7 in 10 adults haven’t thought about later-life care. Here’s what you should do to create a care plan

Posted on

Later-life care can be a difficult topic to discuss and create a plan for. However, setting out a care plan now means you can rest assured your wishes would be followed and ensure long-term security. If it is something you’ve not tackled yet, read on to find out what you should do.

According to a Canada Life survey, 7 in 10 UK adults haven’t thought about later-life care. It could mean there’s a significant gap in many long-term plans.

Feeling anxious when considering long-term care is common, and why many people are putting off setting out a plan:

  • 28% put off thinking about care because it’s emotionally overwhelming.
  • 25% said they avoid thinking about care due to financial anxiety.

These feelings are understandable. The need for and cost of care can feel overwhelming, but putting planning off can increase your anxiety. While it can be challenging to tackle, a care plan can give you confidence in the future. It can mean you’re able to enjoy your life now, knowing that if care is needed you have a plan to fall back on.

According to government figures, there were around 390,000 people in care homes in 2019/20. Some people will also receive support in their own homes. While a relatively small proportion of people need care, having a plan can be valuable.

So, if you don’t have a care plan, where should you start?

5 practical steps to create your care plan

1. Set out your preferences

If you need help in your later years, what would you want? Many people would prefer to stay in their own homes with either family or professional support.

Setting out your preferences can allow you to create a budget and care plan to suit you.

While setting out your wishes is important, keep in mind that your circumstances can change. Your care plan should be flexible and cover all eventualities.

2. Understand what state help you’ll receive

The Canada Life research found that 1 in 10 people didn’t think setting out a care plan was their responsibility and believed either the state or family would step in.

While the state does provide support in some circumstances, most people will need to pay for at least a portion of their care costs. It’s essential you understand what help you’d receive from the state and when you’d need to pay.

You should also review support with your preferences in mind as state support may not align with what you’d want.

3. Discuss your plans with loved ones

As well as understanding state support, talking to your family about what help they could offer can be useful.

This is particularly important if you may rely on your loved ones to provide some form of care. Separate research found that around 1.8 million people care for a family member. On average, they expect costs to be £1,100 each month. In reality, the cost is £1,600 a month, so some families could experience a shortfall.

4. Research the cost of care

Cost is an important factor when creating a care plan. A realistic figure can help you set up a care fund that will provide you with security if you need to use it.

Despite this, among the people that have considered care, just 10% had researched the cost of in-house support and 9% had looked at care home bills.

Costs can vary significantly between locations and the type of support you need. Without this vital information, you could find you have a gap in your care fund.

5. Make it part of your financial plan

Funding care should be part of your financial plan. Ensuring you have assets to cover care if you need it later in life can provide peace of mind.

Only 27% of people that consider care are actively saving or building up investments to cover the potential expenses. Missing this step could mean you’re not able to follow plans or that you worry about your financial circumstances.

We can help integrate your care plan with your finances. It’s a step that can help you reach your goals and provide long-term financial security. Please contact us to discuss your needs.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

We aim to keep our clients up to date on interesting and relevant financial news.

You can sign-up to receive our monthly newsletter by email, even if you’re not yet a client. Sign-up using the form below.

Client testimonials

I have always found Black Swan to be caring and understanding of my quirky lifestyle. I always feel they try to get me the best returns while respecting my current needs.

Sally Muir

A client since 2011

We would be very happy to recommend the support and service we receive.

Valerie Locks

A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

Sandra Jack

A client since 2000

[A] safe pair of hands in a complex financial world.

Gary Middlehurst

A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

Alan Evetts

A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

Linda Burnard

A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

Andrew Kirchen

A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

Partner with the most reliable and experienced team of advisers

Enter your details & we'll be in touch to discuss your needs.
Alternatively, contact us directly and speak to a member of the team.

    Subscribe to our newsletter