BlogPension

Even the rich won’t have enough for care home fees!

By 02/25/2020 No Comments
picture of elderly persons hands

It has never been more obvious that we need to take action and start TODAY saving for our pension!

The yearly income afforded by the average pension pot in the UK is £11,290. So, even if you do feel more comfortable than the average person, or you have stashed away some extra savings, it most likely won’t be enough!

A recent article in The Times reveals that the average cost to live in a residential care home is £33,852 a year and can be more for increased care or other necessities. This cost is so high that even people that have made the maximum contribution to their pension would struggle!

We have no idea what is going to happen later in our later’s years so we all need extra help just in case.  That is why making your own private pension pot is so vital for your own retirement security!

 

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