Mr and Mrs Jenkins enjoy the peace of mind being free of responsibility has brought them


In July 2012 Ken and Kathleen moved into the Shelbourne at Sway.

Ken's health meant that he could no longer drive so Kathleen had to rely on friends and family to take her shopping and she wasn't being as sociable as she liked.

They had looked at the option of downsizing but felt that they would prefer to only have to make one move, rather than two.

A friend of theirs was already staying at the Shelbourne and having visited quite a few times they felt very comfortable with the idea of staying there, especially in one of the onsite cottages.


How Ken and Kathleen made the transition

They were already a client of Amanda's and had already discussed their options for the future. They had also had Amanda's' help in simplifying their finances and had transferred all of their investments across to Baker Davies.

They checked with Amanda that they could afford the move and once confirmed they put their house up for sale.


What happened

Ken and Kathleen had already decided where they wanted to move to and confirmed this was affordable.

It was important to them to go to somewhere close by and where they could still live independently but have their meals provided for them. They liked that if their needs changed they could move into the main building.

Once they knew how much they were selling the bungalow for Amanda took them through their options in more detail.

 

Worked out the costs of living

Ken and Kathleen had assets over £23,250 each which meant they would have to pay for themselves. Amanda helped them work out what their one-off and monthly costs were going to be in the cottage.

 

Established what benefits were available

Amanda explained that they would be eligible for Attendance Allowance and helped them with the forms.


Obtained a later life annuity quote

A later life annuity quotation was requested for Ken and Kathleen.

 

Was it affordable long term?

Ken and Kathleen's house was sold and left on deposit. They already had a reasonable amount of money invested which was producing an income.

Between them they had a healthy income but still had a gap between their income and their outgoings.

 

Solution

Amanda discussed the options available from the money raised by the sale of the house which were to keep the money in the bank, to invest it or to purchase an annuity.

Amanda discussed the different types of risk that needed to be considered such as the risk of inflation being higher than the interest payable from the bank, the risk of living longer than expected and the risk of investing and getting back less than putting in.

As Ken and Kathleen already had some investments they didn't want to invest any more money so this option was discounted.

Once Amanda had the annuity quotations she discussed them with Ken and Kathleen, and they felt that they weren't going to live long enough for them to justify buying an annuity, especially as they weren't concerned about protecting any of their estate for their children.

Ken and Kathleen decided to leave the sale proceeds from their home in the bank and drawdown a regular income to meet the shortfall in their income.

Amanda discussed the advantages and disadvantages of this option in detail with them to make sure they were totally comfortable with their decision.

Ken and Kathleen have regular reviews with Amanda to ensure that their investments and the money on deposit is working hard for them.

Later life news

Useful Links

www.ageuk.org.uk Age Concern and Help the Aged are now Age UK. Information and advice for the elderly about benefits, care, age discrimination and computer courses.

www.claritycare.org Caring for your family member like our family member.

 

"It felt like a huge responsibility as power of attorney to do the best for my aunt. Amanda's advice was invaluable."

Fiona Sutherland

 

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