People would rather 'live in the moment'
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A recent report from the consumer organisation Which? – Beyond Social Care: Keeping Later Life Positive - shows that only a small number of us are saving for care in later life, despite the high costs faced by many.
Anyone with capital worth more than £23,250 must pay for their own care but the poll revealed that only 12% of adults aged 55 or over have put aside money to pay for potential future care needs.
The report says: “Most consumers will not voluntarily plan or make provision for their future care unless and until they are approaching the time of need - which is often at crisis point. Evidence shows that there are a range of innate human behaviours which, taken together with the unpredictability of old age, mean most people are unlikely to proactively plan for their care before they need it.”
The poll reveals that more than eight in ten (84%) people over 65 say that it is difficult to predict whether or not they will need care in later life and more than half (52%) say that it is more of a priority for them to plan for other things they want or need to do now or in the immediate future.
One person who was interviewed explained: “You've just got to live your life in my opinion and wait and see if it happens, and then work round it.”
The poll of 2,104 people also reveals only four in ten people aged 65 years and over have discussed their preferences for the care needs they may have in later life with a relative or friend.
The Which? research also found that, when asked what would be their first port of call when looking into care options for themselves or a relative, Google was the most popular option among all adults – ahead of even talking to friends or family or their local GP. Fewer than one in 10 said they would contact their local authority, the Care Quality Commission or a social worker first.
The report states: “Even if consumers are better informed about the possibility of needing to arrange social care in the future, most will not voluntarily make significant plans for it unless and until they are approaching the point of need.”
At Goodman Care Fees Advisers, we can advise you on the best ways to fund long-term care fees, whether you’re making plans for yourself, helping a friend or relative or acting as Attorney or Deputy for someone else.
We’ll explain how you can draw an increased income from investments and how a care fees annuity might help. We’ll also help you check that you're receiving all your entitlements from the State and Local Authority.
Once we've agreed how to proceed we’ll find the best terms and help organise the arrangements. And, of course, we'll be there to help with any changes that might be needed in the future.
Click here to find out more or give our team a call on: 01892 500600.