Paying for care: The financial reality of looking after family
Looking after ageing parents can bring significant emotional and financial challenges. On this week’s episode, Danni and Sarah explore the realities of caring for older family members, and why planning ahead can make such a difference.
From the cost of care at home and navigating support to the impact on earnings and pensions, they discuss the financial pressures facing families when a loved one needs help. They also explore the growing challenges facing the so-called sandwich generation, particularly women balancing care for ageing parents alongside supporting children and managing their own careers.
If you’ve wondered how lasting powers of attorney can help families prepare, and what practical steps people can take to protect your own financial futures while supporting loved ones, this episode has helpful tips for you.
Topics covered:
-
How social care funding and means testing work in England
-
The potential costs of care at home and in residential care
-
How caring responsibilities can affect earnings and pension savings
-
The financial pressures facing the sandwich generation
-
Why families should discuss later-life care and money early
-
Lasting powers of attorney and planning for future care needs
-
Practical ways to share caring responsibilities and protect your finances