Proposals For Care In Old Age

Well Andrew Dilnot has published his report and it is good to see some positive proposals. However I am not sure how it can be afforded and it is unlikely that the government will act before the next election. It is also clear that the changes will only apply to basic care, if you want to choose a better level of care it will have to be funded by the individual just as it is now. There needs to be greater education about the plans that are available now to protect care fees. All the agencies involved in the care profession should be advising people to get advice from Independent Financial Advisers who have the relevant qulifications, if this happens more providers will come into the market and there will be pressure to design new plans that ensure people can get the best care available.

Alternatives to Pension Contributions

Have you been caught by the 50% tax rate? Its’s only temporary, or so we are told. Defer it by investing in an Onshore or Offshore Bond, when your tax rate drops you can draw on the proceeds and pay the lower rate. A simple idea and effective, more tax saving ideas are available.

To 100 and Beyond

Figures published today have informed us that we are living longer, except of course those who have died.  Responses to this put it down to inspection paradox? or selective statistics? but what about the epedemic of Obesity? is this the 21st century Ricketts?

Whatever the truth you only have to look around and the population is ageing. I spoke to somebody today who’s Aunt is still playing golf at 89. So she maintains good health, unfortunately this is not the case for many and they are spending their final years requiring care, whether in their own home or residential facilities.

The argument is who will pay for this? The Dilnot Report will be published in early July, this will look at the options for funding long term care and it is expected it will call for local authorities to provide greater access to independent advisers.

This would be a welcome outcome as the individual and their family need a professional adviser to help them through what can be a complex and sensitive issue.