The good news is that more of us are reaching our 100th birthday, but two million elderly people in the UK have a care-related need and it is estimated that four million will need daily help by 2029.
If you find yourself needing care, your local authority must calculate the cost of your care and assess how much you have to contribute from your own resources. Currently, anyone in England with assets over £23,250 must pay the full cost of their care. Different figures and eligibility rules apply in other parts of the UK.
Many people simply use their savings and investments to pay their fees, and we can advise you on the best way to do this. There are also property-related options such as equity release that can help you access the money tied up in your home, or a deferred payment agreement where your local authority helps with the cost of care and recoups the money when your property is sold. There are also specialist long-term immediate care plans that are purchased with a lump sum and in return pay a guaranteed income for the rest of your life.
Think carefully before securing other debts against your home. Equity released from your home will be secured against it.