How much to keep in savings in retirement?

There are some rare exceptions.l work with a lady in my care home who has dyspraxia and dementia. We are exactly the same age bar a week (70 in early feb)and I do think there, but for the grace of God….. and I tell you, this lady is amazing. She is always cheerful and laughing, I don’t know how she does it actually….. God bless you, Alex 💐

Early in my career I worked for a local authority and part of my job was applying to the Court of Protection for power for the Finance Director to manage the affairs of people in the local authority’s homes, where they had houses which needed to be sold to pay their fees, if the family didn’t want to know (though family always turned up as soon as they died, wanting to know what was left). I will never forget the smell of urine in the homes, one old lady happy as Larry away with the fairies and another trying to get out of the window to escape. I know things have moved on since the 70s, but …

Grantanow

Didn't Johnson 'fix' social care or was I not hearing right?

😂😂😂😂😂

/Maddyone
The worst I saw when looking for my mother in law was a BUPA home. It was so bad that I told them there and then that I would be reporting them.
The sad part was, that if you have no experience of care homes you would have walked into their reception area and gone, wow 😯 Think 5* hotel. Tea and coffee offered on fine bone china. Then I asked to see my mother in laws room. We didn’t get past the common area lounge. It was horrendous 😡

Sorry, that was in response to maddyone.

It depends. We still have some care homes in Wales that are owned and funded by the local authorities, and they are the best of all because they are properly managed and maintained, and free at point of use. There is a diminishing number of these because they cost the LAs so much more to run than paying private care homes to do the same job, on the whole less well. LAs pay the minimum they can negotiate to care homes, as they have finite and diminishing budgets. People who pay for their own care in homes which also have Local Authority funded residents do effectively subsidise their care because they pay higher rates. Self funders are also the ones who are feathering the pockets of the owners of the best care homes, because they pay the highest rates of all. There’s no easy answers now, the system needs a complete overhaul.

Didn't Johnson 'fix' social care or was I not hearing right?

I give my offspring money whenever needed for the large expenses off life. Our agreement is that if a time comes that I'm running short of finance then they'll step in. I'm happy with that

I expected my husband to long outlive me, he died recently within 6 months of an unexpected and devastating diagnosis. I’d slid into leaving our finances to him since we retired. He enjoyed it, I’d no interest.
Now it’s down to me I’m looking carefully at how much I can gift the children whilst leaving myself comfortable. I am in process of making sure DNR is on my medical records. Like others here, I hope to be able to make my decision in a timely fashion if I’m heading for the kind of care needs shinemae outlines

volver

The sums needed to be spent on care homes are scary. But if you don't have thousands in the bank, or an expensive house, the local authority pays. Then you get lots of people saying how unfair it is that people who have saved their money have to pay for themselves.

This is in Scotland, and from personal experience.

Spend the money you have now, having a nice life. The rainy day may never come.

People who say it’s not fair that some other people get their care home funded, but have they seen the care homes that are funded by the LA? When we looked for a care home for my mother, we were shocked at the state and unsuitability of some of them. My husband said he wouldn’t put a dog in them. The carers may have been lovely, but the physical accommodation was just awful. We found a lovely care home for mum, purpose built and she paid for it until she sadly died. I couldn’t have lived with myself if she/we had been unable to pay and she’d had to go into one of those awful homes.

👏👏👏 shinamae. You see it first hand every working day.

Shinamae

Have signed the recent petition for assisted dying and I strongly believe in this. Unless I plunge into dementia quite suddenly (in that case, I will be unable to do anything about it )I will not be going into a care home If I have anything to say about it, I would sooner die because let’s face it in a care home with extreme dementia I would just be like a walking corpse anyway… I know because I do work in a care home for people with high dementia and it’s heartbreaking to see them. Never mind the families who come to visit them so,so distressing. My son and his girlfriend live with me, they have two rooms upstairs and I have two rooms, downstairs share kitchen and bathroom. They have said they will look after me if I get dementia, obviously if I’m too bad they won’t be able to, but I have spoken to my doctor and asked him to make sure if the worst happens that I am thoroughly medicated to keep me calm.I’m afraid dementia is the price we pay for living to such a great age. Of course, there is early onset dementia and there is somebody in my home. It was only 62 who has this and that’s heartbreaking as well. If you get the chance watch the film” Still Alice” it’s with Julia Moore and it’s very thought-provoking. I bought my ex council house, 20 years ago from money from an inheritance when my father died, I want to leave a legacy for my three children not to have it eaten up by ridiculously high cafés and for me to not been living any quality of life at all just being kept alive, which is a totally different scenario and one I will avoid at all costs if it’s within my power. I bought my ex council house 20 years ago for money from an inheritance when my father died, I want to leave a legacy for my three children not to have it eaten up by ridiculously high care fees, and for me to not be living any quality of life at all, just being kept alive which is a totally different scenario and one I will avoid at all costs if it’s within my power

Pressed the wrong button before I had a chance to proof read, but I’m pretty sure you get my drift. it’s Julianne Moore..

