There are new challenges ahead when it comes to later life. With people living longer, many more are now likely to need some form of care in later life, risking costs that rapidly eat into their accumulated wealth. And with today’s flexible access to pension pots, over spending in early retirement could also mean that little other than property is left for funding care in the longer-term.
According to recent surveys, care is not high on the agenda of most retirees. Yet the longer planning for it is left, the more complex later life advice becomes. Family members and Powers of Attorney are likely to be involved and - if appropriate arrangements haven’t been made by the time capacity is lost - the courts may need to be involved too.
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