How to prepare for the cost of care
Paying for long-term care is one of the biggest financial challenges facing our ageing population and yet it also one of the least well-understood. This may be for several reasons;
· We don’t want to think about it
· We are all worrying about paying for retirement, let alone long-term care
· We assume (wrongly in many cases – see below) that the State will pay
So this week I offer a snapshot on the scale of the problem and what we can do, individually, to address it.