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News > Sell home to fund care ?

 

Sell home to fund care ?

Posted on September 12th 2014 - 13:07

 

A fifth of over 50s expect to sell home to fund care


Almost one in five - 18 per cent of over-50s - expect to have to sell their home to fund their long-term care needs, according to research from MetLife.

 

Dominic Grinstead, managing director at MetLife UK, said the government’s planned reform of pensions due in April 2015 create “the framework for innovation which could include making it easier to save for long-term care.”

Research by the firm among a 2,531 employed adults showed that on average, savers expect they will need around £67,000 to pay for long-term care.

 

 

However, 55 per cent of over-50s have not thought about how much they will need, or do not know how much they require to pay for care.

 

A total of 25 per cent of those over-50s surveyed believe the government will pay for long-term care.

Just 7 per cent have taken out insurance against the risks of needing long-term care, while only 3 per cent have put aside savings for the risk.

Around one in 20 are also expected to have to help their own parents out if they need to pay for long-term care.

Mr Grinstead said: “The government pension reforms have created the conditions to enable consumers to adapt to the new retirement reality and the challenges of increasing longevity.

“Long-term care is part of the new retirement reality and the research shows many are thinking how they can fund care if they need it.

“Innovation in retirement income solutions will be needed as well to enable people to make the best possible use of the pension flexibility on offer.”

 

Source: http://www.ftadviser.com/2014/09/10/insurance/health-and-protection/a-fifth-of-over-s-expect-to-sell-home-to-fund-care-A4AGwVK3nyixCEXWC3iOLN/article.html

 

 

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