The Silver Time Bomb

Print Friendly

As life expectancy is increasing the UKs bill for care of elderly people is increasing fast. David Cameron is coming under pressure to reform the system.

If pensioners have assets over £23,500 they are then expected to pay for their own care. Because of this about 20,000 people have to sell their houses each year to pay for residential care. The government commissioned a respected economist, Andrew Dilnot to evaluate the current system and his proposal was, that there should be a cap of £35,000-£50,000 on the amount people would have to pay with the government paying anything beyond this. Those with less than £100,000 in assets would not have to pay anything. The Queens speech however promised only a “draft bill” to modernise social care as the bill to implement Dilnots proposals could cost up to £1.7 billion.

The problem of care for pensioners is set to grow though, with the continuing recession and ageing population with 2 million extra people requiring care over the next 20 years. Liz Kendall of Labour said “The government refuse to acknowledge that their cuts have pushed a system to breaking point. With the number of over 85’s due to double by 2030 we need action now. This issue is too urgent to kick into the long grass”


What do you think the solution is?

The following two tabs change content below.

Silverhairs editor

Not a member?

Join the silversurfers community today! It's free, easy to do, and is packed full of features and amazing offers!

Join the community!
Click here if you have forgotten your password

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!

More Pensions

How to make the most from your pension freedom Senior couple tourists
George Osborne’s pension freedoms have unshackled pensioners from the need to buy an annuity...
Do you know how much your savings and investments are worth? RetireEasy_81827446
UK's first 'retirement planning dashboard' lets you know precisely what your savings and...
The 2017 Pensions Wish List Pension_retirementplan_resized
As an independent financial advisor I would hope I understand the differing levels of wealth...
6 key steps you should take before considering retirement Gold nest egg concept for retirement savings and financial planning
I’ve seen a lot of clients looking to retire over the last few years and I don’t think I’ve...
Why do I need retirement advice? Having a retirement plan A golden piggy bank card and calculator on wood background with text Retirement Plan
For as long as I’ve been a financial advisor I always hear comments on why would you pay for...
What do our Silversurfers know about Pensions? Worried senior woman, an elderly pensioner counting utility bills at her home, concept of financial security in old age
Some surprising results - Barometer Survey shows that many of our Silversurfers community are...
The Post Brexit World – “the pensions time bomb” Breaking The Bank
On the 24 th June the UK and possibly the world woke to a new dawn in global politics and global...
An extra £25 on your State Pension? Okay then! Retirement Senior Citizen Insurance Pension Management Concept
This week the Government opened the doors on its new State Pension top up scheme, meaning...
October 2015 - State Pension top up dwp4
There’s still no such thing as a free lunch, but there are some good investment options out...
February 2015 - Get your State Pension statement dwp2
It’s hard to know how to plan for your retirement when you don’t know how much money you’ll...
January 2015 - Automatic enrolment dwp1
Back in 2012, only 1 in 3 people were saving into a workplace pension, meaning that most wouldn’t...
April 2016 - State Pension changes dwp5
The State Pension is changing, and it is important to know what the changes mean for you. Have a...