Baby Boomers are those born in the post-war period between 1946 and 1964. Many are now reaching retirement, with the final members turning 55 this year. They are the last generation to receive ‘gold-plated’ final salary pension schemes and have been the major beneficiaries of the housing boom. However, research showed that nearly four in ten (39%) of this generation say concerns over future care costs will hold them back from spending more in retirement.
Three in ten (30%) say ensuring they have enough money for care costs is important to them. In spite of various attempts to address the cost of care, most people are still responsible for picking up the tab for care costs, which can be as much as £50,000 per year for residential care. The average is £32,344.
The state will help for those whose income and asset fall below a specific threshold, currently between £23,250 and £28,000 depending on where you live in the UK. For those receiving residential care, assets include the family home unless a spouse or other dependents still live there.
No comment yet, add your voice below!