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Planning Retirement Online




time4care logo.png One of the most common quotes to be heard from the people enjoying a full or partial retirement is the feeling that ultimately they do not want to be “a burden to their children”.  This is in circumstances where physical or mental health – or both - may be failing.

Some of us will have experienced the challenges of providing care for our own parents and as we approach retirement, there are things we could be doing now to prepare for our own future.

The statistics surrounding eldercare are sobering:

  • In the past 25 years, the number of over-65s has grown by 1.7 million.
  • By 2034, 23% of the UK population is projected to be aged 65 and over, up 17% today
  • Currently there are 800,000 people in the UK with dementia.
  • Just 36% of people aged 45-60 have had a serious discussion about long term care needs

 For the majority of us who have never had to care for elderly dependents, it is often difficult to appreciate the strains and stresses placed upon family members by elder care issues. It is often deeply distressing to witness a parent or other relative becoming progressively unable to lead a normal life through physical or mental impairment or a combination of the two. It is even more unthinkable that this might happen to us. Yet in many cases it will.

We are all theoretically aware from reports in the news about the cost of care provision. In practice, many people are shocked to discover that with assets of £23,250 or more, currently state assistance is not available. Where dependency arises suddenly, very quickly family members have to come to terms with issues such as:

What type of care is best (e.g. residential or at home)?
How can quality of care be assured?
How can care be financed?
What are the legal and property concerns?

The pressure on family relationships can be severe. It is very common for there to be significant conflict between siblings over parental care issues. This is often exacerbated by the geographical distances between family members which can hamper decision-making.

It is these sorts of scenarios that prompted the founding of our business, time4care, within the HCR Group. Through another of our subsidiaries, we have assisted many retired homeowners in the last decade. We have helped them sell their homes all around the UK and for a number of those clients, also released funds to pay for care.

Often HCR staff have had to manage the added complexity of the family member trying to cope with the sale on behalf of the actual home owner whilst juggling their own work and family life, frequently from a long distance away.

It does not stop at dealing with the property sale because invariably there are possessions to be sensitively dealt with through auction, removals or house clearance as well as property insurance, maintenance or utilities.

It became obvious to HCR that what was clearly needed was a seamless service that brought together Property Management, Care Advice, Legal Advice and Financial Advice.  That is why time4care was devised, featuring:

Care Advice – Deciding on the right type of care is often complex. 
Through highly experienced advisers time4care offers information and advice on the options for care, whether it is domiciliary care (home help), live-in care, warden assisted living, residential or nursing care.

Financial Advice – gaining access to state funding for elderly care is a bewildering experience.  time4care estimates that there may be more than 20 different sources of funding that a family might be eligible for.  Many will not be able to rely on the state but will need to fund care themselves.

Through time4care, our clients can have access to qualified financial advisers specialising in care fees planning and the financial affairs of older people.  They will advise on the options available including Care Fees Annuities, also known as Immediate Needs Annuities.

Legal Advice  - many people become aware late in the day of the usefulness of wills and powers of attorney.
time4care offers access to Solicitors for the Elderly who are experts in ensuring all legal safeguards are met, establishing trusts or managing inheritance planning.

Property Advice – More than half of people who need to finance care have to sell their homes to pay for it.  Therefore maximising capital and income is vital.  time4care offers a fully managed property and sales service, with the option to drawdown funds from the equity in the property for a fixed interest rate.

As you plan for your retirement, it makes sense to prepare yourself and your family for the time when looking after yourself may be too difficult for you to manage alone. Some action and planning now means that you and your family may have less of that burden to bear now and in the future.

In the shorter term you may well have ageing parents with care needs who require your support.  time4care will allow you to do that effectively.

For more information, visit our website and download a copy of our brochure or call us today on 01256 313888.


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