- Over the course of the next 50 years, it is expected that the amount of people in the age group 65-84 will rise by approximately 41%. This suggests an additional 3.31 million people falling within this bracket.
- It is fairly common knowledge that we all live longer these days. Both men and women, on average, now live around 7 years longer than they did 40 years ago.
- The number of people needing care or actually in care already, is also rising. For example, 1 person in 5 over the age of 70 is now in need of some degree of care at home and of these, 20% require continuous care.
- At the moment, there are around 420,000 adults living in residential care homes.
- Figures suggest that around 750,000 people in the UK are suffering from some form of dementia and this is expected to rise to around 1.5 million by 2050
More and more people these days may have experience of an immediate family member, or perhaps have a relative who is either in care already or is likely to need some form of care in the not too distant future and as the above statistics suggest, it's a potential problem that is not going to go away. Future funding of this can be a complicated issue and requires specialist planning. Here at Morton Fraser, we have an experienced team focussed on dealing with the issues relating to later life planning and are able to provide advice on a number of aspects for later life care.