A recent survey has now uncovered that around six million of the UK’s over 60s intend to depend on the State Pension they receive in order to pay for the care they require in later life.
Two out of every five respondents over the age of 60 admitted that they would ultimately rely on the £189.60 per week pension to contribute towards care costs. The figures indicate that around 37 percent of the UK’s over 60s population plan to depend on the State Pension for the social care they may need in the future, a 16 percent hike on last year’s total.
Current data supports the view that the UK’s State Pension is ranked third worst in the world, offering only 28.5 percent of a person’s pre-retirement earnings. At the same time, the typical costs of being resident at one of the country’s care homes ranges from approximately £600 to £800 per week, leaving those reliant on their State Pension experiencing a significant deficit they will need to cover.
UK consumers seeking retirement planning specialists Chester, Manchester and other major cities will find wealth management firms can provide a wide range of services. As well as offering financial advice on assets, investment portfolios and pension pots, they can also help customers prepare for their retirement, ensuring they not only have adequate income to cover the cost of living, but have suitable provisions to cover the costs of emergency medical needs or long-term care.