With advancements in medicine, many of us are experiencing longer, healthier lives, which brings various benefits. This extended lifespan grants us more opportunities to cherish moments with loved ones and pursue our passions. However, it also underscores the importance of seeking financial guidance for later stages in life.
As we age, the likelihood of requiring some form of care, whether at home or in a residential setting like a nursing home, retirement village or retirement community, increases. Such care comes with substantial costs, and without proper financial planning, it can become a source of significant stress for both you and your family.
At LSG Financial, we specialise in alleviating the uncertainties surrounding later life planning. Our tailored financial strategies ensure that your future needs and well-being are safeguarded, providing peace of mind for you and your loved ones. Often a question I get asked is “How can I pay for my long-term care?”. Here at LSG Financial we help you prepare for the possibility of requiring long-term care in the future.
How we do this is by assessing the potential expenses associated with long-term care and incorporating them into your financial projections, this is known as cash flow modelling, from this we can determine whether you’re on course to reach your retirement objectives while also aiding you in planning for care home expenses. If adjustments are necessary, we will assist you in identifying suitable changes to help you attain your goals and maintain your standard of living.
Later life planning encompasses examining investment strategies to ensure adequate savings for future care needs and implementing personal protection measures to guarantee sufficient funds for a loved one’s care. This comprehensive approach ensures you are well-equipped to plan for what lies ahead.
Immediate Needs Annuity
To help limit the overall expense of care fees, you may consider purchasing an immediate needs annuity. This investment means you make an upfront payment in exchange for a regular income. This income can then be used to cover long-term care costs, alleviating the need to scramble for funds in the future.
Various types of annuities exist, and when we discuss later life financial planning with you, we will provide you with the detailed information to help you in determining whether this option is suitable for your needs.
NHS & Local Authorities
As you enter your later years, various protections and commitments are established by your local government, the NHS, and the State to ensure you receive a standard of care.
We will guide you in comprehending the responsibilities that authorities hold towards you and how to effectively use them in later-life planning.
We can tailor your financial strategies to complement any financial assistance you may receive from external sources.
Family & Later Life Planning
If support is needed for a family member, we will work with you and other family members & legal teams to provide the support you need and to implement strategies where necessary. LSG Financial know that this can be a challenging and stressful time. We will be with you each step of the way.
If you want to know more about planning for your later years or if you’re ready to start planning, LSG Financial will be happy to help you.
TALK TO US TODAY
Planning for later life and care is about more than finances—it’s about ensuring your future is secure and your wishes are respected. Whether it’s preparing for care costs, protecting your assets, or creating a plan that supports your loved ones, we’re here to guide you every step of the way.
Take control of your future with confidence—get in touch today to start your later life planning journey.
