Category: Retirement

Why sense of purpose in older age is seen as so important

life’s good?

The inhabitants of the Japanese island of Okinawa have long been known for their healthy lifestyle and longevity.They live longer than any other people in the world.This is largely attributed to having a sense of purpose, and therefore a reason to live, which is focused on a concept the Japanese call Ikigai which they believe to be deep seated within everyone of us. The big secret is to find it and so  benefit from longer and better quality of life, by finding meaning to your life and happiness.

So do we all really have a sense of purpose in life?

Continue reading “Why sense of purpose in older age is seen as so important”

How to keep your memory fit as you get older

 

How to keep your memory fit as you get older

Without taking appropriate action the avoidable debilitating effects of getting older may catch-up with the inevitable passage of time.We are often preoccupied with the physical decline in our bodies but what is possibly worse is when our mind begins to show signs of failing.Forgetfulness and becoming slower in our thinking can give rise to great upset and a feeling of isolation, even if the cause is not the result of any specific condition such as dementia. There is good news. According to The Harvard Medical School decades of research conclude that certain strategies will help protect and sharpen our brains.With some time and effort put in the brain can be strengthened by certain training just like a muscle, preventing some of age-related cognitive decline so as to keep your brain sharper.

Exercise

What is not often appreciated is that exercise can help strengthen your brain as well as keep your body strong and healthy.Short-term memory improvement is one of the main benefits noticeable in older people who have started an exercise regime and particularly one involving lots of cardiovascular work.

brain training

Use

Regular use of your brain in creative ways can avoid it deteriorating.The saying ‘use it or lose it’ applies here.

Experts at Harvard think that advanced education may help keep memory strong by getting a person into the habit of being mentally active. They say that challenging your brain with mental exercise is believed to activate processes that help maintain individual brain cells and stimulate communication among them. Many people have jobs that keep them mentally active, but pursuing a hobby or learning a new skill can function the same way. Read; join a book group; play chess or bridge; write your life story; do crossword or jigsaw puzzles; take a class; pursue music or art; design a new garden layout.That said though, anything will help – even just reading occasionally.

Diet

Although healthy eating lowers your risk of diabetes, hypertension, and heart disease, it’s not yet clear if that’s true for Alzheimer’s disease as well. It’s not a lost cause though. Here are 9 foods that researchers think will keep your whole body, including your brain, healthy.

The right diet can do wonders for looking after your brain and helping to prevent the onset of various neurological diseases or general deterioration. Particularly useful are fatty acids such as omega 3 which you can get from fish and supplements, vitamins such as B9 (also known as folic acid) which can be found in fruits and veg and amino acids (proteins) which you can get from meat or from supplementation – from ‘Age Slower’ by David Jones

Lifestyle

Your lifestyle can also impact on your mental health. Your sleep regime and fresh air can affect your brain, and alcohol consumption can also have a big impact.

Some easy steps to a better quality of sleep

Staying Active

In Japan, particularly in Okinawa, always keeping busy is seen as giving a sense of purpose in life and supports a concept known as Ikigai. Having something to get up in the morning to do is central to their way of life and is credited with giving the Okinawans a long life expectancy such that they tend to live much longer than those in the rest of the world’s population.What is more they enjoy enviable levels of vitality and health unthinkable for people of advanced age almost any where else in the world.

“One surprising thing you notice,living in Japan, is how active people remain after they retire .In fact, many Japanese people never really retire – they keep doing what they love for as long as their health allows”

– Ikigai – The Japanese Secret to a Long and Happy Life by Hector Garcia and Francesc Miralles

 

 

The short guide to dealing with stress in later life

Boredom in retirement -that'll be the day!
Boredom in retirement -that’ll be the day!

Of course stress has no respect for age.We know it’s part of life.Its destructive nature can affect anyone at any time, and the long term effects can creep up like a shadows in the night inflicting their damage to our health, catching us unawares.The natural ability to withstand the persistent onslaught of stress is much degraded,as we grow older, but succumbing to ravages to health is not inevitable. Continue reading “The short guide to dealing with stress in later life”

5 mythbusting articles you may have missed at the60life blog about your health in later life

why1

There are many misconceptions about getting older.One of these is that older people inevitably will suffer from significant age-related decline in health.This is what many parents and grandparents of those now in their 60s and 70s were led to believe.With a lower life expectation they also seemed to be condemned to a short retirement in ill-health before death. Society and culture did not expect any more from older people. The stereotypes were out there with ‘pipe and slippers’ often the onlyreward at the end of a working life. Nowadays so much has changed and with good reason.Apart from people wanting more out of life the realisation has surfaced that in reality something can be done to prolong an active life.

Myth 1: Trying to improve fitness in older age is pointless Continue reading “5 mythbusting articles you may have missed at the60life blog about your health in later life”

The really simple way to walk for health in later life

Happy senior couple hiking in the park (dollarphotoclub)
Happy senior couple hiking in the park (dollarphotoclub)

 

INTRODUCTION

The problem for many of us today is that we just do not exercise enough. This can have dire consequences as we age.

