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Many fear selling home to fund care
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PostPosted: Wed Jan 19, 2011 11:23 am 
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More than a third of Britons aged over 55 say they would be forced to sell their home if they require long-term care in retirement, research has shown.

If the figures from law company *word removed* Dees were applied to the population as a whole, it would equate to two million Britons facing the prospect of selling their hard-earned property to fund their care in later years.

The fears of the over-55s are mirrored amongst couples aged 34-54, with 44% saying they would also have to sell up if one of them needed domiciliary or residential care, according to a YouGov poll of 4,500 people.

Some 20,000 older people had to sell their homes last year to fund care home fees, and 130,000 people go into long-term care annually.

Deborah Jude, a partner at *word removed* Dees said, 'It can be really upsetting to find out an entire inheritance or family home has to be spent on care.

'There are a few ways to shield some of this wealth, using wills and gifts, but plans need to be drawn up when people reach retirement, not after they've drifted into infirmity'.

Michelle Mitchell, Charity Director at Age UK, said:

'The care system has been crumbling for many years and is in desperate need of fundamental reform to meet the needs of an ageing population.

'Every day, thousands of families face agonising decisions about care for their loved ones. They can find themselves in the middle of a perfect storm, where dwindling savings are not enough to meet rocketing care costs.

'When it comes to care costs, it is a good idea to start looking at options as soon as possible, rather than waiting for a crisis to develop. Planning ahead and exploring your financial options with your family will minimise the shock – because it is not unusual for care in a residential or nursing home to exceed £40,000 per annum.

'Age UK is campaigning for a system which is both affordable for individuals and taxpayers and enshrines dignity, fairness, autonomy and simplicity. As part of these reforms we want to see people have better options for protecting their assets from the risk of very high care fees, if that is what they want.'


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