The Crippling Cost Of Growing Old!

This morning I had a rather lengthy phone call with my Mother and Father; initially just a chat and catch up. I was going to see them at home later today, but the weather has put pay to that idea. Nevertheless we had a conversation about their current situation. Readers to 'Roaming Brit' are aware that my Mum hasn't been well, having spent a prolonged period at Queen Alexandra Hospital in Portsmouth. She is only 69 years old, but has had to start thinking about her old age sooner rather than later, due to her current state of health.

My parents are luckier than most, having worked all their lives; they have saved hard and are relatively comfortably off, owning their own home in the affluent area of Catisfield, near the south coast village of Titchfield, in Hampshire. They have reached a crossroads in their life, where they have to start thinking about the future and the care they may need as they approach old age. The options open to them are still limited, despite their financial position. Property prices on the south coast are among the highest in the country and one would think having a mortgage free home to sell at such a premium price, would guarantee both my parents future. Well nothing is quite as it seems and middle income pensioners such as Mum and Dad are being squeezed more than most. These are the people who lived frugally, never smoked or drank and saved for a rainy day, yet they see their capital drain away because of the times they live in.

Mum and Dad are waiting to move into a purpose built complex, situated near their home town. The gated community called Friary Meadow is being built to cater for people of my parents age and above. There is a gymnasium, cinema, shops and health care facilities as well as twenty four hour security, offering peace of mind to those who want to retire in an environment that caters for their every need. This is not something most people could afford of course, the costs are astronomical. I was shocked at the prices being charged to reside in such a development.

The cost to live here starts at a staggering 375,000 pounds for a two bedroom apartment, rising to 600,000 pounds for a three bedroom house. On top of these premium prices, one will have to pay 600 pounds a month in maintenance and extra charges for parking. These are figures that astound me; retirement seems to be out of the reach of most people, at least at this level. I would certainly never be able to afford to live here, like most of you who read this blog I'm sure.

Of course Mum and Dad do have other options open to them. There are much cheaper retirement homes available, for around a third of the price or they could have their home adapted to cater for their current needs. Whatever preference they decide upon however, it will not be cheap. There is very little state help for people in my parents position, they have got just too much money. 

Lets put this into perspective, my parents are not multi millionaires, they are just two individuals who worked relentlessly all their life in order to afford the lifestyle they enjoy today. They are being penalised for cautious accounting and doing the right thing. There is absolutely no provision for personal and social care in Britain and consequently they are liable for all the costs involved in growing old.

For those who need to move to an old peoples home, the weekly cost can be as high as 1500 pounds. Pensioners are required to sell their assets to pay for this care, with no government funding available. People who have battled to pay for a home will potentially lose everything for basic care needs, despite paying into the welfare system all their lives. Is this really what we want to happen to our older generation?

Once again I can only compare Britain with Spain, since these are the only two countries I have lived in for any length of time. Unlike the UK, Spain has very little old age facilities available, since families are expected to take care of older relatives. Nonetheless, those who have to go into sheltered accommodation will have to pay a fraction of the costs their UK counterparts are expected to fund. Property prices in Spain are also much lower than those in Britain, with suitable homes easier to source or modify and with the mediterranean climate more efficacious to old age, you can immediately see just how much better it is to grow old in Spanish climbs.

Other factors such as a higher cost of living, inflated fuel costs and lower state pensions in the UK also add to the problem of retiring in an unforgiving climate. Speaking to my Father today, it does seem that Brexit is also taking its toll economically. The agent trying to sell their property has warned them of a slowing housing market, which is likely to continue on a downward fall, until Britain finally leaves the EU in March 2019. Selling a family home at such a difficult time could prove to be a problem. My parents like all those in a similar position have to secure enough capital to enjoy a fruitful dotage.

I am of a generation that will not have the luxuries my parents had in later life. I will not have access to to the benefits they enjoy and will almost certainly never claim a state pension, as the age in which it is allocated grows ever higher. These are issues that have been left unattended and ignored for far too long and the Government need to get to grips with the growing problem of paying for old age. Until a more congruous policy is introduced and people like my parents can enjoy a more fulfilled, stress free caducity or families start to once again care for their own, we are all going to continue to suffer the indignity that our advancing years propagate. There are some standards in life, that we should all adhere to and support, caring for our aged population in one of them!

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