As our lifestyles become healthier and medical sciences improve, our average life expectancy has risen and is expected to keep rising in the future. This means that we could have more years to achieve our life goals and spend with our loved ones.
Inevitably, we have to recognise that there are a number of financial implications that go with living a longer life. Did you know that the average length of residency is around three years and the cost in a residential care home in the UK can be upwards of £33,852 per year, with additional expenses if nursing care is also required. The average length of residency is around three years, so the costs can be substantial1.
This can be a difficult subject to broach and one that some people find uncomfortable to speak about. Yet the key to effective later life planning is to start as early as possible.
1. Laing and Buisson, Dec 2019
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