Five steps to securing your future

AGE UK has issued a 5-point piece of guidance to help those facing care costs to plan for a secure future:

1. Don't panic and make a decision that could end up being costly. Get some advice on all your options from an independent financial adviser.
2. Are you definitely getting everything you are entitled to from the state? Even if your local authority turns you down for help with care costs, there may be some benefits, such as Attendance Allowance, which you could qualify for. Age UK has a benefits calculator on www.ageuk.org.uk or call 0800 169 6565 for advice.
3. Look at savings or investments you have and ensure they are in the best place and earning the best return for you.
4. Check whether a Care Fee Annuity would work out more cost-effective. For a single lump sum you buy an income (an annuity) to cover all or part of the costs of long-term care for life. The annuity is paid direct to the care provider. Like pension annuities, care fee annuities differ greatly between providers. Compare the market to ensure you get the right income for your needs.
5. Look at the value of your home. Could you utilise that to help pay for care? But remember this will affect the value of your estate. Make sure that you talk things through with your family so they are happy with any decision you make.