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Finance advice guide for older people
Housingcare.org and EAC FirstStop Advice firmly believe that financial security is an essential ingredient in providing older people with a sense of well-being and independence. Retirement can often mean significant changes in lifestyle which bring with it financial demands or changes which may involve seeking funding, financial advice and an understanding financial products specifically designed to meet certain needs. Here FirstStop Advice has collated a number of areas where such advice might be sought and provides links to our guides and factsheets and the Financial Services Authority (FSA) Website 'Money Made Clear'
Paying for Care
Many older people today do not meet the criteria for financial assistance from the Local Authority or it may be that they are choosing to pay for their care independently. Whatever the reason, problems can arise if people choose care which can be very expensive, without looking at the affordability of the fees and long-term effect this may have on their finances. In most cases the amount of money available, often one’s life savings or the proceeds from the sale of a former home, if left on deposit, will not yield sufficient income to meet high care costs. Therefore, the importance of seeking specialist advice to ensure you are obtaining all the support you are entitled to from the state and that you understand the financial products specifically designed to meet care costs cannot be overstated.
In a Care Home
Equity release is a method of enabling home owners to use the value of their homes to produce a capital sum or an income while they continue to live there. There are various types of equity release schemes; and there are numerous providers of equity release plans. Every lender can have differing interest rates, loan criteria and customer benefits, each of which need to be thoroughly researched to match your personal needs.
General Financial Advice
The Money Advice Service is a free, independent service, set up by Government and funded by a levy on the financial services industry. Its advice and information is available online, over the phone and face to face and provides tailored money advice to help you make choices throughout your life, whatever your circumstances.
Pensions and Annuities
Savings & Investments
Read a Guide to Annuities by McCarthy & Stone
Read more about finance here