A postcode lottery: The £42,000 difference in the cost of long-term care

The rising costs of care homes are a concerning reality for many. Whilst care home fees can be a controversial subject at best, recent analysis by insurance and pension provider Royal London shows a drastic difference in the average cost of care from one region to another. According to UK based healthcare intelligence researcher LaingBuisson, an estimated 426,000 elderly and disabled people are in long-term residential care as of 2016. This article shows the key findings of the report and investigates a number of options that many people face when paying for the ...

Retirement: Thinking of using your pension to pay for your care in old age? Think again

New research has revealed the difficulty many older people will have when the time comes to pay for the cost of care. Most people pay into a pension during their working life to ensure that they have sufficient income when they retire. However, with ever increasing life expectancy more and more people are being forced to use their pension to meet the cost of long-term care. What’s more, with the introduction of Pension Freedom, which allows for unlimited withdrawals from a pension, experts predict that an ever increasing number of people will ...

Retirement: 30% of over 50’s think there is “no point” saving for the future

30% of over 50’s think there is “no point” saving for the futureA new survey has revealed some surprising attitudes towards saving by older generations. A survey by TNS, found that nearly 30% of people over the age of 50 are not saving for the future simply because there is “no point”. That’s the equivalent of nearly six million people, over the age of 50, not savings for their retirement....

Long term care: 7 myths and the reality

iStock_000016454287_ExtraSmallThe subject of paying for care in old age is never far from the headlines. As with most financial matters, some opinions are treated as fact and many are less than accurate. We’ve pulled together the top six myths about long term care and tried to explain the reality. Myth #1: “I’ll pay nothing for my care after the first £72,000.” Following the Dilnot Commission’s recommendations, the Government has proposed a ‘care cap’ of £72,000. However, this has led some people to mistakenly believe ...