According to the Lancet medical journal,about two thirds of the adult population in the UK does not take sufficient exercise and are endangering their health.The British Heart Foundation 2015 physical activity survey revealed that only 30% of over 75s meet a reasonable physical level of activity. These are astonishing statistics,and if we don’t use our physical ability to take reasonable levels of exercise we will eventually lose it.

In the UK and the US health authorities  tend to agree that we should strive to achieve 10,000 steps each day equivalent to about 5 miles.The average person in the UK reaches around 3000-4000 steps daily according to the NHS( in the US this figure is said to be around 5,200 -5,900)

There is a simple way we can individually deal with this problem of low activity, and that is by walking for health in later life. Continue reading “The really simple way to walk for health in later life”

5 Tips to Give You Time to Enjoy Your Healing garden

Over many centuries monasteries and hospitals have valued the restorative benefits of having a garden in close proximity to people who are suffering sickness. A garden setting provides calmness, a path to creativity and a new appreciation for everything that surrounds us. It transports us from the stress of the world to a place of peace and tranquility and restores our minds and bodies like nothing else can do.You can benefit from the healing properties of nature by planning your own healing garden. Continue reading “5 Tips to Give You Time to Enjoy Your Healing garden”

If you must spend time on the sofa do this for your health and wellbeing

 

sofa so good - @ dollarphotoclub
sofa so good – @ dollarphotoclub

This piece is about spending less of our waking day sitting down and using more time throughout the day improving your wellbeing and fitness. The importance of exercise at whatever age for longer life has been bandied about a lot in the media recently.It seems we are not listening.But scientists confirm exercise is the answer to keeping fit and well.
Continue reading “If you must spend time on the sofa do this for your health and wellbeing”

Why leaving your chair could add five years to your life

why1

It perhaps should no longer be necessary to remind people that physical activity is essential for health and longevity.Medical research into reducing the risk of heart disease,diabetes and cancer in older people continues to support this truth.The results of recent large studies by the Oslo University Hospital, Norwegian School of Sports Sciences, confirm a strong association between physical activity and Continue reading “Why leaving your chair could add five years to your life”

Why this is no age to retire

 

dollarphotoclub
dollarphotoclub

Today, one in six of the UK population is aged 65 or over.

Until quite recently people of a certain age felt defined by what passed as appropriate for their parents, and their forebears. This earlier attitude, bringing with it all things ageism, was reinforced by a lower life expectancy, and by the many legal and social rules in our society which dictated what should or should not be done at certain times in life, particularly in later life. This was no less apparent than Continue reading “Why this is no age to retire”

Ease into the Mediterranean diet today

cestino di pane con verdure - dollarphotoclub
cestino di pane con verdure – dollarphotoclub

 

Media headlines often tell it all:

Sensible diet cuts heart attack risk within weeks (The Times)

Obesity threatens chronic ill health in older age

Dire warning of [adult] obesity as [youngsters] pile on the pounds(The Daily Mail)

but many of us still don’t respond to the headlines, or even read the rest of the article,news item,or report we maybe reading.

Despite the sheer volume of scientific evidence written today about the likely consequences of poor diet Continue reading “Ease into the Mediterranean diet today”

Focus on the public face of dementia

iQoncept @dollar photo club
iQoncept @dollar photo club

 

Much has been said lately about the scourge of dementia in all its forms.And now,just a few days ago,Sir Terry Pratchett,author of the fantasy book series Discworld, and recently often considered a public face of dementia, passed away. He had been diagnosed in 2007 with early-onset Alzheimer’s.

According to the Alzheimer’s Society, an estimated 850,000 people currently suffer from dementia in the UK.The government is promising a new,long term strategy focused on boosting research,improving care and raising awareness of dementia. Not before time a deep searching light is to be shone on this growing mental disease which threatens to grow into a worldwide epidemic. Continue reading “Focus on the public face of dementia”

Keeping purpose in your laterlife

Vector silhouettes of man.

A recent management magazine article inspired this post. The word purpose sprang out. So without entering into a sermon, what does it really mean – purpose? It could be said young people have by dint of youth purpose in their lives: to grow-up,expand their horizons,achieve ambitions, have families, help others, and so on. But what about older people in later life? Continue reading “Keeping purpose in your laterlife”

Great Life Expectancies

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Born 1902 in Russia, Max Lerner, American journalist,writer and educator contributed as a columnist for the Los Angeles Times over period of 20 years.

He is quoted as saying:  “I want to die young at an advanced age.”

I can relate to that.

He was known as a ‘possibilist’ , one who was considered neither an optimist nor a pessimist.

Max died in 1992 aged 89.