Have signed the recent petition for assisted dying and I strongly believe in this. Unless I plunge into dementia quite suddenly (in that case, I will be unable to do anything about it )I will not be going into a care home If I have anything to say about it, I would sooner die because let’s face it in a care home with extreme dementia I would just be like a walking corpse anyway… I know because I do work in a care home for people with high dementia and it’s heartbreaking to see them. Never mind the families who come to visit them so,so distressing. My son and his girlfriend live with me, they have two rooms upstairs and I have two rooms, downstairs share kitchen and bathroom. They have said they will look after me if I get dementia, obviously if I’m too bad they won’t be able to, but I have spoken to my doctor and asked him to make sure if the worst happens that I am thoroughly medicated to keep me calm.I’m afraid dementia is the price we pay for living to such a great age. Of course, there is early onset dementia and there is somebody in my home. It was only 62 who has this and that’s heartbreaking as well. If you get the chance watch the film” Still Alice” it’s with Julia Moore and it’s very thought-provoking. I bought my ex council house, 20 years ago from money from an inheritance when my father died, I want to leave a legacy for my three children not to have it eaten up by ridiculously high cafés and for me to not been living any quality of life at all just being kept alive, which is a totally different scenario and one I will avoid at all costs if it’s within my power. I bought my ex council house 20 years ago for money from an inheritance when my father died, I want to leave a legacy for my three children not to have it eaten up by ridiculously high care fees, and for me to not be living any quality of life at all, just being kept alive which is a totally different scenario and one I will avoid at all costs if it’s within my power

Georgesgran

I don’t know about adopting me - but Norah could take my DDs for a few months.
My plan is a one-way ticket, first class of course, with a bottle of champagne to Dignitas or somewhere similar.
Joking aside, having just seen my friend’s DM (cared for at home, but unloved) struggle to 96, deaf, almost blind, and with severe mobility problems, there’s a lot to be said for a heart attack or the no31A bus, that flies up the road near me when my time’s up!

I totally agree. I fear losing my husband (who is in perfect health) - but for myself, let it be a fast trip to the grave. Heaven awaits.

I don't skimp on anything but my needs are few with the result that I usually have a credit balance every month which goes into savings in case I have a rainy day or two as time goes on. A kind of peace of mind, I guess......

There’s a good fact sheet from Age UK which covers deprivation of assets. One key point is under the heading Intention
‘Your intention to avoid your care charges must be a significant factor, or the only reason, you have disposed of an asset, in order to be found to have deliberately deprived yourself. The local authority must justify their decision if they intend to take the disposed of asset into account.’
Here’s the full document.
www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf

I agree, the thought of losing one’s faculties and being badly cared for is horrible. Money is no guarantee.

I don’t know about adopting me - but Norah could take my DDs for a few months.
My plan is a one-way ticket, first class of course, with a bottle of champagne to Dignitas or somewhere similar.
Joking aside, having just seen my friend’s DM (cared for at home, but unloved) struggle to 96, deaf, almost blind, and with severe mobility problems, there’s a lot to be said for a heart attack or the no31A bus, that flies up the road near me when my time’s up!

I have no intention of going into a care home, it will either be care at home, the family caring for me (as they said they would) or a meal of of a bottle or two of red wine and a bottle or two of morphine>. We have some savings that are topped up when spent

Allsorts

A care home at £50.000.00 a year for perhaps 10 years. That is fantasy for most. Except if you are like Norah, as she often says, has property and enough funds to look after her family, 4 daughter I believe, how many people can do that. Mine had a good education, have good jobs and provide for their own families. It would be nice to leave my house to them but I know in reality if I needed care it would all go in fees. I have never inherited anything, but looked after my parents.

Actually, I don't "say" what you purport at all.

I "say" we give generously, not save for a rainy day, whenever this topic arises. Life is short, we only have one chance to enjoyment.

I "say" we intend to sell what we have of our property to self-fund our own care, in our home or in a nice care home.

I'm not sure why it matters, but yes, we have 4 daughters (60-40). All have good educations, nice families, and homes. Quite normal.

Can you adopt me please Norah 🤣🤣

Georgesgran

Hopefully needing care will be a long time away for some of us - fingers crossed.
Are you in England Norah. I don’t know how generous you are with your family, but watch out for being ‘guilty’ of deliberately reducing your assets should you need any sort of financial assessment. From what I’ve heard ‘they’ dig back into your finances for many years, I believe cash gifts to children cannot exceed £3K per parent, not per child.
I’m sure someone else here knows the figures better.

We don't deliberately reduce assets, we intend to pay for our own care, hopefully in our home, if needed. Apart from in-home care, we'll sell and use asset sale money to fund our care.

We do give generously to our children, GC, GGC. We keep a little file. I'm 'guilty' paying for lessons, clubs, clothing, holidays, and handing out cash for needs.

A care home at £50.000.00 a year for perhaps 10 years. That is fantasy for most. Except if you are like Norah, as she often says, has property and enough funds to look after her family, 4 daughter I believe, how many people can do that. Mine had a good education, have good jobs and provide for their own families. It would be nice to leave my house to them but I know in reality if I needed care it would all go in fees. I have never inherited anything, but looked after my parents.

www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf
This is an excellent factsheet. ( Seven years does not come into it.). Useful points at the very end on how to challenge a decision.

deprivation of assets can indeed be pursued after seven years, depends on individual circumstances. As could transferring a house to an AC. Depends if you become dependent on the state and on other people children to subsidise care costs