Keeping your independence and “doing it my way” in later life

When we ask Riverstone residents about what’s important to them, very high on the list is retaining independence and autonomy as they become older. Not being dependent upon others, unless they choose to be, and living the life they want to live is what we hear all the time. And yet, unpalatable though it may be, it’s a simple truth that most of us will either care or be cared for at some point in our later lives. All too often this prospect is pushed to one side or delayed until the situation actually arrives, bringing stress, fear and a prevailing feeling of no choice at all.

The number of older people in our UK population is increasing year on year - in 50 years’ time, there is likely to be an additional 8.6 million people aged 65 years and over – a population roughly the size of London – with many people living for much, much longer. And as we age the need for excellent health and care services will grow in parallel. All of this contributes to an urgency to ensure the wider healthcare system is fit to meet the needs of the older population and importantly that the individuals who make it up, have meaningful choices about the services they can access.

Governments have talked about and promised a better funded care system for years. The recent proposals, announced in September 2021 will have some but only limited impact - changing the calculations around personal responsibility for the cost of care, the reform package also includes promises to boost career progression in the adult social care workforce, support for unpaid carers, investment in housing, better information, and oversight of the social care performance of local authorities.

However, planning for your future is not merely a matter of understanding potential Government support, but also thinking about the breadth of services on offer, from both public and private providers, and reflecting upon what’s most important to you. Most people put care homes at the very bottom of their list of where they’d like to end up. So, understanding the alternatives, such as domiciliary care, housing with care and retirement villages, how to access them and how to pay for them is important. For couples, and families, it usually requires joint discussions to ensure wishes and perspectives are aligned. It’s never too early to start talking and planning, with pre-emptive action always taking much of the stress out of the process.

These can be hard conversations to initiate – no one likes to contemplate becoming frail, less mobile or having some form of dementia. But once the conversations start, it can be reassuring to know your wishes are understood and will be respected, and that your financial planning takes that into account.

According to a survey of almost 5,000 people carried out by the charity MHA in 2015, alongside health and wellbeing, and companionship or loneliness, one of the most significant concerns for people about the ageing process is personal finance – whether people can afford a good retirement, including paying for care and support if they need it.

Housing options should be considered alongside financial planning, preferably with the help of an independent financial advisor. Expert forecasting can help you to evaluate your assets, income, and expenditure to identify where there may be a shortfall or excess in later life, as well as inform decisions around if and when you might wish to move closer to family and friends or downsize your home.

This type of lifetime cash flow modelling should extend to things like reviewing whether your investment portfolio and strategy is fit for purpose, plans for transferring wealth to the next generation and managing your exposure to inheritance tax and understanding the different ways you can pay for care, if you ever need it.

Whilst there can be no denying that these are difficult topics, facing them early and decisively, when you have energy to do so, reaps many benefits. Not least the ability to feel confident you’re ready to make the most of life in your later years.

Dr Natalie-Jane Macdonald MBE, Non-Executive Director at Riverstone