Baby boomers 'have no plans for funding care
Sep 28, 2006
A survey from Help the Aged has found that two-thirds of those in the baby boomer generation have made no plans for financing their future care needs.
Over half of them believe that if they should ever need a place in a care home, the state pension of £84 will cover the cost, which in fact averages £400 a week, the study found. The charity said that many older people were even forced to sell their homes to meet care costs.
However, over-50s services specialist Saga said that around 90 per cent of those who sold their home to pay for care did so without seeking any help or financial advice.
Receiving an interest-free loan from a local authority or buying a guaranteed income for life were just two of the ways people could fund their care.
A spokesperson at Saga said that they were saddened to say that they have seen many occasions where people requiring care have had to sell their properties when in fact they didn't need to pay for their care at all.
Paying for care can be a complicated subject but with the right help it is possible to understand the options and they would always recommend people seek independent, specialist financial advice.
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