The cost of care: how to pay for long term care?

The high cost of long-term care ranks is among the top five reasons why those over 55 will choose to continue working after retirement age. Whether you’re planning ahead for yourself or thinking about care for an elderly relative we look at ways you can pay it

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The cost of care is one of the biggest concerns for over 55s, pushing many to work well past the state pension age to cover the costs. Whether you think you may need care or you have to consider it for an elderly relative, additional costs can run into thousands.

Research from Canada Life found of the third (37%) of over 55s who say they will work beyond their state pension age, a fifth (20%) say this is due to concerns over the cost of long-term care – scoring within the top five factors of what those who are likely to work beyond their retirement age are concerned about.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.