Over-50s urged to plan ahead

23/07/2009

The over-50s age group is being urged to think about their retirement plans now, to avoid falling into debt through large care home fees.

Saga produced research revealing that almost two-thirds of older people would be happy to live in a care home rather than with family if they needed 24-hour care when they grew older.

However, many over-50s are failing to adequately plan for their retirement, the survey showed, particularly as care home costs can reach sums of £25,000 a year.

But just eight per cent of those over-50s who plan to pay for their own care have the money in savings, lagging behind the one in five under-35s who are currently saving towards their retirement plans.

"If long-term care is required we would urge families to talk about this critical issue as early as possible, and seek professional advice as there are things that can be done to ensure that fees can be met for life and also to protect assets as far as possible," said Alex Edmans, care funding adviser at Saga.

Tags; Retirement Money Problems,

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