7 Costs You Must Consider For Later Life

Planning for your future is a must, no matter how old you are. It’s important that these 7 costs are planned for as you’re likely to come across more than one of them as you age.

Prescriptions

In England, most people will make some kind of contribution to the cost of their medication. You will pay for items on prescription until you are 60 but it is worth noting that you have to meet these costs until this point. Currently, each prescribed item is £8.80.

Private health care

We all know how much the NHS is under pressure and whilst you can receive treatment free at source, the long waiting lists for some ‘routine’ procedures can be long and off-putting. It is not uncommon for people to make provision with private healthcare insurance so they can access procedures and treatment at private medical facilities. If you decide to continue with this insurance premium, this will be an added burden to your budget.

Mortgage or rent

Unless you pay off your mortgage, the likelihood is you will some kind of mortgage or rent payment to make every month. If you move into a care home, for example, you will pay a weekly fee for your room, food and so on. Renting is not uncommon but represents an ongoing monthly expense and with some mortgages lasting decades, you may also still need to pay your mortgage for months, even years to come.

Care

There are many care options if you feel you need a little more help with daily chores or personal help. You will need to factor in the costs of home care services which scale with the level of care you need. Care can be one of the biggest costs you could face and so it makes sense to consider not only all the care service options available but making provision to pay for it.

Selling your home

Some people choose to downsize and buy a smaller property to live mortgage free or move to a new home in assisted living or a retirement village. If you do choose to sell your home, there will be various fees and costs associated with this. Owning your own home or having a large pot of savings will also affect any help you are entitled to and so again, understanding your financial position as you get older is key to getting the right help.

Living

The cost of living is also a cost that you must consider. Many older people find that they have to budget closely for everything they need from the weekly food shop to paying for utilities such as broadband and so on. Budgeting your money means you know what you can afford and stops you from overspending.

Travel

Making sure you claim your free bus pass and other concessions on public transport means you can move around relatively cheaply if you decide to ditch your car. Running a car can be expensive, especially insurance for the older driver.

Find out more at the Live-In Hub about care costs and fees, and other helpful advice.

The author has written and published articles on a wide range of topics including Small Business Advice, Tax and Accounting, Interior Design, House Renovation and Project Management.