• Home
  • What’s On
  • Press
  • Podcast
  • About
  • Donate
Dementia Cafe

Friends of the Humane League,
The Dementia Cafe proudly supports The Humane League's work helping farm animals and promoting a vegan diet.
What Happens Next? Planning For The Future
Dementia, Dementia awareness 0

What Happens Next? Planning For The Future

By Kirsty Braik-Scivyer · On June 29, 2018

When I was ten-years-old I always looked ahead.

I used to count down the days to my birthday, Christmas, and even weekends because I didn’t get why everything couldn’t happen right now! It’s safe to say I wasn’t the most patient child. In fact, I remember my dad telling me, after I complained winter lasted ages, that I should never wish away time. Then he told me something I’ve never forgotten. He explained that when you’re ten, a year is a tenth of your whole life but when your 50 it’s a 50th. Time goes by so fast, even though it seems like forever when you’re a child one day you turn around and you’re closer to thirty than twenty.

What Happens Next? Planning For The Future

Photo Credit: Hello Cuteness

The other thing about time is that it’s very sneaky. Initially, you’ll give little thought to the years passing, bar an offhand comment at Christmas of ‘didn’t this year go by fast!‘ However, while your’re out there living life it’s important to remember nothing lasts forever, and the human body is not capable of sustaining life indefinitely. Nobody expects to get old after all they were just like you once- young, healthy and full of hope for the future!

No one likes to think about what might happen should their health get worse or how they’ll pay for nursing care if they’re no longer able to look after themselves. Neither do we like to think about life post-retirement because it seems so far away most of the time. Who wants to spend time thinking about that or worrying over how much money you’ve got saved for a ‘rainy day’? Well, while we agree it’s great to make the most of every moment don’t do it at the expense of sticking your head in the sand on an important decision. We’re talking about matters like writing a will, deciding POA, or Power Of Attorney and checking your pension plan.

What Happens Next? Planning For The Future

Photo Credit: Irish Times

For some reason, as soon as someone reaches ‘old-age’ topics that were completely acceptable before suddenly become awkward, or harder to discuss. Many people prefer to dodge the issue, such as life insurance, for fear of upsetting their loved one but it’s better to make sure the family understand what their wishes are. It’s easier to open up a casual discussion, over tea and cake, in the comfort of their own home than say at the hospital or nursing home when they may no longer be fully aware. Remember, we are also living longer but that fact alone suggests having a good pension, be it private, union or state is vital to ensure financial stability during retirement. According to Money Saving Expert there’s a fairly simple formula that you should rely on:

‘There’s a very rough rule of thumb for what to contribute for a comfortable retirement. Take the age you start your pension and halve it. Put this % of your pre-tax salary aside each year until you retire. Make sure you include your employer’s contribution in that percentage.’

Don’t be fooled by the happy-go-lucky idea that ‘it won’t happen to me’ because, as my dad also says, there are only two things certain in life. One is death, the other is taxes. Be prepared to expect the unexpected be it a health crisis, financial disaster or emergency home repairs. Make sure you’ve got a watertight will drawn up, to avoid probate delays, and that you’ve appointed a chief executor. It’s also worth mentioning that you don’t need to pay a fortune to create a will. Believe it or not, do-it-yourself will kits exist and are both easy to follow and popular with those looking to save money on legal fees. Be aware that if you do appoint a lawyer to draw up your will and then wish to alter the document a surcharge is normally added. Not only do wills avoid messy complications, such as contesting, but it’ll give you peace of mind that your loved ones will be looked after.

Another thing to point out is that our relationship to bricks and mortar has changed. Housing prices have skyrocketed in the last decade, there’s a national housing crisis and according to the Office Of National Statistics over three million young adults between 20-34 still live with their parents. ‘Generation Rent’ have been firmly priced out of the property market, unable to even scrape together a deposit for a mortgage because half their monthly take home pay goes on rent. It’s not just young people either, as a Spareroom.co.uk survey recently revealed:

‘Between 2009 and 2014, the number of flatsharers aged between 35 and 44 rose by 186%, according to Spareroom, the UK’s biggest flatshare website, while the number of sharers aged 45 to 54 went up by 300%.’

What Happens Next? Planning For The Future

Photo Credit: ONS

What could this all mean for the future? Well, if you’re a twenty-something still living with their parents or choosing to live in a ‘three generation home’ then a parent or grandparent’s declining health might eventually see the house literally sold from under you. Of course, this is a worse case scenario the same as if you were hoping to inherit property but it does happen. It might be in their will that you inherit their estate but if fees aren’t covered by the state the money needs to come from somewhere. Don’t rely on being able to live in a loved one’s vacant house, and if they live with other members of the family i.e their spouse be prepared to discuss moving them too. Nursing, and care homes aren’t cheap and sadly in this country respite care won’t be free.

Strangely, many people are quite shocked when they realise how expensive nursing homes are, after all they think ‘old people don’t do much do they?’ However, along with 24/7 professional nursing care your loved one will have somewhere safe to sleep, eat and socialise as well as staff on hand immediately if anything happens. It’s not just the social implications of moving into a nursing home prospective residents are worried about either. It’s a well-known fact that fees will eat into any savings, stocks, shares or cash marked for inheritance someone may have which is the last thing your loved one wants. Mind you, there are several options when it comes to funding and local authority help is available depending on your medical needs and what benefits you currently receive. According to Age UK, there’s a bit of a sliding scale when it comes to assessing capital, but typically it looks a little like this:

Amount of your capital (your savings and property) What you will have to pay 
Over £23,250  You must pay full fees (known as being self-funding)
 Between £14,250 and £23,250  The local authority will pay for some of your care and you will contribute to the rest
 Less than £14,250  This will be ignored and won’t be included in the means-test – the local authority will pay for your care. However they will still take your eligible income into account.

 

Photo Credit: Age UK

It might not be what they, or you would have wished for but unfortunately the sobering truth is that care home fees can cost up to £70,000 a year if nursing, or specialist care is required. Like anything else in life you have wonderful ones, and not so good places but the trick is to spot what makes a great, not just good, care home for your loved one. Age UK has a brilliant checklist you can download, print and follow or, if you like, you can watch their lovely animated video below!

We know that none of these subjects are particularly glamorous, but by talking about them openly today instead of tomorrow you’ll know if, in future, big decisions need to be made you aren’t completely at a loss. Obviously, not everything can be taken care of now but you should at least have a few notes written down. Above all, if you’re starting out in your career make sure you apply for your company pension ASAP. Older adults should check that their will is up to date, making any amendments where needed and that savings are added to so you don’t worry yourself sick should things not go to plan.

Age UKCare Home FeesDementia CafeMoney Saving ExpertOlder PeoplePension FundsPlanning For The FutureThe Dementia CafeWill Writing
Share Tweet
mm

Kirsty Braik-Scivyer

You Might Also Like

  • Bath Toys & Dementia Dementia

    Bath Toys & Dementia

  • Cutlery & Dementia Dementia

    Cutlery & Dementia

  • Dehydration & Dementia: Smoothies & Puréed Drinks Dementia

    Dehydration & Dementia: Smoothies & Puréed Drinks

No Comments

Leave a reply Cancel reply

…
Follow @cafe_dementia
Follow on Instagram
Follow dementiacafe

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Feb    

Archvies

  • February 2019
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • Home
  • What’s On
  • Press
  • Podcast
  • About
  • Donate

Operated by Meeztech

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Dementia Cafe
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

You can adjust all of your cookie settings by navigating the tabs on the left hand side.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!