Standing-up for your health really works

dollar photo club
dollar photo club

Scary headlines jostle daily in the media to attract our attention.Many do not deliver on the message and become just so much unnecessary distraction in our everyday lives.Now, where our health maybe concerned most of us will always prick-up our ears and take notice for fear of missing something of importance. Standing-up for your health is a theme that has gained traction in the last few years, but does it work? Sitting is killing us? Continue reading “Standing-up for your health really works”

How to live comfortably and with independence in later life

sweet home

There has been much in the recent news about the growing belief that older people though finding themselves in inappropriate homes as some of their powers decline would far prefer to stay independent of a care home environment.

Perhaps not surprisingly a high number, 9 in 10 over 50s, according to the recent Daily Telegraph report of people surveyed about where they would prefer to live and be cared for, opted for staying put in their own homes. It seems though that most of us leave it far too late even to start any sort of conversation with anyone, including close family. We will discuss finance for older age, even funeral arrangements but not the long term living space we need or desire to maximise enjoyment of later life.

In the case of staying home and independent,planning for our living space in older age is of course not a new concept although there can be no ‘one size fits all’ approach to deal with the many requirements of individuals with different levels of health and abilities, as well as preferences for a particular lifestyle. There is a range of ‘fixes’ that can be considered to help maintain good quality of life, from small to medium ‘tweaks’ like adjusting the height of work surfaces ,installing better handle design for easier opening of doors and windows; also making more open living spaces for wheelchair access, for instance.At the other end of the range, there is the complete design-build always ‘fit for purpose’ living space. This looks to provide a living place in which to age, with practical comfort and aesthetics in mind.

Such a space should be able to function so as to enable both the able in mind and body and the disabled to co-habit in comfort and style.This latter of course is the holy grail,as it were, of planning for later life, and is often referred to as Universal (accessible )design which produces a broad range of practical ideas to incorporate in buildings and environments making them inherently accessible to people regardless of age. This helps at a social level so that the more elderly do not find themselves marginalised in their own homes and they can continue to enjoy the society of younger people.

Universal design was the brainchild of an architect who was himself confined to a wheelchair.His idea is a place to start a conversation about future living.It is a wide subject. You can start your own conversation with a quick start guide to learning how to live comfortably and with independence. Startling statistics from AgeUK tell us that the number of people over 65 in community-based care and support at home is falling rapidly in the UK. This is seen to be a trend working entirely against our wishes.It is time we all prepared better for our care in old age if we wish to  be where we want to be and not allow ourselves to end up in places not of our choosing. Aging in a Palace is a slim volume but a good read. It may be laced with many questions and few specific and detailed solutions, but it is thought provoking.

Could downsizing your property give you a new lease of life?

Chastleton House

At a time when much debate in the UK centres on insufficient housing to cater for the needs of a burgeoning population,encouraging downsizing by older people to make way for buyers of a younger generation is again being put forward as part of a solution.

Apparently,according to the Prudential, more than 2m homeowners over the age of 55 and over plan to downsize in the next few years.Another report suggests that downsizing could release upto £100,000 cash from the average property sale in the UK (in London this figure could be as much as £275,000).

So why and why now?

Homeowners have for many years felt trapped in the economic recession but they are now becoming more confident about the future and making a major lifestyle move. For many, the sale of a current property means:

-more appropriate living space as needs change in older age
-having more disposable cash perhaps to distribute to family
-help to ‘make ends meet’ in retirement,
-being able to spend on holidays and travel
-funds to secure long term care.

Most of those in the Prudential survey said that cash released by selling the equity in their property would be used to fund their later life.

Restricted physical mobility, high property maintenance and refurbishment costs,the ever increasing utility prices for gas,water and electricity are just some of the drivers for downsizing according to the website downsizingdirect .com

This trend to downsizing is is seen by many commentators as good for the general property market, freeing-up housing for those finding it difficult to step onto the property ownership ladder.Some feel it may also lead to the building of new developments to suit an ageing population where services and the benefits of community will provide greater fulfilment and quality of life.

The strong message seems to be for those looking to downsize is to seek appropriate professional financial advice. It is important to have a realistic expectation of what a sale will yield, and what will be left after all the costs of selling,buying a another home, and moving have been factored into the mix.

Have you had recent experience in this?Do let me know.

 

 

 

When are you too old to have ambition?

 

Tercera edad

Dame Joan Bakewell,the cultural broadcaster and writer once dubbed ‘the thinking man’s crumpet’ by the late Frank Muir, has suggested that elderly people would be far happier if they eschewed ambition,giving-up on ‘winning’, and lived more content with their lot. At a recent gathering at the Hay-on-Wye Festival, she also added, on the other hand, that a person in old age needed a sense of purpose when pursuing careers, caring for young family, and keeping one’s remaining friends, cease to play a crucial part in life.Old age she felt was like a ‘country’, where its inhabitants were generally excluded,depressed, and lonely.

The ‘country’ of old age

This for me this raises the age-old question : when does one reach the frontier of this awful country thus described? It is rather like measuring the proverbial piece of string.One arbitrary line, like the current official retirement age in the UK, for instance is not appropriate for the well being of all people reaching it, if strictly applied. Dame Joan believes that at the age of 81 she is reaching that frontier. For others of differing states of health, level of skills, including social, and lifestyle needs, the step into old age may be much nearer, or perhaps further away. I do like the idea, though, of conducting a later life that minimises anxiety so often the result of living with rivalry.

