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  • Looking to the Future

    The value of pensions and investments can fall as well as rise. You may get back less than you initially invested.

    Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits. We typically charge a fee of £350 and are also paid a fee by the lender - which is typically 0.35% of the loan amount. Alternatively you could receive the fee from the lender and pay us an equivalent amount. By way of example, if the loan amount is £200 000, this would represent a fee of £700.

    According to research, today’s 50 year olds, it has been found that men can look forward, on average to another 28 years and women to another 32 years. By 2021, it is estimated there will be over 12 million people aged over 65, an increase of 25% compared with current statistics. It is true that we are living longer, but evidence suggests we are not staying healthier. We can expect to spend more of our longer lives in poorer health.

    According to PayingForCare, care homes in the UK can generally cost an average of:
    § £28,500 per year (residential care home)
    § £37,500 per year (if nursing is required)

    Government state benefits can provide some assistance, but may not be sufficient to pay the full cost of long term care. If you have savings and assets above £23,250 in England you will more than likely be expected to pay for the full cost of long term care. For example, if you stayed in a Care Home and needed nursing in London for a period of 5 years, the current average cost will be approximately £228,000 (PayingForCare).

    There are a number of mechanisms for helping fund Long Term Care and/or protecting your estate against the cost of future care, which include:
    § Immediate needs annuities
    § Pre-funding
    § Investments
    § Insurance
    § Enhanced Annuities
    § Equity Release

    Long Term Care can be a complex area of planning and Keystone Wealth Management has the expertise to assist and advise you with this challenging task. We have in-depth knowledge and years of experience of funding care needs, while minimalising the cost burden on your estate and your family.

    Click here for the PayingForCare Care Home Cost Calculator

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