Planning the future of an aging population
The number of people living over the age of 65 in Northern Ireland is growing all of the time and is expected to continue to do so. Its no secret that people in the western world are living longer and with advances being made in healthcare, technology and the development of medicine every day there is no doubt that this growth will continue.
At present there are over 10 million people living over the age of 65 in the UK and projections from parliament suggest that this figure will rise by an additional 5 1/2 million in the next 20 years. 65 is no longer being considered old in this ageing population and the 3 million people in the UK over the age of 80 is expected to double to 6 million by 2030.
We see the same projections when we look at the situation in Northern Ireland.
Dr David Marshall, a statistician from NISRA, said: “Over the next decade, the population is expected to grow by 10,000 each year – reaching 1.9m in 2020.
“Today’s new figures also point to our older population continuing to grow and increasingly shaping Northern Ireland society.
“As an example, the number of people aged 85 and over is set to rise by 50% in 10 years.”
What issues will arise from a rising population?
The aging population will inevitably have an effect on everything from public services to the economy. Society will change as there is a shift in the number of old vs young and countries welfare, pension and healthcare schemes will be put under serious strain.
Another big consideration going forward is how to care for the elderly and make provisions for their well being. The cost of care if not accounted for can be a big worry. It can be difficult for people to think about a time when we cannot look after ourselves but if the above figures tell us anything it is that we will need to. As people live longer we are seeing an increase in admissions to care homes and also in the diagnoses of diseases such as Alzheimer’s.
There are a number of steps that can be taken to ease the burden of old age on your loved ones. Nominating an Enduring Power of Attorney with your solicitor means that someone will be able to look after your affairs on your behalf if you or a member of your family become incapable of doing so. The solicitors in our Wills and Estate Planning team can assist with the application process and establishment of an Enduring Power of Attorney.
Our solicitors also have many years experience in helping people plan for the future and will do everything in our power to ensure you have a clear plan in place should your circumstances change as you get older as well as helping your plan the future of your estate for the next generation by making a will. By having provisions in place you can avoid any unexpected care costs and give peace of mind to yourself and those closest to you.
To speak to a member of our Wills and Estate Planning team contact us today.
Call: 028 9024 2450