The second in the series about ageing without children deals with some of the financial aspects of ageing without children.
There has been a lot of news coverage over the last few years about the cost of care/nursing homes and the impact this has on any legacy. The following figures are a couple of years out of date, so the cost is even scarier than these figures suggest.
The average cost of care homes is approximately (@) £540 and with nursing about @ £750 per week; so basic care costs @ £28,000 whilst nursing costs @ £39,000 per year. At these rates it is not going to take very long for your money to be eaten up, especially as we live longer nowadays.
Again these are concerns for people with children as well as people who are not. If you read the first in this series, I mentioned Nicci’s grandmother. After Nicci’s mother died her step-father, Ron, became Grannie’s Power of Attorney. It was only after Ron’s death that Nicci became involved in her grandmother’s finances. What she discovered horrified her. The bank balance had dwindled from £150k when Nicci’s mum died in 1993 to less than £3k in 2000 all due to care costs. This was due to care costs and not criminal activity on Ron’s part.
“Have a well-thought financial plan that is not dependent upon correctly guessing what will happen in the future.” Barry Ritholtz
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Be kind to yourself ….
In CANBACE friendship!
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