Thursday, June 2, 2011

Falling prices mean selling your home may not be enough to fund care

Falling prices mean selling your home may not be enough to fund care

Despite Kirstie Allsopp's strenuous claims on Newsnight that homeownership will pay for all of us in old age, a new report suggests otherwise ....

Posted by the planet @ 10:40 AM (1043 views)
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3 thoughts on “Falling prices mean selling your home may not be enough to fund care

  • mark wadsworth says:

    Ah diddums boo hoo, woe is them. More of the same drivel in The Telegraph:

    “Many families where parents or grandparents have been householders for decades may imagine that capital they built up from house price inflation, before recent setbacks, will be sufficient for them to pay for decent long-term care if they need it in old age.”

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  • general congreve says:

    My gran, who was already in a home at £1500 a month, after taking off government subsidies and her monthly pension, has just broken her hip. Now she has to go into a nursing home (a pretty decent one to be fair) at the cost of over £2500 a month after her pension and the government have paid their share of the total £3600 bill.

    Being of a generation that received a decent pension (we can’t expect the same), wasn’t saddled with debt and having a husband that passed away fairly quickly at the peak of the boom (therefore the money only needs to go towards care for one person), meant she was able to sell her house and put away 300k in the bank.

    That now stands at 200k and isn’t going to go far with 30k a year nursing fees and inflation nipping at its heels. Maybe that will enough, but she is upset that she probably won’t have much left to pass on. And she’s one of the lucky ones. God forbid not having a penny.

    I am fairly sure the next big business to get into will be euthanasia, once the nation and government realise it can’t afford the care and legalise it here, and old people decide they’d rather die with dignity. After all, I know I’d rather stick a needle in my arm when I’m ready than be left to fester in a chair or bed, at the mercy of underpaid begrudging workers, for the last few years of my life.

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  • So we will have the last laugh on the younger generation who slag us off, when they have to pay for our care through increased taxation.

    A win win situation for the boomer generation!!

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