How Much Money Will You Need In Old Age?

Don’t Get Caught Out - The Cost of Living Changes as You Get Older.

While we are young and healthy it’s easy to calculate how much money we need for necessities such as food, warmth and shelter. As we get older the situation changes. You may think you’ll need less and you’ll be able to live on your pension, but age related health issues are expensive to address and you may have to pay. In retirement the amount of money we spend on health increases, and this money often has to be found from savings or a pension.

Even in countries that provide free health care, people in the last 7 years of their lives tend to spend their own money on pills and products to improve mobility, reduce pain or relieve symptoms. Sadly some people who can’t afford to pay for treatment die waiting for operations or for Government approval to fund expensive drugs.

The state can’t pay for complete and perfect health care for everyone and as people live longer the systems we rely on are being put under even more pressure. Expensive drugs are available which extend life expectancy and improve the quality of life for people with certain diseases such as breast cancer and Alzheimer’s. Yet people die while experts decide whether to fund treatment or not.

Drug companies can charge a high premium for pills which reduce suffering, restore health or extend life. They know that if we have the money we will pay even if our governments or insurance policies won’t.

It’s very difficult to know how much money to provide for our old age. New treatments will be available by the time we need them, but will we be able to afford them?