifs’ and will help you plan for unexpected changes to your future – such as the sudden death of a breadwinner or potential long-term care.

Funding care fees

Our financial planners will help you plan for the possibility of needing long-term care in the future. This may be domiciliary care or residential care such as a nursing home. 

By understanding the potential costs associated with long-term care and comparing it to your financial forecast we can work out if you are on track to meet your goals and plan for any long term care needs. If you’re not, our financial planners will help evaluate what changes can be made to help you achieve them.

Care needs annuities 

An annuity is an insurance product that will provide a regular income in exchange for a one off lump sum. This pays a regular income for life which can be used towards long-term care. 

There are different options for these annuities and our financial planners will be able to advise you on all of the details to help you decide if it is the best route for you. 

Other sources of funding 

Our financial planners will work with you to look at all possible funding options to endeavour to maintain your quality of life. This can involve investment planning, personal protection and more so that you’re fully informed on how you can prepare for your future.

The Care Act 2014 and local authorities ‘Duty of Care’ 

In your later life, there are many protections and obligations put in place by your local government to make sure you are receiving high-quality care. Our financial planners will help you understand the obligations your local authority has towards you and how this can be properly used to plan for later life. 

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

It can be an incredibly difficult time when a family member needs care. We can work with families and legal teams to provide strategies for those 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 weekdays 9-5 on 0800 832 1785 or email us at [email protected] anytime. 

We have multiple offices across the South West of England if you would prefer to visit us in person. 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.

“FC 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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