CR5 Issue 159 August 2018

Proposer Richard Shakespeare noted that the
Society’s July topic, ‘People should make provision
for their care in old age’, raised many questions, but,
he said, one thing is clear: it is wise to plan for the
possible financial, social, community, mental,
physical, medical ramifications of growing old.
Richard observed that there may be quite a large
difference in time between physical and mental
problems of old age; he also reminded the floor that
life spans are steadily increasing, as acknowledged
by the Government’s official pensionable age of 68
years, for those born after 1978. It may seem, said
Richard, that there is extensive social care in old age –
a number of allowances (e.g. attendance and carer’s
allowance), payments and benefits such as free
prescriptions and eye tests, public transport and TV
licence concessions. But there are considerable problems
– a shortage of care places, leaving people stuck
in hospital, budget shortfalls and the prospect, over
the next 12 years, of an abnormally large increase in
the elderly population. All the more reason to make
personal plans for your future! Richard then offered
some practical guidance: develop a healthy lifestyle;
listen to what your mind and body tell you; listen to
your family’s concerns about your health; consider
how family and friends could help you; find out what
official, charitable and medical services offer and
what they cost; make sure you fully understand your
medical problems. In financial terms, Richard pointed
out that preparation for old age should start as early
as possible; try to have several financial sources (savings,
pensions, ISAs), be realistic about share values,
have a good financial advisor, use part-time work to
supplement your savings. Downsizing allows you to
build a surplus from the sale of a larger property and
savings on the management of a smaller one. Ideally,
you should review your financial, medical and social
status every 4-5 years after turning 60. The Financial
Conduct Authority will soon issue ‘wake-up’ packs to
the over-50s every 5 years. There are legal considerations,
too. Lasting power of attorney and your will
should be discussed with your family. Richard also
said that there are many voluntary groups who can
help to cater for a variety of situations. It is wise to be
aware of the effect of inflation – low inflation means
low return on investment, high inflation means
a higher return, offset by a higher cost of living.
Ironically, as they approach old age, the baby boomer
generation is finding that the cost of caring for elderly
parents may eat into their own retirement nest eggs;
over 4 in 10 people spend up to £1,000 a year caring
for elderly relatives, while 3 in 10 spend between
£1,000 – £10,000 a year. One in 6 was left struggling
for money and one third expected to eat into savings
within 4 years. Finally, Richard concluded that while
no old age plan is perfect, or we cannot afford to be
without one.
Opposer Angela Applin centred her argument around
the current media focus on the NHS and Social Care,
swamped by cohorts of elderly people requiring longterm
and usually expensive attention. However, many
do make provision for old age, via savings, pensions,
downsizing, and by adopting healthy activities,
hoping to live long enough and well enough to enjoy
retirement. Major new research, from the wellrespected
Lancet, shows there will be 2.8 million
people over 65 needing nursing and social care,
unable to cope alone – largely because of the toll of
dementia. More alarming, perhaps, are the findings
that while 75% of the population fear dementia or
other cognitive impairment, only 3% have made
some legal provision, and only 33% of people in the
UK have made any provision – writing a will, saving,
funeral plans, lasting power of attorney – for old age.
But there are good emotional ‘reasons’ for pushing
the perils of senescence to the back of one’s mind.
‘Going into a home’ is a fear in itself – for the financial
ramifications, perceived loss of independence, and
because there are lurid tales of abuse in residential
homes and in hospitals. Angela said her own
experience of the social care system, both on behalf
of her late mother and recently for herself, had not
inspired confidence. She also said that it is impossible
for many ordinary people to make
provision for elderly care. The average UK salary,
£27,000 per annum, scarcely covers mortgage, food,
utilities, the unremitting expense of children. It is
impossible to plan for old age. There are other work,
family and social priorities to occupy one’s attention,
even and, sometimes especially, during late middle
age. Can we afford to be so stoical about old age
and its tribulations, when it seems to be costing our
fellow citizens so much, and is likely to cost care
users even more in the future? We have a moral and
social responsibility to make provision for foreseeable
problems – but only if we have the resources to do
so. Many people simply haven’t – they don’t have
enough money and they have other preoccupations.
So let us appreciate and admire those who anticipate
their old age – but let us support those who need
help to deal with its problems.
The motion was lost by 5 votes to 3, with 2
abstentions. A topical debate will take place on
September 3, at the Old Coulsdon Centre at the new
time of 7.30 p.m. – subject and speakers to be
determined nearer the time.
Visitors are welcome;
details from Angela Applin,
020 8668 8558.
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