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Care Fee Annuities and investing for income
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Care Fee Annuities
For a single lump-sum payment a Care Fee Annuity can pay an agreed
amount towards your care fees each month. It can offer peace of mind
as it helps to limit the amount of capital that you need to set aside
to fund your care - helping to protect your remaining capital.
You can also plan for rises in care fees by opting for an index-linked
Care Fee Annuity, which can help to keep up with increases in
care fees. However it does increase the cost of the annuity.
Care Fee Annuities do differ considerably in cost from one annuity
provider to another, as they consider factors such as age and state
of health plus the amount of income you need to generate. It's best
to research the whole market, which a specialist adviser can do. They
will discuss your requirements and any alternatives there may be,
then research the options and present the advantages and disadvantages
of these, so that you can make an informed decision.
Investing for income
An advantage of investing for income is that you can retain ownership
of all of your capital and pay your care fees from your existing assets.
If you choose to invest your capital to generate an income to pay
for care, your investment portfolio needs careful structuring whilst taking
into account your attitude to risk and your aims for the future. A specialist
adviser can help plan your portfolio to give you the best chance of
realising the returns needed to generate the level of income that
you require, without exposing the investment to undue volatility or
risk.
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