Aberdein Considine is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 142693. The FCA does not regulate tax planning, Wills or Trusts. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage. The information on this site is intended to be of general interest only and should not be considered as an offer, investment recommendation or solicitation, to deal in the shares of any securities or financial instruments.
At some point in your life, disability, illness or old age may mean you can no longer look after yourself and require long-term care.
Sometimes long-term care is fully or partly funded by the NHS. Otherwise it may be provided by your local authority, but depending on your financial circumstances you may be required to pay for some or all of the care you receive.
Our independent financial advisers are here to help you make a retirement plan that truly fits your needs, both today and in the future.
Funding long-term care
You may be wondering how to fund your own long-term care, or you may be using power of attorney to fund care for a relative on their behalf.
Either way, there are several possible options:
Releasing money from your home: You could downsize, move into a cheaper property, or rent out part or all of your home. Another way to free up money is with an equity-release scheme, which will enable you to carry on living there.
An immediate need care fee payment plan: Similar to an annuity, this gives you a guaranteed income for life, in exchange for a lump sum. This can be a good solution if you’re likely to need care for several years or more with little prospect of improvement, but may not be good value for those nearer the end of life.
Other assets: Money from savings, investments and your pension pot could all be sources of long-term care funding. The difficult part is using these resources wisely and efficiently so that they don’t run out too soon.