Care in Old Age - Future Concerns

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Care in Old Age - Future Concerns

Much concern has been expressed about our ageing population and whether the state can continue to provide the present level of support. Some forecasters suggest that either the workers of the future will have to bear much higher taxes than at present or that state help for the elderly will have to be reduced. This is, however, too simple an analysis.

More important is the ratio of non-working elderly to active participants in the workforce: that is, after allowing for those of working age not actually in work and those of pension age who continue to work. It is also alarmist to assume that future workers would not be prepared to pay tax at higher rates. Since the wealth of the nation might be considerably greater than at present and forms of distributing part of that wealth to non-workers, other than transfers through taxes, might have been devised.

However, the signs are that all political parties will support some form of compulsory system, requiring people of working age to take out insurance or make savings to pay for their own care in old age should they need it. The Labour government has yet to spell out a policy on this.

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1998 - 2007 UK Pensions - Planning before, at the onset and during retirement.