Where I have difficulty is defining ambition. One person’s ambition maybe to do more for others; another to write poetry or a novel, or perhaps simply just to do do something different, and have different interests from an earlier life.This kind of ambition is to be encouraged in my book.

Look for a sense of purpose

Whilst, the country of old age for many may seem a very bleak place, unless you can rest content on your laurels in the comfort of a life well lived, Dame Joan does see how this can change. Life can still be wonderful and fulfilling. With some adjustment of their goals, the elderly can still have a sense of purpose for the rest of their lives.

Old age is no longer a place of willing submissiveness

To help people with the necessary life changes, she advocates official help with the appointment of a ‘commissioner’ for the old, charged with looking after their special interests.The old now have significant political power, she says,’old age is no longer a place of willing submissiveness.’  People in later life now expect more from their later life.

What do you think?Your comments would be most welcome.

 

Have you voted for government to keep its hands-off your pensioner benefits?

Senior Couple Watching TV At Home

The Conservative party has pledged to consign the possible granting of state pension increases so small as to be meaningless ,to the political dustbin by confirming the retention of the ‘triple lock’ guarantee for state pension increases post-2015 ,if re-elected. No sooner had this political football been punctured than murmurings were to be heard from other political quarters threatening to remove the following pensioners’ non-means tested benefits :

– free tv licence fee for the over-75s

-winter fuel allowances

-bus passes

-free prescriptions and eye tests

It is true that there are some wealthy pensioners in the UK who could well fund these benefits for themselves. According to the Hands Off ! campaign, however,the high figures for usage point to a clear need for these benefits to be retained.It also says that the high level of unclaimed means tested benefits, for over 65s, clearly shows that means testing does not work.

“We have,for the first time,placed a value on the economic and social contribution that older people make to our society. In 2010,over 65s made an astonishing net contribution of £40 billion to the UK economy through,amongst other contributions,taxes, spending power,…” Lynne Berry, WRVS

Hands Off! also says,the recent period of austerity is seen as having hit hard the older as well as the younger generations in the nation.The risk of poverty in older people is said to be higher than for most other EU countries.

There have been a number of recent changes affecting pensioner benefits:

-the date for women’s pension retirement age brought forward

-state pensions linked to the lower measure of inflation (CPI)

-raised qualifying age for Winter fuel payments

-the freezing of personal allowances for over 4 million pensioners, expected to save the government £1bn by 2015.

“There are over 10 million people aged 65+ living in the UK. Two out of three believe that politicians see older people as a low priority. The ‘Hands Off’ campaign plans to change that.” Hands Off!”

An e-petition entitled ‘Hands off universal pensioner benefits’ has been created in order to influence government and parliament in the UK.

Sign-up today! The opportunity  to do so ends 10th May 2014

Budget 2014 gives pension savers from age 55 greater financial freedom.

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Until now, successive governments had refused to deal with the unfairness of a regime of pension regulation which had resulted in many people having to settle for significantly reduced returns on their savings at retirement. The Budget of 2014 seeks to change all that.
Greater access to pension investment
Before the Budget changes, it was calculated that more than 100,000 pension savers retiring this year could lose out on £210 million from uncompetitive rates offered to holders of small retirement pots.Now,effective 27th March this year, small pots can now be cashed-in up to a value of £10,000,also the number of such pots held has been raised from two to three.
There are changes to the provisions relating to drawdown of your pension, both capped and flexible,increasing the amount of you can take out of these arrangements.
You can read here more about how this and other pension changes in the Budget may affect you.
400,000 people will have greater flexibility over their savings.From next year, 320,000 retirees with defined contribution pensions will benefit from greater choice over these plans.
Obtain good professional financial advice
In making the right decisions for you- an annuity may still be the best option for many – obtaining good financial advice is essential. The government has promised to help you obtain the guidance you need.

Have you planned your New Year Resolutions?

merry-christmas

The old year has nearly gone

and many of us will go through that timeless ritual of seeing the New Year in with one or several resolutions. We will be in earnest.But how many of us will manage to keep any of those promises to ourselves or others?According to some estimate as few as 1 in 10 of us will manage to achieve this self inflicted goal.
So why do we fail? It seems straight forward enough when the idea of self improvement,or perhaps a worthy cause, is born on the wave of a rush of blood when the sentimentality of the waning year is upon us. Why don’t our resolutions work out?
These key questions, and others, are answered in an excellent book which also provides an easy to follow blueprint based on 12 good habit types…to read more

UK helpline for lonesome older people launched

 

