Baby boomers hampered by care cost worries

"A social care green paper was originally scheduled for summer 2017 but repeated delays have left millions in the dark regarding what they’ll be expected to pay should they need social care in later life. With more of us living longer, arriving at a clear and sustainable solution is fast becoming one of society’s greatest challenges."

Alan Chan, director and chartered financial planner at London-based IFS Wealth & Pensions, said that this was an issue “that is echoed by some clients, and makes it difficult for them to plan efficiently and enjoy their retirement with their hard-earned money”.

He said: “For example, they would like to spend more by going on holiday but then worry that they may not have enough left to pay for care, so they often compromise as they do not want to become a burden on family members. 

“Clarity by the government on care costs funding would be greatly welcome and it’s unfortunate that it has been left on the back burner and forgotten about due to Brexit negotiations.”