Planning for care: Making later-life support part of your financial plan

While many people don’t rely on care later in life, planning for the potential cost of it could help you feel confident about the future and mean you have more options should you need support.

According to a December 2021 report from The Health Foundation, people are increasingly living healthier and more independent lives in their later years. Indeed, the proportion of older people who need social care has fallen.

However, as life expectancy has improved, the number of people who will need some form of care is likely to rise. The report suggests that between 2021 and 2046, the number of people aged over 85 in the UK will double to 2.6 million.

So, while needing care might not be certain, it’s important to plan for it. Last month, you read about some of the reasons why you might consider care now. Read on to discover how you may make it part of your wider financial plan