Advice given about paying for care

Posted on 27 July 2011

With the population getting older, more people will need to think about paying for care after they retire and should follow some useful tips, it has been said.

According to Ameet Magan, writer for pensioncalculator.org, long term care costs can run up to £20,000 for average residential home fees, but could be more for those needing constant medical attention.

A stakeholder pension is one way of beginning to save early for the costs of retirement and workers needing more information on how they can help cut down outgoings later in life could speak to a professional advisor.

"Your full time care costs could be met partially or in full by buying an annuity known as an Immediate Needs Care Plan, which pay more than standard annuities," Mr Magan added.

Recent research into ageing by the European Commission found that by 2025, more than 30 per cent of Europeans will be 65 or over, with the number of those over 80 almost doubling within the same time frame.

Posted by Toby Mynott

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