Believing that there is a serious need in the UK for a new service to help pensioners who suffer from loneliness, Esther Ranzten of  That’s Life! fame has recently launched Silver Line. In these days of potential information overload, help in making the right links to appropriate resources for a disadvantaged section of our society would seem to be great idea.
Silver Line with some founder sponsors and ongoing public donations has set itself-up to act as a ‘befriending’ organisation which those in need of its services can access by telephone 24/7. Trained advisors will be on hand to provide free and confidential advice, and of course a comforting word.
0800 4 70 80 90
 
Of course, many older people of pension age are not lonely, in the sense that living alone they are unhappy with that condition. But for others, there will be that constant debilitating feeling of being left adrift from mainstream society.This feeling of no longer having purpose in life with no tangible contact with other people may arise from from many causes. Perhaps the sudden lack of camaraderie provided by an active and busy workplace, little social interaction from enforced immobility from accident or illness, the lost contacts as family members move or pass away.
0800 4 70 80 90
 
The helpline advisers will help to point callers in the right direction for resources specific to a caller’s needs. That might be locating services in a local area provided by say, ageUK or the Royal Voluntary Service which can give further advice and offer companionship.
0800 4 70 80 90 
 
Many elderly people are not be prepared to admit they are lonely.They maybe too proud,or they may fear the prospect of inviting someone to ‘befriend’ them. Trained advisers will attempt to break down these issues,with security of the individual very much in mind.
The service of course requires public financial support, and there are opportunities to become a volunteer and an adviser to the cause. This may be just for you, if you now find  you have more time to spare and would like to help people in need.
0800 4 70 80 90
It these times, it seems to me that another such help link is to be welcomed. Some may feel they are being patronised. But from the TV and press coverage, and public reaction, to the announcement of the new service, it has been generally well received.
The founder,Esther Rantzen, was successful with the child line she set-up 27 years ago which now forms part of the NSPCC.
If you can bear the jingle when you go to the Silver Line website you will find the contact telephone details if you haven’t spotted them already in this post! Do let me have your views.
 
 

Five steps to boost retirement income from your pension pot

7027606047_cac49c3b79_t21Retirement annuities have been much in the news lately.

According to recent reports, many of the estimated 400,000 people per year in the UK who purchase annuities are not aware of the best deals available to them. Only a mere 13 % apparently realised they could possibly do better than their first offer from an insurance provider.This is not a new problem – see link below : the60life.com/enhanced-pension-annuities-in-uk-revealed-the-shocking-truth-that-over-50-still-miss-out-on-extra-income/

Thankfully, there is extensive information out there to help pensioners obtain the best rate of income for their needs in return for their hard saved pension pots. The industry watchdog, the Association of British Insurers,(the ABI), has recently highlighted the disparity between the best and the worst annuity providers by publishing a much acclaimed ‘name and shame’ list. Some rates were up to 46% better than the worst.Retirees can help themselves with possibly the most important financial decision of their lives, and significantly boost their income for life. Four tips to help boost your income from an annuity are:

1. Don’t accept the first quote you receive. This might be from the provider with whom you saved your pension pot,or perhaps a suggestion from an online brokerage. As with most important purchases today ,you need to shop around for the best deal to suit you.You may be considerably better off this way.

2. Be sure to ask for and receive a guaranteed quote from a provider and not merely an indicative one. The latter might be attractive to you but it could be more than the income amount you eventually receive. So avoid this disappointment.

3.Make sure all your personal details have been included when applying for an annuity. Always fully declare the full state of your health which, if poor,could entitle you to an enhanced income. In this case, where a person is not likely to live as long as would normally be expected statistically an insurer will often be prepared to raise the annual income payable under an annuity.

4. On taking appropriate professional advice: don’t pay over the top for advice. Advisers say around 1.5 % of the pension pot is about right, but up to 3%, often without real advice given, is probably not. You can try unbiased.co.uk , the financial adviser website as a place to start your search.

5. Finally, having taken advice, it may be that taking a full annuity does not best meet your needs. Instead you may consider drawing down the whole or part of your pension fund gives you more control over your income and future investment. Note there are some restrictions to this option under regulations which limit the amount you can withdraw in this way. Your adviser can help with this.

Other useful (and unaffiliated) links to go to for information are:

National Association of Pension Funds (NAPF)

Association of British Insurers (ABI)

Citizens Advice Bureaux(CAB)

the60life.com/enhanced-pension-annuities-in-uk-revealed-the-shocking-truth-that-over-50-still-miss-out-on-extra-income/

 

Towards a healthier later life : walk to live

By staying physically fit we can both extend our lifespan and age healthily.Fact. This message is the clear conclusion of an extensive study carried out by researchers at the UT Southwestern Medical Center and the Cooper Institute.

Today, there is such overwhelming medical evidence out there from many of the best research centres in the world that we can greatly improve our chances of living not only much longer, but without many of the chronic diseases that often beset people in their later life. It has been long known that adjusting our lifestyle -even a little- can be good for our health. We are advised to  exercise more; reduce alcohol intake; stop smoking; and maintain a normal weight. We know it’s right. It’s just that we treat these lifestyle changes much like new Year resolutions, and frequently fail to act. What the above study report tells us is that even a little exercise – just 150 minutes a week – can make so much difference to our longevity and our quality of life.Even regular light walking as on a gentle stroll, is good.

