Money
Retirement
Elderly may have to rely on 'the bank of sons and daughters'
Adult children may have to forego their inheritance as their parents fail to save for long-term care fees, according to new research by Saga
Nearly half underestimate its cost, which is between £25,000 and £30,000 annually, according to Saga findings published on the website moneynews.co.uk
Most people think it is likely that any potential inheritance will be used to fund long-term care.
But careful planning could mean parents avoiding having to turn to their children for financial assistance.
Further research by another insurance company revealed that 61 per cent of 50 to 65-year olds expect to carry on working when they reach retirement age or to pursue charity work or education.
In addition, 22 per cent worry about running out of money in retirement.
