Financial News Update we 15/07/2011

Oh well, I was not the one to be blessed with such good fortune by the Euro Lottery on Tuesday night so, if it was you, by all means do let me know if you require any sort of investment advice?!!

Joking aside, someone somewhere has to, hard as it may seem, come to terms with the fact that they, their children (if they have any), their grandchildren (ditto) and who knows how many other generations or branches of their family will never have to work again… added to this they will most certainly never have to think about, let alone worry about, the financial cost of anything ever again – ok yachts, private jets etc aside!

Whilst the rest of us are left to wonder how much longer we will have to work for?…

We face many financial issues during life and the pressure on us seems exemplified as we approach retirement. As you will know from previous updates, one such issue - that I frequently mention - is the cost of long term care.

Last week saw the publication of the Dilnot Report which outlined the proposals for the government to consider in order to rebalance things when it comes to the cost of care.

As I said in my earlier post, whilst the recommendations would see a fourfold increase in the threshold as well as a cap on the cost of care, the assumptions made only take into account the cost of the care itself and not the accommodation, food, facilities, activities and other “hotel” type costs. It also makes the assumption on these care costs being for a “standard” home. Those wanting something a little more luxurious could well find that costs will be ongoing?..

If you have not read it yet, go to http://www.dilnotcommission.dh.gov.uk/2011/07/04/commission-report/

Its obviously been a hot topic over the last few months and more so over the last few weeks, hence the number of articles on the subject but I have managed to seek out others that may be of interest too!

Have a good weekend…

This Week …

Estate Planning

Will-writing must be regulated, say official investigators http://bit.ly/q1BqGq
Will trusts can ease IHT burdens http://bit.ly/n2h4kH
UK halts VAT subsidies to Isle of Man: It could charge inheritance tax. All of these are choice... http://bit.ly/qmBjZ4

Long Term Care

Paying for long-term care: http://bit.ly/o3EnZj
Funding for care home fees http://ow.ly/1dH2w8
Old age is costly, but advance planning can be a minefield http://ow.ly/1dIs3m
Caring for the elderly: an expert answers your questions: http://bit.ly/rrP9KK
Thousands face uncertain future as care home chain is broken up: http://bit.ly/oBFS3f
Government must act on Dilnot recommendations: http://bit.ly/qux23v

Retirement

UK Public Debt To Rise As Britons Age, OBR Says - Report http://ow.ly/1dJK4P
UK 'must save £50bn a year or face a similar crisis to Greece' http://ind.pn/nUDgF4
Osborne should abolish tax-free handouts at retirement http://bit.ly/qlgYYZ

Investments

How small savers are going global: http://bit.ly/r5Amf1
Inflation: How to protect your savings: http://bit.ly/qTdcmi

Regards
Kieron