3.2 million think there is ‘no point’ saving for old age as it will be swallowed by care bills" More than three million middle aged and retired people have effectively given up saving for their old age believing there is “no point” because it will only be taken away to pay for care, research shows.
Britain’s biggest charity working with elderly people warned that the Government’s long-awaited overhaul of the care system, currently before Parliament, will fail if large numbers of people simply abandon saving for later life.
Age UK said that the new system, which will cap the amount people have to pay for care in their lifetime, relies on people being able to make a contribution to the cost and could be thrown into crisis if too many people turn their back on saving.
The system, based on the recommendations of a landmark Commission chaired by the economist Andrew Dilnot, is due to come into force in just over two years time.
It will introduce a theoretical £72,000 cap on the amount anyone has to pay for their care in their lifetime, overhaul the system of assessing whether people are frail enough to need care and prevent those who do have to pay having to sell their home.........."
There was another thread today about a feeble-minded dude who won the lottery to the tune of $500/week for life. With the help of "friends", he figured out how to convert his winnings into a lump-sum payout of 403,288 minus tax withholding. As you might guess, he managed to blow more than half the payment before a judge intervened. But, since he was a ward of the state all along, he's now in danger of losing the rest!