While many of us diligently invest in pensions, far fewer think about something just as critical: how we will finance our care if we need it in later life.
The uncomfortable truth is that as we age, many of us will require some form of support, whether in our own homes or within residential care. And it can be costly.
Too often, people assume the government will step in when needed, only to discover that eligibility thresholds are strict and personal contributions are almost inevitable. For families caught off guard, the emotional and financial toll can be devastating.
Over the years, I have spoken to countless people who believed they were secure for retirement, only to realise that their savings, carefully built to fund holidays, hobbies, and time with grandchildren , were quickly eaten away by unexpected care bills.
I have also seen the heartbreaking pressure placed on families suddenly forced to choose care for a loved one based not on preference, but on what they can afford. This is the reality we must confront now, before it is too late.
We need a mindset shift. Retirement planning should not stop at pensions; it must also account for the possibility, and in many cases the likelihood, of care needs.
Investing early, whether through tailored savings plans, long term care insurance, or financial strategies designed to protect assets, can make all the difference when the time comes.
And it is not just about money. Planning for later life also means having open, honest conversations with family about preferences for care. It means thinking ahead about wills, powers of attorney, and how best to safeguard dignity and choice as we age.
Avoiding these discussions does not make the reality go away; it only makes it harder when the time comes.
The government, too, has a critical role. With nearly a third of the population projected to be over 65 within 50 years, elderly care funding and policy reform must move higher up the national agenda. Sustainable social care funding is not optional; it is essential.
We all have a stake in preparing for the future for ourselves, our parents, and our children. The earlier we start, the more options we preserve and the greater peace of mind we gain.
Britain’s ageing population is a reality we cannot ignore. The good news? By planning today, we can protect not only our finances but also our dignity tomorrow. The time to act is now.
