One of the questions that often gets asked in respect to people’s future is ‘How much is enough?’ People want to know how much money they need to have ready for later life, and increasingly they are asking for the need for care costs to be incorporated in to this. The interesting thing about answering the question of ‘enough’ is that the answer changes throughout our lives.
Enough money when we’re working and have young family is different to when we eventually retire. And, it tends to change again if we need care as additional care costs can be a financial burden on an individual and their family, and even the rest of the families.
This can create stressful situations as worrying and stressing about financial affairs can have a massively detrimental impact on physical and mental health.
Paying for care is something that some people tend to ignore, as they may feel or hope that they will never have to worry about it. However working with a financial advisor to ensure you have planned for this can have a number of benefits: –
Planning for care costs means you will have the finances that allow you to have more options available to you if and when you have any care needs You have the option to choose private care companies, which typically means you could receive a higher quality of care It helps the rest of your family (your next of kin or power of attorney) to ensure that you receive the care that you want and ensures that you are in control of your decisions The benefits of a financial planner
However working with a financial planner can provide a clearer picture. A picture that will illustrate that there is clearly going to be enough money, or action that can be taken to ensure there is.
By working with someone who can help you do this can provide your mum and dad answers to some of those worrying questions and provide better mental and physical health in the later years of their lives.
Cervello Financial Planning
07792 790 058
Click here to watch the full Youtube video Series: How To Have A Conversation With Your Parents: How Care Costs Have An Impact On Your Wealth?
Get in touch with your local Radfield Home Care office today and find out more about the support we offer and the difference we can make.