Later Life Planning Specialist

One of the main goals of later-life planning is to achieve financial freedom.

The concept of financial freedom is to achieve your goals and objectives and remove worry around your finances.

To help achieve this goal, we work as your partner. We help you develop a plan and lifestyle you can comfortably maintain, even after retirement. An important part of this philosophy is that if you choose our ongoing service, we would like to work with you for the whole of your life.

This involves looking into an area often neglected in financial planning – the need for considering long term care needs. Whether this is in a residential home or visits by a carer to your own home, this is a cost that must be worked into your long-term financial plan

Dealing With the Uncertainty of Getting Older

Getting older involves a fair amount of uncertainty. There are many unknowns, including whether you will need some form of care, whether that is in your home or a more structured setting. We try to plan these unknown costs into your later-life plan, working together to prepare your finances for any care costs that might arise.

As we all know, state funding is not significant in this area. It is also means-tested, which means that if you have capital over a certain amount, you will be expected to pay some or all of your care fees. Should you need later-life care, your local council will carry out a needs assessment to see if you qualify for some form of care. After that, they will look into your financial position to see if you qualify for any funding. When the council helps plan your care path, they only have to find one suitable solution. In many cases, this might not be your first choice; whether that’s because of location or the type of environment you will be in.

That’s why we at Beaumont Wealth, feel it is so essential to consider long-term care as part of your overall financial plan. We build later-life planning into your life-long financial plans. And when the need for long-term care arises, we can also help you consider your options.

We can recommend solutions like simply paying as you go for your long-term care, which is only possible if you have carefully considered this in your financial plan. Or, we can talk about purchasing an immediate-needs annuity. An immediate-needs annuity involves investing a lump sum upfront, and then the annuity gives you a regular income. You can then use this to pay care costs for as long as you need them.

Working With Beaumont Wealth for Long-term Financial Planning

We work with the ethos that every client is an individual, and there is no one-size-fits-all approach to creating a later-life plan.

We take managing your finances extremely seriously. For over 23 years, our highly qualified, expert independent advisers have been helping clients achieve their financial goals by offering exceptional services and advice.

At Beaumont, we have specialist advisers who focus on long-term care needs and later-life planning. And, for more complex cases, our Director Matt Hignett is a SOLLA (Society of Later Life Advisers) accredited specialist.

Whatever your needs and circumstances, you can rest assured that our ongoing later-life planning service will help you plan appropriately for your entire lifetime. Alternatively, if you don’t need an ongoing service, you can contact us for immediate advice in this area, and we can help you deal with a specific issue.

Contact our team today to discuss your later-life care plan with one of our advisers or with our specialist, Matthew.