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We’re all getting older

No, I mean we as a population are aging.

I know that you and I personally are getting older – until stem cell research starts getting somewhere (fingers crossed!) – but almost 20% of the population is aged 65 or over and that percentage is expected to rise to around a quarter within the next several years. With more and more of us living into our 80s and beyond, the need for elderly care is growing higher and higher. In a world of uncertainty, that’s the one thing you can count on. That and the fact that buttered toast will always land face down, but that’s neither here nor there.

It’s a sad truth that 10% of those aged 65 or more and one third of those aged 85 or more suffer from Alzheimer’s. The level of care required to look after the vulnerable elderly in Britain is not wholly covered by the NHS and as such many people in later life have to sell their homes or remortgage to finance the care of their loved ones. With the fate of winter fuel allowances, triple lock state pensions and even bus passes hanging in the balance, tightening the purse strings isn’t just smart. It’s imperative.

If you want to avoid what they refer to as catastrophic care costs, here’s some handy tips.

  • Die young! Probably the simplest of these tips, all you need to do is not make it to retirement age. Pay a visit to Caracas, Venezuala, the murder capital of the world. Maybe even hold your breath for, like, a REALLY long time.
  • Never get old. So emotionally, you’re the age of a child? Great job! You’re halfway there. Now you just need to sort out this pesky business of your body, eugh. Always letting the team down. Personally, I’m going for the whole head in a jar thing, but maybe you can invest all your money in robotics and turn yourself into a cyborg.
  • If the above doesn’t work out, maybe you should head over to our trusted partners Chase de Vere, who can help you and your family navigate the complicated business of meeting care costs in the most tax efficient way.

Chase de Vere is a company of independent financial advisors who will give you advice tailored to your specific requirements, with all possible options including costs and risks. They believe, just as we do at the Family Building Society, in the importance of later life care. Buttered toast might fall face down, but we’ll do all we can to make sure you land on your feet. See what I did there? That right there is what they call in the business a call back.

Sources:

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/overviewoftheukpopulation/mar2017

http://www.alz.org/alzheimers_disease_causes_risk_factors.asp

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