It is never too late to improve for the long term our fitness and our lives. Although the Southwestern study reported on the beneficial effect of being physical fit in your 30s,40s,and50s when reaching 65 and over, the Karolinska Institute in Sweden, as reported on the British Medical Journal website,has produced research results which point to a benefit of an extra 6 years in people over 75 who have reduced some or all of the above risk factors causing chronic ill health. Activities seen as particularly beneficial include walking and swimming.

 

 

Working on in the UK after state retirement age

According to the The Office of National Statistics (ONS), older UK people in the labour market are working longer beyond state retirement age.

Statistics out last month show the following numbers:

  • 1.4 million  the number of people of state retirement age and above, or double the number 20 years ago in 1993 when the figure was 753,00
  • 32 per cent of older workers are likely to be self-employed,as compared with 13 per cent for younger people
  • 8-in-10 older workers have been with same employer for five or more years. Around two thirds of them are working part-time having gone on from full-time with the same employer
  • Men working later in life tend to stay on in higher skill roles while women tend to stay on in lower skill roles
  • Just over a half (51 per cent) of older workers are in small organisations of fewer than 25 employees

Some factors for these statistics are put down to:

  • the number of ‘baby boomers’ reaching state pension age has grown faster than the increase in the general population
  • improvements over the last two decades in health and well-being
  • financial pressures arising from higher ‘elderly’ inflation and the economic climate over recent years
  • mortality rates record that this group are living longer making it necessary to provide for a longer period of retirement
  • a general wish to remain active in society

For a fuller and official report from the ONS including  an interesting animated video  you can go to this link http://www.ons.gov.uk/ons/dcp171776_267809.pdf

 

Enhanced pension annuities in UK: revealed the shocking truth that over 50% still miss-out on extra income

Around insurance and pensions circles,it has been well known for some time that the majority of people in the age group 55-64 years, with certain medical conditions, will not receive as much income in retirement as they should from their pension provider. And they are not losing out on ‘chicken feed’ either. According to MGM Advantage, a 65-year old with average health impairment could look to receive an extra 8,684 GBP during the first five years of drawing the annuity income. This extra requires the retiree to choose the right annuity. This may not be available from his current pension provider, and the prospective retiree should take advantage of what is called : the Open Market Option (OMO). Under the OMO, a person approaching retirement can shop around for the annuity that best fits his circumstances, even if that means transferring to another pension provider.

moneyfacts.co.uk says that qualifying conditions for an enhanced annuity include high blood pressure,high cholesterol, heart disease and diabetes, while higher amounts can be paid-out to smokers as well. The issue is that people approaching retirement and due to arrange for their retirement annuity income to start are ignorant as to what is available to them. They may not know they can shop around for a better deal elsewhere.They may not even know what an annuity is, let alone the OMO.

The clear message seems to be : before signing-up for a particular annuity it pays to obtain quotes for comparison with those being offered by their current provider. In these times of austerity and low interest returns to savers, few can afford not to shop around. Not doing so can mean leaving large sums of money on the table, perhaps losing a benefit  of as much as 50% increase in income over the period of retirement, and not where it should be, in the pensioner’s pocket.

Nigel Barlow, head of retirement at Just Retirement said : “Many of these people might now qualify [for an enhanced annuity] if they only knew about it.” Other experts have also gone on record to implore those approaching the time to decide where to obtain their annuity income to take action and not allow themselves to “to slide passively into poor retirement arrangements which will actually condemn them to a lifetime of low retirement income.”(Eddie O’Gorman of  The WAY Group), and Ros Altmann,of Saga, says that it is a case of trawling the pension annuity market and being aware  that you do not have to take the annuity income offered by the company you have saved your pension with.

So if you feel you should take action, and need more information, why not Google the organisations named in bold above. Do take appropriate professional advice. The60life should be the time of your life – it does help to have the best financial base that you can obtain, and to which you are fully entitled.Good luck!

 

 

Satisfaction with Life: the keys to a fulfilling retirement

This post keeps on the theme of retirement. It is well known that life expectancy among those currently retiring in their sixties means they could have some 25-30 years more ahead for them.But what to do with all that time?That is the challenge.

We are accustomed to seeing emphasis placed on good financial planning for retirement. Although having a good income behind you when you finally give-up the 40-hour working week knocks away a high hurdle when contemplating a long period of retirement, this of itself does not guarantee a fulfilled and positive retirement.So if you have looked forward to no longer having to answer to your boss, or the demands of every day business, how can you give yourself the chance to enjoy your new found freedom?How do you find satisfaction in your and real quality of life?

