Increasing life expectancy ought to be a cause for celebration but, unfortunately, while many people are living longer, they are not necessarily doing so in good health.

As you head into later life, your needs and priorities often change unexpectedly and significantly.

Average life expectancy is increasing year on year. We now need to make difficult decisions about our finances that previous generations never had to do.

A retirement spent on cruise ships or golf courses is only for a lucky few. On average, people can expect around a decade of poor health in retirement. As a result, long-term care is becoming an increasing and pressing need for many.

The need for care often arises suddenly and without warning. The cost can be difficult to quantify because it is not easy to predict how long an individual will need care.

While the average time spent in care is just two and a half years, around one in eight people needing long term care will live for a further eight years or more.

The bill for the average person may therefore be some £50,000 to £60,000. Yet for others, who need care for many years, the cost could be triple, even quadruple that amount. Potentially using up almost all of the capital built up over a lifetime.

That sounds bleak but there are ways to manage care funding to lessen the financial burden for an individual and their family.

Our later life financial planning service can support you and your family implement the most appropriate solution for you.