The over 50s are particularly bad at financial planning for their retirement, according to new research. “The myth that older people are more prepared for retirement is just that – a myth”, independent pensions consultancy Barnett Waddingham. Less than one in seven (14%) has considered the risk they might eventually need care for example, compared with 22% of younger people. And while 39% have thought about it but have not built it into their plans, almost as many (35%) admit they have not considered it at all. “Yet with around 300,000 over-65s living in care homes in England and Wales, at an average cost of about £60k a year, it’s an important facet of planning for later life.” The picture isn’t much brighter when it comes to the possibility that after they have retired their offspring may run into financial difficulties. Only 16% of parents have made full provision for support, against 30% of under 50s.
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