The Ageing Population Highlights The Critical Need For The Elderly Care Planning Of Tomorrow, Today
By Sunita Poddar, Founder and Chief Executive Officer of Oakminster Healthcare
New research revealing that 28% of the UK population will be pensioners by 2075 should stop us in our tracks. It’s more than a statistic; it’s a glimpse into our collective future. As a nation, we are living longer, but we’re not planning smarter.
While most of us diligently invest in our pensions, far fewer are thinking about something just as critical: how we will finance our care if we need it in later life.
The uncomfortable truth is that as we age, many of us will require some form of support, whether in our own homes or within residential care. And it can be costly.
Too many of us assume the government will “step in” when needed, only to discover that eligibility thresholds are strict and personal contributions are often unavoidable. For families caught off guard, the emotional and financial toll can be devastating.
Over the years, I have spoken to countless people who believed they were “set” for retirement, only to realise that their savings that were carefully built to fund holidays, hobbies and time with grandchildren, are quickly eaten away by unexpected care bills.
I’ve also seen the heartbreaking pressure placed on families suddenly forced to choose the level of care for their loved one, based on finances. This is the reality we must confront now, before it’s too late.
We need a mindset shift. Retirement planning shouldn’t stop at pensions, it must also account for the possibility, and in many cases the likelihood, of care needs.
Investing early, whether through tailored savings plans, long-term care insurance, or financial strategies designed to protect assets, can make all the difference when the time comes.
And it’s not just about money. Planning for later life also means having open, honest conversations with our families about preferences for care. It means thinking ahead about wills, powers of attorney, and how best to safeguard dignity and choice as we age.
Avoiding these discussions doesn’t make the reality go away, it only makes it harder when the time comes.
The government also has a role to play. With nearly a third of the population projected to be over 65 within 50 years, elderly care funding and policy reform must move higher up the national agenda and realistic social care funding is critical.
We all have a stake in preparing for the future – for ourselves, our parents, and our children. The earlier we start, the more options we preserve and the greater peace of mind we gain.
Britain’s ageing population is a reality we can’t ignore. The good news? By planning today, we can protect not only our finances but also our dignity tomorrow. The time to act is now.
