People unable to fund their old age
- 04 Sep
A quarter of retired home owners are having to sell their home to fund their old age.
A rising number of families are being forced to sell their home in order to meet the cost of paying for residential care. Charities and pension experts say that this is due to the Government's overhaul of the English social care system not going far or fast enough to help families.
Research commissioned by NFU Mutual has found that three quarters of people that go into residential care in old age may have to sell their home to pay for it. It warns that millions of younger people who are currently relying on an inheritance to fund their own retirement could be facing serious financial problems if alternative plans are not made.
It was also highlighted that more than half of councils have been forced to cut spending on residential care in the last four years, even after efforts to shield the sector from the effect of cuts in budgets.
The current system in England says that anyone with assets, which includes their home, worth more than £23,500 get no financial support if they have to go into a care home. However, the average cost of a room in care now stands at around £28,000 a year but those needing more intensive nursing care, annual bills could reach well over £40,000. Overall officials estimate that only one in eight elderly people will ever qualify for the cap.
It is estimated that 1.1 million properties across the UK have had to be sold in the past five years to pay for care. Regularly quoted Government estimates claim that only around 40,000 people a year have to sell their family home to pay for care each year. However Government figures are based largely on numbers who go into care homes with only enough savings to last a few months and do not include those who sell their homes first.
The higher estimate by the NFU Mutual is echoed by recent research by Prudential which found that more than a quarter of retired home owners are already preparing to sell their family home to fund care or general retirement expenses.
Image source: http://www.morguefile.com/archive/display/200384
- 01 Sep
Older people need more male carers
Professor Martin Green has said that the government needs to do more to recruit males into front-line adult social care roles, reports the BBC.Prof Green has said that with the increasing number of...
- 25 Aug
Survey finds older people have better quality of life in retirement villages than care homes
Chief executive of Audley Retirement, Nick Sanderson, has said that demand for his form of extra-care housing was so strong he could not build homes fast enough, reports the Guardian.He said: “I...
- 12 Aug
Older people’s Commissioner disappointed by Welsh Government
Sarah Rochira, Wale’s Commissioner for older people has said she is “extremely disappointed” at the response from the Welsh Government to its call for action to protect residents in care homes,...
- 31 Jul
Charity warns of loneliness in older people
The Campaign to End Loneliness charity want a “range of support” for older people to help them fight loneliness, reports the BBC. The charity says that transport and technology are essential to...
- 27 Jul
New housing for older people promised
Members of Kensington and Chelsea’s cabinet have decided to create 150 new homes for older people on the site of a care home that closed down in 2014 due to Legionella, reports Get West...
- 22 Jul
New drug provides hope for older people with Parkinsons
Scientists have found that people taking glitazone pills were less likely to develop Parkinson’s than people taking other diabetes drugs. However, they have cautioned that the drugs could have...
- 15 Jul
Lack in dignity when caring for older people in hospital
In a poll from 2012 it has been found that poor care is most likely to be experienced by people over the age of 80, reports the BBC. Over a third of patients who need help at mealtimes did not...
- 09 Jul
New housing development for older people in Sunderland
A 16.3m housing and care scheme has been opened by the Leader of Sunderland Council, reports Sunderland Echo.The accommodation provides 158 two-bedroom apartments for older people and 17 one bed...
- 07 Jul
Social care cuts leaving older people stranded
Age UK is calling on Chancellor George Osborne to put an end to cuts to social care funding due to the increasing rate the older population is growing, reports the Yorkshire Post. Age UK has...
- 01 Jul
Charity wants priority for older people in housing
Erosh represents organisation providing housing and support to 120,000 older people and has written to new government ministers in opposition, reports Inside Housing.The letter calls on ministers to...
Responding to the DWP Consultation: Housing Benefit Reform - Supported Housing "Found the seminar very informative and gave an interesting and full insight into current thinking about the consultation. Michael was a very engaging and knowledgeable presenter and encouraged interaction with the audience which led to further relevant points being shared with the room. I shall certinaly look out for future events!" M.E. - Care Housing Association