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 Just have published the Care Report 2024 - Groundhog Day. This latest edition provides fundamental insights into the challenges in social care funding. It highlights the need for clients to plan ahead and for you as advisers to guide them through these complexities.
Some key findings in this report:
• Government estimates suggest that one in seven people will face care costs exceeding £100,000.
• The size of care costs is often misjudged; 60% of over-45s underestimate the cost of a year in a residential home by at least £10,000.
• Nearly two-thirds of respondents believe the system is not fit for purpose.
Clients aspire to a decent standard of care, yet so few make formal action plans for their own future. As advisers, you play an important role in helping them mitigate care cost risks, for example, through immediate and deferred needs annuities.
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