Older and wiser

Posted on Jan 17, 2018

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Only a matter of a few years ago, somebody reaching 80 or 90 years of age seemed like an achievement, but now we regularly hear of 100th birthdays being celebrated. If you reach that milestone during 2018, you will have outlived famous faces born in 1918 including Nelson Mandela, Rita Hayworth, Leonard Bernstein and Spike Milligan.

Old-age pensioner Tessa Frank looking out of window

An  article in The Daily Mail from June last year, reported that, according to researchers from the Netherlands, people can expect to live until their 125th birthday, within just two generations. No one so far has lived longer than 122 – but the Dutch researchers forecast that a woman will reach the milestone of 125 by the year 2070. In Britain alone, the number of people past 100 is likely to grow from just over 14,500 in 2015 to 1.5 million by the end of the century.

With improved healthcare and lifestyles, we are living longer. According to the latest figures from the Office for National Statistics, published in July 2017, in 1996 there were no local authorities with more than 3% of their population aged 85 and over. In 2016, half of local authorities had over 3% of their population of this age or more.

Where you live makes a difference… with southern authorities, including Rother, East Devon and Dorset having the highest proportions and London Boroughs, such as Tower Hamlets, Islington and Hackney consistently among the lowest with a very old population.

As we are living longer, the demand for care and care home places is increasing. Funding is predominately dependent on Local Authorities, whose own stretched resources are limiting their ability to pay. In consequence, care homes are having to look to self-payers to subsidise this short-fall and, according to a recent report, they pay 41% per week more for living in the same homes.

Financial support from Local Authorities is available to people whose savings and income are less than £23,250.

Here at Goodman Care Fees Advisers we specialise in providing truly independent advice to clients, deputies and attorneys on later life financial planning issues, including how to meet the cost of care fees.

Our advisers, Neil Whitaker and Andy Kirk, have attained the Later Life Adviser Accreditation and are proud to be full members of the Society of Later Life Advisers (SOLLA).

When retired teacher, Tessa Frank, was looking to move into a care home, she asked her solicitor who she should approach for financial advice. Her solicitor advised that she look for an adviser on the SOLLA website and Tessa approached us.

“Neil phoned and, to my amazement, he gave me a whole hour of free advice,” remembers Tessa. “He had a lovely friendly voice and when I moved into my home, he visited and I realised I’d made an excellent choice of friend and guide in financial matters. It became clear that I wouldn’t have to worry about running out of money, not with Neil telling me how to use it. The Goodman Partnership really cares about what happens to you.”

We pride ourselves on getting to know our clients and developing long-term relationships with them; good service to us means maintaining and developing those relationships.

For more information about our long-term care planning service, visit our "Financial Advice for Care Fees" page.




Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.