HSBC has called for greater policymaker intervention on raising awareness of retirement income shortfall given "massive" long-term care cost increases.
According to HSBC's The Future of Retirement report, drawn from the views of 150,000 in 15 countries, in the UK, the number of over 80s totals 2.7m with a quarter predicted to require long-term care, at an average annual cost of £26,000. On average people surveyed expected retirement savings to run out just over half-way through retirement (56%) about the same time as they could expect to see rising health and long-term care costs. The report called for greater intervention by policymakers to examine what can be done to make the long-term care market more cost-effective by sharing the...
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