‘Die With Zero’ is a book about how to plan to spend everything. Around half of our and the world’s population do so, sadly, by default. It’s those of us lucky enough to need or want to worry about what to do with it all for whom we can plan and forecast.
More than half, however, worry too much and don’t spend or give it away – just in case. And the just in case is that they may need care when they move from ‘go-go’ and ‘slow-go’ to ‘no-go’. Residential care costs upwards of £1500 per week, the upwards is going upwards and don’t kid yourselves that the mythical council will take over if you spend it all. I
It’s an each-way bet that you’ll need care, 52% of over-80s need some sort of help. The average stay in a care home is around 3 years, do the math, £200k+ assuming you’re average.
What that uncertainty means, however, is that fear stops those who might otherwise gift to the family or spend and have fun, don’t. And that, I’d say, is unlikely to change for a Gen or two yet.