Recently, the University of Greenwich in England, undertook a survey to try and find the answer to the above and other questions. This study in conjunction with Laterlife Learning,looked at the responses to an e-survey conducted for the period October 2008 and January 2010. This study found that the keys to a fulfilling retirement were:

1. Having  aspirational reasons for retiring

2.Going on a retirement course

3.Having an active social life

4.Having someone to share retirement with

5.Having at least three of the ‘the Big Five’ personality traits

6. Money matters:Having a lack of financial resources,though, was not an impediment to satisfaction in retirement, and access to enjoyable experiences.

Some help tips in the conclusions from the survey report briefly are:

  • aim to retire on your own terms
  • find a goal for retirement that excites you
  • have activities that go beyond job work and non-work activities and breach the transition into retirement
  • gain a positive effect by attending a retirement preparation course
  • find an active social circle in retirement doing things you enjoy
  • look on money as only part of the retirement satisfaction jigsaw

You can read the full brief report providing the findings for the keys to a fulfilling retirement by the University of Greenwich

And,if you would like to also see what the pre- and post- retirement counseling course team Laterlife can offer

 

 

 

Key Factors in Retirement Planning

From Tax Credits at http://www.flickr.com

 

In retirement planning, always a thorny question to deal with is : what level of  income will I require  in order to maintain my standard of living when I eventually decide to retire? Financial and pensions advisers  call this target income the replacement rate, which is expressed as a percentage  of income received immediately prior to retirement.

So won’t I need at least as much income in retirement as before? You can count yourself fortunate if you can retire without taking a drop in income. But that you can probably keep up your level of spending on consumption with less income has been put down to the following:

  • In retirement most people pay less tax
  • For many the cost of saving for retirement stops
  • Most households look to have no mortgage left to pay for, or not  for long after retirement

At the  RETIRE Project at Georgia State University  required replacement rates have been studied and calculated for decades. As at 2008, the project estimated that households with earnings of more than $50,000 needed about 80 percent of pre-retirement earnings to maintain the same level of consumption. The Boston College finds achieving this level of earnings depends on the following factors:

  • Level of government income support, if any – the higher any supplementary financial support received the lower the retirement income provided by savings needs to be
  • Rate of return on savings– the higher this is, the lower the amount needed to be put away as savings
  • Age when savings begin– the earlier the start,the less is required to be saved by way of regular contributions
  • Age of retirement – the longer this is delayed, the lower the required saving rate needs to be

You can see a summary of the Boston College paper here:  “How important is Asset Allocation to Financial Security in Retirement?”

Adjusting any of these factors can make a great deal of difference to the prospective retiree. Starting to save early, and/or delaying retirement can make a significant difference to the outcomes. When retirement planning appropriate professional advice should be taken.

An estimated 4.4m UK pensioners are to lose tax allowances

The Chancellor of the Exchequer yesterday announced sweeping changes to the personal tax allowances given to pensioners over the age of 65.

This has caused great uproar in the media and across the UK that a benefit first introduced in the 1920s by Winston Churchill is to be frozen then phased out altogether. The change in age-related personal allowances – the amount of income that is tax-free – will save the government £1bn by 2015.

The BBC reports:

“To Chancellor George Osborne it is a simplification in a complex tax system. To its critics, it is a “granny tax”. But what exactly does the most controversial measure in Wednesday’s Budget mean for you?”

You can see for yourself how this may affect you personally here at the BBC website

The Chancellor is saying that no one will actually lose cash because of the changes. But many see that the changes will leave pensioners’ future incomes exposed to more tax in the coming years.Also it is argued the retirement tax planning of people not yet of retirement age will be affected.

Now the choice is yours to work beyond 65 if you live in the UK

Many 60-lifers will welcome the change in the UK law which has just come into force.  According to the guardian.co.uk website :

‘The structure of your working life could change profoundly from next week, when the phasing out of the default retirement age (DRA) begins. From Wednesday 6 April employers will no longer be allowed to compel employees aged 65 or over to retire on grounds of age. The only employers exempted from this are those that have already given staff between six to 12 months’ notice of enforced retirement at a date beyond next week, but even that transitional arrangement runs out on 1 October’

The full article can be read at   guardian.co.uk/money

The UK Budget: So how was it for you?

The Chancellor, George Osborne, announced in his budget speech last Wednesday that the main personal tax allowance will go up to £8,105 from April 2012 .

The SAVVY Woman website notes : ‘This change follows the announcement in the emergency Budget in June last year that the personal allowance would rise by £1,000 to £7,475 from April 6th this year. While the main allowances are rising by more than inflation, the age-related allowances are not. If you’re aged 65-74, your personal allowance is currently £9,490, which will rise to £9,940 in April 2011. If you’re aged 75+ your personal allowance is £9,640, which will rise to £10,090 in April 11.’

The government has said it will consult on the options for merging tax and National Insurance. However, it’s not likely to be something that will be achieved quickly.

SavvyWoman.co.uk also reports that : “The Chancellor said that pensioners will not lose out in that they will not have to pay National Insurance beyond state pension age or on income such as savings, pension and dividend. However, as the state pension age is due to rise it does mean that people who work will pay National Insurance for longer. I’m often asked if you can stop paying NI once you’ve paid enough to qualify for a full basic state pension. The answer, sadly, is ‘no’.”

