The high cost of living affects everybody but none more so than older people who may be on fixed incomes. If you want to maintain a comfortable way of life ageing at home and stay in your own home as you age then it’s important to plan for a secure financial future.
Income and outgoings
If you are on a fixed income you need to create a budget which is practical for your income and outgoings levels. List all your sources of income and try to identify any areas where you could perhaps cut back on any unnecessary outgoings.
Look for advice on how you could better manage your utility payments. Citizens Advice offer valuable help on how you could potentially get:
• Reductions in your council tax
• Switch to cheaper deals on TV, phone contracts, broadband
• Help in paying for prescriptions
• Save money on gas and electricity
For those who are confident in using the internet, there are a number of easy to use online budget planners such as the one from Moneyhelper, which offer a good way to keep track of all your financial transactions. Your bank or building society may also be able to help with managing your finances.
Need help with debt?
It is a sad fact that for many of us getting older does not necessarily mean being debt-free. If you are struggling with debt and need advice there are many organisations who can help including:
• Citizens Advice
• Debt Advice Foundation (0800 043 40 50) or online
• National Debt line (0808 808 4000) or online
• StepChange Debt Charity (0808 138 1111) or online
Needing care at home?
Requiring at-home care is often no more expensive than moving to a residential care home but it needs careful planning. Care at home can be funded either privately or through local authority funding. Your local council social services department will conduct a care needs assessment to ascertain your eligibility.
In some cases, individuals with complex ongoing healthcare needs may qualify for NHS Continuing Healthcare (CHC) and to apply for this you first need to speak to your doctor.
If you plan to fund your own at-home care one option if you are a home-owner could be through equity release which unlocks money tied up in your property. You can find out all you need to know about equity release to fund at-home care here.
Other costs to consider
There’s no denying that getting older can be expensive. Home maintenance and everyday expenses will always remain ongoing responsibilities. Factor in the issue of whether you may need adaptations to allow you to move around the home. Those with reduced mobility may need grab rails, ramps, stairlifts or walk-in showers for example. Your local authority can offer assistance on whether you could claim a Disabled Facilities Grant to help you live safely in your own home.
Ageing at home can be infinitely more desirable than moving into residential care especially if you have in-home care. Careful planning, expert advice and help to access any available grants or benefits will guide you to a secure financial future.
