Care home financial advice 'essential'

Taking financial advice about retirement and care home provision is "essential", Saga has claimed.

The magazine, insurance and holidays provider for the over-50s, has welcomed Gordon Brown's review on social care issues but claims that people in this age group still need to ensure they are prepared for retirement.

Saga research shows the average cost of a stay in a care home will double in the next two decades from £112,312 to £223,476.

The over-50s need to plan now because "naturally any reforms will take time to implement", Saga says.

"It is essential for people to seek professional financial advice as most people could protect an inheritance whilst still making funding provision for their long term care needs," the group warned.

Solicitors in Northern Ireland can offer advice on retirement financial planning including inheritance tax, trusts and estate planning.

The government has launched an enquiry into the provision of long-term care.

Possible policies include the establishment of an insurance which would provide assurance of care and a fairer system which would enable people to stay in their homes for longer and avoid forcing people to sell their houses to pay for care home provision.

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