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People 'not saving enough for retirement'

People 'not saving enough for retirement'
29th September 2008

Many people are not saving enough money for their retirement, it is suggested.

As the population ages, however, increasing numbers of people will need care either in their homes or in accommodation, reports Julian Knight, writing for the Independent.

With an estimated 12 million people said to be making insufficient savings for their retirement, a gap in funding may be developing.

According to the news provider, senior policy officer at Help the Aged Lizzie McLennan says: "People don't like to think they will need long-term care, but once you reach the age of 65, there is a one in four chance that's exactly what you will need."

Dean Mirfin from specialist adviser Key Retirement Solutions adds that, for homeowners moving into care, equity release is an option for funding a care home place.

A Barchester care home was featured in the national press last week – where the "sheer merriment" of staff was found to be a "revelation".

Writing for the Daily Mail, Bel Mooney spoke of the "homely atmosphere" and "dignity" she experienced first-hand on her visit to St Thomas' care home in Basingstoke, Hampshire.

Please click here to find a care home for elderly care.