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Long-term care costs in the UK are unlike any other bill, first because the fees are enormous — a good care home can easily cost £1,000 a week.
But second, there’s no way of knowing decades in advance, when you potentially need to be saving to meet the cost, whether you will need residential long-term care, or for how long. So it’s easy to be in denial and think: “It may not happen to me.”
The demographic trend for rising longevity is transforming some of the conventions of retirement planning. Typically this meant spending is higher during the early years of retirement, falling in later years. But care costs can mean spending rises again.
Many resort to selling their home to cover the costs, while others worry they might not pass on assets to children.
We’d like to find out how you plan to fund care costs (or not) or whether you’ve helped older members of your family to navigate the costs.
Please get in touch, in confidence, by email to moira.o’neill@ft.com
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