You are here

Pensioners 'face losing home and savings to pay for care'

Pensioners 'face losing home and savings to pay for care'
15th November 2012

A new report has claimed that as many as quarter of pensioners who are paying for residential care will end up losing their home and their savings as a result.

Findings from the Local Government Information Unit (LGIU) show that older adults may be left with little to pass on to their children when they die, reports the Daily Mail.

Ros Altmann, of over-50s group Saga, stated it is "outrageous" that despite paying taxes for all their lives, some older adults may not be able to stay in the same place to get the care they need.

Jonathan Carr-West, of the LGIU, said: 'It is not a good situation to be in when you run out of cash, you have nothing to leave to your family and you end up in a situation where the council ... are making decisions on your care."

Andrea Rozario, director-general of the Equity Release Council, recently suggested equity release could be increasingly used by older adults who need to pay for their care.

Find the nearest Barchester care home.