Paying for care

Research by the Prudential found that more than a quarter of retired homeowners expect to sell their homes to help ease the pressure of living on a pension. Most of those planning to sell insisted that they intend to buy another property, rather than going into residential care, releasing tens of thousands of pounds in the process. But for almost half of those making plans to downsize, the main attraction was simply a less complicated life. 

According to Government estimates, around 40,000 elderly people a year are forced to sell their home to meet the cost of care. But the Prudential findings suggest that growing numbers of people are considering putting their house on the market long before care becomes a consideration, to enable them to enjoy their retirement with fewer financial worries or a more manageable lifestyle.
(Source the Telegraph)