Don’t get old if the Tories win
The Tory Manifesto is out and it’s not good news for any of us, but especially not for those of us getting on in years:
- They will drop the Triple Lock, meaning pensions will no longer be guaranteed to rise by at least 2.5% each year.
- They have taken away the cap on paying for social care. This means that you will have to use up all your savings and most of the value of your house paying for the care you may need in your own home. Care only becomes free when you’ve got just £100,000 left. With the average house in the New Forest worth £400,000, that’s a huge blow. Is it really any comfort that you’ll only lose that money when you die?
- They plan to give everyone the right to take a year UNPAID away from work to care for aging relatives. Most of us couldn’t afford to do that, and if social care was properly funded, we wouldn’t need to.
- They will continue to put up the state retirement age. Goodness knows when some of us will be able to draw our pensions.
The way a lot of the changes are described makes them quite difficult to understand. The BBC summed it up like this:
They want people to pay more towards the cost of their care, but are prepared to wait until you die before taking it from your estate.
None of us know who will end up needing long term care. It’s a risk that we all face. A massive lottery where the unlucky can lose everything. Labour believes we should share out that risk and face it together. The Tories think you can just take your chances and hope it isn’t you.