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Income in retirement for good quality care
ognum
Posts: 4,879 Forumite
I am interested in knowing how much income I would need in retirement to enable me to pay for good quality care (if I ever need it) without selling or using any of my assets Clearly I dont know when this will be but at todays values would be of interest Any advice please?
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£800-£1000 per week0
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...with above average indexation as care homes seem to increase their fees above inflation each year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It also depends on where you live.
Around us care homes (not nursing care as I've no experience of those charges) are a fair bit cheaper than the £800 - £1000 per week quoted by noh.0 -
Yep, same here. My mother's in an excellent care home, run by a not-for-profit organisation in Shropshire. She pays £545 per week. We selected this home based on quality of care, physical surroundings, quality of food and range of available activities. I have to say, though that we looked at lots of homes and many were horrible. Most charged around the £550 mark but some were more expensive. The only other one which we would have considered was privately run and also very nice but charges were £700 per week.0
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Worth bearing in mind the likelyhood of requiring it c.10% or less I have read and the reality of really achieving "quality" you are expecting."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »Worth bearing in mind the likelyhood of requiring it c.10% or less I have read and the reality of really achieving "quality" you are expecting.
May well be true. However the problem is what do your do with that information? You dont know whether you well be in the 10% or not, and if you dont fancy living in a LA funded home it seems prudent to me that you should assume you are.0 -
May well be true. However the problem is what do your do with that information? You dont know whether you well be in the 10% or not, and if you dont fancy living in a LA funded home it seems prudent to me that you should assume you are.
I have seen good and bad in both sectors. Paying big money doesn't always get you good/better care. No different to someone paying for a Brand where non name will do the job just as well.
I accept that location will also be a factor."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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