75% OF OVER-50s AREN’T SAVING FOR CARE
New research3 shows that although 60% of those surveyed feared losing their savings and homes to pay for care fees, less than a quarter of adults aged over 50 are making any provision for later-life care. As people are living longer, it’s estimated that more than 143,000 older people, over a third of the 421,000 people currently receiving residential care, could face paying fees of £100,000 or more for their care.
RETIREES IN THE DARK ABOUT ENHANCED ANNUITIES
Buying an annuity is a way of providing a guaranteed income in retirement, but 70% of people questioned for a recent survey4 were unaware that if they were to be suffering from poor health at the time of purchase, they might qualify for higher levels of income.
Enhanced annuities pay higher rates based on your lifestyle or medical history. Factors such as smoking, diabetes, high blood pressure and heart disease could boost your income as a result of reduced life expectancy. Those suffering from conditions such as asthma, high cholesterol and obesity may also qualify for higher levels of income, depending on how serious their condition is.
3Independent Age, April 2019
4HL, April 2019