How Throwing All Your Money out the Window When You Get Old May Make Perfect Financial Sense
Posted: Thursday, July 23, 2009
by Connor Davidson
You think I am crazy well in this case I'm not. I am talking about going into a home, no I'm not that old yet, but when I do I will have to squander all of my kids or relatives inheritance on it and I'm not happy about that. Believe me they are not cheap: according to this is Money care homes can cost £540 ($768) per week
Though, I can see why they do it. The British tax payer is not a bottomless pit of money and the OAP is not profitable in keeping from a tax point of view. Thus, the government has a fair reason for doing this. But, I still don't like it.
I ask this question: why spend your life saving and paying into a good pension so it can be stripped from you when you go to a home (unless you die before that time)?
The thing that annoys me most is the people who don't work – not because they can't – but because they are too lazy to, and have claimed benefits all their life, get free nursing home care. Whereas the hard workers who pay tax all there lives and fuel the modern "capitalist" state are penalised. I don't see why I should work hard to earn money to pay my taxes to someone who won't. Then to add insult to injury, give them free nursing home care while leaving me to squander all the savings I have earned in my life. You must be joking.
There not, they are deadly serious. So I may as well discard my money out of an upstairs window and enjoy free care and be a burden to the tax man it would make so much financial sense and I would be comfortably off by being an idiot.
But I'm not that arrogant or disrespectful. I'll just have to put up with it.
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More commentsI guess you could always put your money in a bank account under the name of one of your trustworthy children. Then, technically, the money is not yours anymore. But you really need to trust the person who is holding your money for you.That is a great idea. I thought slowly waste it before you go into care.However, the money is no use to you in care. It will simply protect your children's inheritance.Thanks for the comment.
Connor as sad as it is, it is getting better for the little guy to go onto the dole. Two single parents do way better then married, all facts. You can't get a job any longer for better then some of these entitlements. So you just don't work because you can't survive on what is paid. As for having money, don't worry when you hit 80 it will be decision time. Your file will be passed before someone somewhere and one day the injection and it will be all over. Quality of life you know. Many think this sarcasm, they just don't know. Best wishes.That is the sad reality of it all.Thanks for the comment.
Connor, good to see other countries with problems with government handouts. And I thought we Americans were the only ones!Actually Britain has the best and worst system. We have free health care for all. But, we make it too easy to stay on state benefits.Thanks for the comment.
Hi Connor.This makes so much sense. Enjoy whilst you can is a good idea. I always wonder about this, I figured, when I grow old and gray, since I don't have any children, I will just go home to the Philippines and live in my (retirement) house with one of my nieces or nephews looking after my needs. LOL.Best to you,NenitaThat is fine if you don't have complex needs.Thanks for the comment.
An interesting point of view, well made and quite rightly highlighting the government's inconsistent and sometimes illogical approach to support for the old.I agree.Thanks for the comment.
I think it's basically the same in the States. The only good thing is if you have LOTS of money you can go to a great care facility as opposed to a no frills one. Great topic to bring up.We have what they call executive care homes which are extremely expensive and provide excellent care facilities, large rooms and good food.
Connor,If I'm not mistaken I think they call the demoralizing problem you have in England socialism. You may think of it as capitalism but there is a large part of America that sees the picture differently. When the government runs your healthcare, retirement plans, higher education, automobile companies and banks, capitalism is not at work.You mean Great Britain, England is only one of four parts. I am not the worlds biggest socialist and am a fan of controlled capitalism. I also like nationalism. But the problem we have with socialism is that it is abused. I think the NHS is wonderful and would never get rid of it.Anyway, thanks for the comment.
Its an age old problem, with no real answers, at least answers that we would like! I am with you all the way on this one!Go team!Thanks for the comment.
I enjoyed this article very much Connor, but I must tell you something.You look so much like my son it's spooky!Well, I don't know what to say in response to that.But all I know what to say is thanks for the comment,It just eludes to your obvious brilliance!The anon was me. I forgot to log in.
Even though I am an Indian, I can understand how the capitalist economy works, and I can see Indian following the footsteps of America slowly. The constant price rise and taxation and other problems are increasing by the day. Your articles are pretty inspiring and makes readers think of their current problems too. Thank you again.Thanks for the comment.
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