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You can find the current article at its original source at https://www.theguardian.com/money/2016/aug/23/calls-for-more-pension-advice-after-study-raises-concerns-over-future-plans
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| Calls for more pension advice after study raises concerns over future plans Calls for more pension advice after study raises concerns over future plans | |
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| More than half of people who have taken money out under pension freedoms have not planned for future care costs, a new study shows. | More than half of people who have taken money out under pension freedoms have not planned for future care costs, a new study shows. |
| A survey of 500 people who have accessed their pension since April 2015 revealed that just one in six has budgeted for the cost of care as they grow older. | A survey of 500 people who have accessed their pension since April 2015 revealed that just one in six has budgeted for the cost of care as they grow older. |
| Citizens Advice said its research found that three fifths have not thought about how they will pay for care costs, with one in 10 hoping to rely on their family or the government. | Citizens Advice said its research found that three fifths have not thought about how they will pay for care costs, with one in 10 hoping to rely on their family or the government. |
| Local authorities should offer online or face-to-face services to help people plan for the future, said the report. | Local authorities should offer online or face-to-face services to help people plan for the future, said the report. |
| Gillian Guy, chief executive of Citizens Advice, said: “Care costs can be a heavy financial burden that many people are unprepared for. | Gillian Guy, chief executive of Citizens Advice, said: “Care costs can be a heavy financial burden that many people are unprepared for. |
| “It is unsurprising that many people in their fifties are not thinking about how they will pay for care costs when the need for this could be 10, 20 or even 30 years away. But this issue does need some attention, otherwise people risk dipping into their pension now only to find they need some of the money later. | “It is unsurprising that many people in their fifties are not thinking about how they will pay for care costs when the need for this could be 10, 20 or even 30 years away. But this issue does need some attention, otherwise people risk dipping into their pension now only to find they need some of the money later. |
| “Getting the right guidance is key in helping people think about and plan how they will fund their retirement, including costs which are more tricky to consider, such as care fees. | “Getting the right guidance is key in helping people think about and plan how they will fund their retirement, including costs which are more tricky to consider, such as care fees. |
| “There is also an opportunity for local authorities to help people plan ahead for future care costs, by providing clear information about how funding for care works and how much it costs.” | “There is also an opportunity for local authorities to help people plan ahead for future care costs, by providing clear information about how funding for care works and how much it costs.” |