Invest to pay for care home expenses

bel2310

I can understand Margaret Clares comments however I am in a similar situation to OP. My mother suffers from Dementia, after battling on for 12 months to keep her in her own home, with the help of carers, after one fall too many social services told me she had to go into a care home. I also have PoA. It is a horrible thing to have to do to your parent, my comfort is that Mum has no idea where she is. I too am trying to pay for her care by careful investment of capital, because when she was able to communicate all Mum ever said was at least she knew my brother and I and our families would be comfortable after her death. She would hate to think her money was dwindling away to pay for her care. So don't judge the OP too harshly. I've gone down the high interest savings route but any ideas would be welcome.

margaretclare

EdInvestor wrote:

But one suspect some older people tend to bring this on themselves and may need to rethink their attitude towards their money a bit more carefully.

I see and hear a lot of comments to the effect that Mum/Dad worked, denied themselves and saved so that the next generation could be comfortable. This is what their generation worked and saved for.

Well, not us. We are still saving because we don't know what we may need in the future, not what others may need after us.

This situation has all come about since the change to comfortable, homely nursing or residential homes with modern expectations e.g. en suite bathrooms, nice wallpaper etc. It all costs money. In the 1950s the change had been from workhouse infirmary-type geriatric hospitals, with patients sitting beside a regimented bed-space every day. The only concession from workhouse to geriatric hospital was that the place was painted magnolia instead of dark green and brown. When people say 'we were promised we would be looked after from cradle to grave' that was the reality of how they ended their days. It was a political decision to change from that style of care to the more 'home-like' atmosphere of a modern care home. It does cost, though!

Margaret

Chrismaths

I see and hear a lot of comments to the effect that Mum/Dad worked, denied themselves and saved so that the next generation could be comfortable. This is what their generation worked and saved for.

Well, not us. We are still saving because we don't know what we may need in the future, not what others may need after us.

Well good luck - As per usual with the baby boomer generation, they want everything and give nothing. They saddled my generation with huge, unfunded pensions and future liabilities, didn't save enough to support themselves expecting the government (ie taxpayers) to pick up the tab, then whinge about council tax and how their kids don't love them enough. For people of my age and situation, if you have the chance to emigrate, it makes absolute financial sense. That can't be good.

Sapphire

Chrismaths wrote:

Well good luck - As per usual with the baby boomer generation, they want everything and give nothing. They saddled my generation with huge, unfunded pensions and future liabilities, didn't save enough to support themselves expecting the government (ie taxpayers) to pick up the tab, then whinge about council tax and how their kids don't love them enough. For people of my age and situation, if you have the chance to emigrate, it makes absolute financial sense. That can't be good.

Excuse me, but the posters on this thread certainly seemed to have saved enough! And no one has 'whinged' here 'about council tax and how their kids don't love them enough'. (Although God help your parents, given the kinds of attitude you display.)

Whine, whine, whine - it's always the same with your spoiled generation, isn't it. :rolleyes:

I hope the moderators remove your post, since it is completely off topic, and an attempt to troll these boards.

BTW, does anyone know whether there is an 'ignore' function on these boards?

ariba10

Chrismaths wrote:

For people of my age and situation, if you have the chance to emigrate, it makes absolute financial sense. That can't be good.

When you go ,keep in touch and let us know how you get on.

dunstonh

Actually, it is a major concern that could impact on a lot of people's future. If the wealth leaves the country and in return we got poorer workers, such as those from Poland etc then there will not be the tax income to pay for all the benefits etc. Emmigration is on the increase and that trend is likely to continue. However, that is for another thread and not this one.

Sapphire

dunstonh wrote:

Actually, it is a major concern that could impact on a lot of people's future. If the wealth leaves the country and in return we got poorer workers, such as those from Poland etc then there will not be the tax income to pay for all the benefits etc. Emmigration is on the increase and that trend is likely to continue. However, that is for another thread and not this one.

As you say, this is for another thread. However, I would just like to point out that the Polish workers won't remain poor for long - they are prepared to work twice as hard as indigenous Brits (generally speaking), and many of them are very good at what they do. They are also likely to return to Poland, rather than wanting to stay here in the longer term. It doesn't sound as though the above guy is particularly wealthy, either, the way he whines about his lot in life (or that he'd be a particular loss to the UK for that matter, given his views). Good riddance, I'd say.

Sorry for the above post, but the 'baby-boomer-bashing' guy who posted the above message seem to have some sort of unhealthy obsession with these people. Perhaps he has a bad relationship with his parents and/or grandparents? :cool:

Ian_W

Actually from his previous posts I always thought Chris was a very balanced individual - obviously I was deceived by the fact he has a chip on both shoulders!!

The comments about not paying enough tax are laughable - when did you pay 33% basic rate Chris? If you look at Tax Freedom day
https://www.adamsmith.org/tax/short-history.php
every year bar one in the 80's was higher than 2006 [was I paying for your education then or were you still in nappies?] and the 70's compare very similarly with with the 90's and early years of 2000's. But as an investment manager you should know that what the government takes in tax is only part of the equation. I don't remember too many schoolgirls in the 60, 70's or 80's whose only ambition was to drop half a dozen sprogs by the time they were 20 so they could live off benefits rather than working.

Taxpayers, even in my generation paid for unfunded state pensions. The difference was that not quite as many spongers and wasters were able to dip into the pot - therefore it was affordable!

Every generation this century has been more prosperous than the previous one - mine included. Yours just doesn't appreciate it's born, too self-obsessed and needing/wanting to be a celebrity or on X factor.

As someone else said - do keep in touch!

P.S. Apologise to the OP for being totally OT.

ReportInvestor

Very interesting link Ian. It appears to show Maggie leaving the UK with a higher tax burden than when she found it. How easily are myths created.

Chrismaths

Ah my chips are large and tasty! Perhaps I made my point in overly aggressive and demob happy way. To all apart from Sapphire (who seems too sanctimonious for words - I seem to remember a similar attitude on the absurd "boycott ICEsave due to whaling thread" - and as to troll, I won't even dignify that one!) I apologise.

The point I was trying to make was that my generation will have to pick up the tab for the shortsightedness of previous generations. Instead of ringfencing money for pensions, health from National Insurance, these were funded out of current taxation. The entire state and public sector pension system is a ponzi scheme, and when the music stops, it's the youth of today ([edit due to overzealous swearing filter] f eckless [/edit] and indebted as we appear to be according to the Mail) who will be left without a chair. The reason it annoys me so much is because I love this country, but the twin evils of victimhood and short-termism are in danger of damaging our future.

Mixed metaphors aside - I misread margaretclare's post, and thought she was bashing the younger generation as moneygrabbing, uncaring people - on a second reading, it wasn't like that and I pressed the "send" key too quickly.

I'll send you all a postcard from Brisbane!