This page contains regularly updated information about where to get later-life funding advice.
Getting advice from a financial advisor can give you clarity about how much your care could cost and how you’ll pay for it.
You might not want to sell your home, for example, and so you're wondering how you can avoid having to sell it to pay for your care.
You may not even own a home but because of the value of your assets and your health, you may still be classed as a self-funder.
Knowing where you stand and what you’re eligible for can help you make a plan for your future care. If you don't know how much you could be faced with paying for your care, you could leave yourself without adequate funds for the level of care you need.
SOLLA is a not-for-profit organisation that helps with later-life financial matters. They can ensure you have the peace of mind that you are making the right financial choices to secure your future.
They aim to ensure that people are better informed about the financial issues of later-life and to help older adults find a fully accredited adviser quickly and easily.
A SOLLA adviser will always explain how much the advice will cost, and give you the options of how you might pay for it at the outset, once they have a clear understanding of your needs. You can then agree on the service you require and the charges for this before any advice work starts.
Social care in the UK is means-tested. If your assets are below the means test limit then you may be entitled to some funding from your Local Authority. If your assets are above the means test limit then you will have to meet the cost of any personal care yourself.
The means test limits do differ around the UK:
England: £23,250
Scotland: £32,750
Wales: £50,000
N. Ireland: £23,250
The example below is based on hypothetical figures and provides a simplistic overview that doesn't take into account that care costs may rise over the next 5 years.
Care costs: £60,000 per year
Pensions & Attendance Allowance combined income: is £25,000 per year
The shortfall is: £35,000 per year
Property sale proceeds/savings: £175,000
£175,000/£35,000 = 5 years
When you come to calculate how long you can afford to pay for your care, it's important to use accurate and specific figures. If you can, you may want to seek advice from a financial advisor who can do it on your behalf.
Call SOLLA on 0333 2020 454 to find an adviser who is local and can help you explore what would work for you and where they are involved, your family too.
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