Daisy McAndrew and Annabel James discuss later life funding and financial advice for the elderly with Jane Finnerty, co-chair and co-founder of the Society of Later Life Advisors (SOLLA), a non profit organisation providing accredited training to IFAs who provide financial services to older people. They can be found at https://societyoflaterlifeadvisers.co.uk

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Challenges for later life funding and finance

The historical focus of financial services didn’t account for the new phenomenon of living much longer into later life. With the increase in life expectancy and to allow for 30 years or more of funds, it’s important to understand the different income streams available, including pensions and home ownership.

Differences Between Regular and SOLLA-Accredited Financial Advisors

SOLLA-accredited advisors specialise in later life financial advice, going beyond general financial advice – and are trained to consider the specific needs of older clients, including cognitive decline and mobility issues, and can explain complex financial concepts clearly.

Navigating Financial Conversations with Family Members

Start having financial conversations with family members early. If a ‘Power Of Attorney’ document is part of the plan, it’s important to consider the right person to be appointed as the power of attorney. This power of attorney can also be accompanied by a ‘letter of wishes’ which, whilst not legally binding, helps explain the decisions made. A power of attorney isn't a 'free-for-all' to manage someone else's affairs and is often misunderstood.

Gifting and Equity Release

There are different ways to gift money, including gifting out of income. There are also benefits and risks to equity release and lifetime mortgages. It’s important to bring in specialist advice.

Annuities and Care Annuities

‘Annuities’ have seen a resurgence and might well be a consideration as interest rates have increased. Whilst there could be tax advantages to care annuities, once again it’s important to take regulated financial advice.

Paying for Financial Advice

Financial advice is valuable for everyone, not just the wealthy. The advice can help clients claim benefits like attendance allowance and be well worth the initial cost.

NHS Continuing Healthcare

NHS Continuing Healthcare offers some people free health and social care and is funded solely by the NHS. The assessment includes what help is needed and how complex, intense and unpredictable the needs might be. https://www.nhs.uk/conditions/social-care-and-support-guide/money-work-and-benefits/nhs-continuing-healthcare/

As always with money matters, it's important to seek financial advice.

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Episode ID: 1000700039648

GUID: 67db4e28fe6b19f2d2c4b69c

Release Date: 20/03/2025, 02:00:00