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Over the next decade, the intergenerational transfer of wealth and assets from the ageing baby boomers is expected to make millennials the “richest generation in history”, according to analysis by Knight Frank.
However, many families are concerned the rising cost of social care for the elderly will erode vast portions of that wealth, with lots of parents worried they will need to sell their home to pay for care home fees.
Currently, means-testing rules in England mean that if a person has assets or savings exceeding £23,250 they are not eligible for state support; below that amount they may be eligible for some funding; and below £14,250, their care is paid for — thresholds that have not changed since 2010.
If you are concerned about the rising cost of social care for the elderly, either for you or for ageing parents, we’d love to hear from you. Please share your experiences by emailing money@ft.com.
