Where is the hardship fund for the elderly?
THE States of Guernsey are giving good advice to all, including us oldies, concerning the coronavirus. Recently it was reported in the Press (Thursday 12) that the States were also considering a hardship fund to help businesses through the current uncertain times.
All very laudable, I’m sure.
But what is being done to assist those old folks amongst us who have to eke out our living as a result of the banking fiasco of 2008? Or other unforeseen problems?
So many of us who had planned carefully for our retirement suddenly found our hard-earned investment income decimated due to circumstances beyond our control, forcing us to live off capital.
In addition, we are being further troubled by States-promoted taxes, e.g. TRP increases (letters to the Press, 12 March).
Now, most of us understand that we have to pay for the services we receive, and yet so many are really cash-strapped, but asset rich. But we are not allowed to access those assets in the form of property.
Of course, there is always the option of downsizing, but why should somebody in their 70s or 80s be forced to leave a house they have been in for many years with all the upheaval and costs involved (estate agent’s, lawyer’s fees and another States tax: stamp duty)?
Equity release is an option which should be open to the older generation.
It is only an option and not suitable for all. Due care and advice needs to be taken. However, it could allow so many the opportunity to live a comfortable retirement rather than simply existing. Of course, our families could still benefit from a large cash benefit when the inevitable happens. Perhaps sooner than we would like, given the current crisis.
In the vast majority of cases property assets will pass on to children who have had, in the main, a much greater opportunity than many of us wrinklies. Also so many of our dear offspring are in a position to take care of themselves well.
It would be interesting to know if there are many of your readers who have similar thoughts. If so, please speak up.
Are our elected representatives in the States giving any thought to this concern, and, if so, what are they going to do about it? Oh, and please don’t point us at Supp Benefit.
Not looking for charity.
NAME AND ADDRESS WITHHELD.