You can read the full report on Budget matters that maybe relevant to you at  savvywoman.co.uk

When are you too old to do your job?

That ‘old’ age thing has been recently been rearing its weary head in the corridors of the BBC Centre. It is a change to hear that veteran news presenter, and 60-lifer, Julia Somerville, has been appointed to the team presenting the prime time late-evening news bulletin.
The last time she was seen on prime time BBC News was 1987, according to the Daily Mail. Congratulations,BBC! Why should this revelation be so remarkable, if she is well qualified,experienced,and has a great presence for the job. Shame on you! Did you just whisper her age: 63 years of age? If there is a turning tide against age discrimination, this looks to be a good example of where a person’s age was, rightly, considered irrelevant for a high-profile appointment. For a full report check-out here…

Can you be too old to be a Girl Guide leader?

Apparently so, according to the Girl Guide organisation which has decided that a woman is too old at 65 to be a Guide leader.

The Daily Telegraph today reports that a Girl Guide leader has pledged to fight the organisation’s “insulting and outdated” rules “tooth and nail” after being forced to stand down from her post after being deemed too old at 65. What do you think?

Read more here…

50 Ways to kick-start your New Year

· 50 ways to kick-start your New Year

· Retirement? What is it? Who wants it?

· Why good financial planning can truly lead to golden years in retirement

Hi,

This week we stay on the essential topic of financial planning, having first considered the concept of retirement.
First up though, in this first issue for 2011, I give you an article full of information covering a wide range of activities and interests to give a huge boost to your New Year.

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50 Ways to kick-start your New Year
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We all need a boost from time to time. Often, New Year is as good a time as any to take stock, and as we try to shake-off the Winter blues we should be good to ourselves for the sake of our health. I was therefore impressed by the Daily Telegraph guide:
50 ways to feel good .It is an excellent piece, full of great ideas and resource links, with suggestions to suit most people. You can check it out at 50 ways to feel good this year

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Retirement: What is it? Who wants it?
*****************************************
Two very good questions, to which there are many good answers. For many the concept of retirement is beyond contemplation. For others it is seen as fair reward for a lifetime of toil; or perhaps an opportunity to change direction, and take a new path in the journey of life.

Whatever your particular viewpoint, a little independent guidance as to what it may mean, and how best to handle it, could be both life changing and beneficial. There are many helpful courses for people at all stages of the retirement process. I am going to look at some over the next few weeks, and come back to you. Meanwhile, I leave you with this link to the retirement courses to be found at retirement courses run by the people at laterlife.com.

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Why good financial planning can truly lead to Golden years in retirement
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It is never too late to review your finances and plan for the future.
In a report in October last year, the this is money.com website gave a planning guide for action taking readers through the decades of life from the 20s upwards. For the60-lifers, Martin Bamford says:

‘Making choices at retirement is about so much more than simply choosing the most competitive annuity rate. It is becoming increasingly popular to use an Unsecured Pension to have greater control over income flexibility in retirement, often phasing the payment of tax-free cash over several years to reduce income tax bills. This is a more complicated strategy than buying an annuity but can really pay off over the longer term.’

Read more from the full report at pensions- tips and guides

WISHING YOU A HEALTHY, ACTIVE AND HAPPY NEW YEAR!

Do stay tuned-in! More next week…

Do remember you can pick-up more regular tips and news here at http://the60life.com

…and the good news is we’re all living longer

The Daily Telegraph reports that :
‘Under the last Labour government, plans were in place to increase the state pension age for women to 65 by 2020 and to 66 for both sexes by 2026. It was then due to rise in stages, reaching 68 for men and women in 2046. However, the new figures show that life expectancy is increasing so rapidly that a child born today will live two and a half years longer than one born when Labour drew up its plans in 2006’

For the full report you can go to :
http://www.telegraph.co.uk/news/newstopics/politics/7927391/Pension-age-of-66-within-five-years.html

This rapid change in life expectancy, which seems to continue to take the fiscal planners by surprise, means the inevitable acceleration in the raisng of the qualifying pension age to a level believed to be financially sustainable for the taxpayer. The challenge for us all now is to plan for this change, and to make the necessary social and financial adjustments necessary so as to maximise the benefits to be derived from this gift of extra time.

It’s not too late to think about your financial security

The60LifeWeekly

 

22nd July 2010

  • Is there a writing bug, and do you have it?

 

  • It’s never too late to think of financial security

 

  • Gas and electricity prices: who has the real deal?

 

Hi

This week, I have assumed that, as you clicked through to join the 60life weekly group, and also to obtain my free e-book, that one of our shared interests over time will be writing. Below is a very useful resource I have found for you…

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 Is there a writing bug, and do you have it?

**************************************************************************

…Although I do not know your level of interest in, or experience of, writing, my intention in drawing your attention to the link below is to provide a link to an excellent new introductory resource which I hope many looking to take-up writing again, possibly for the very first time, (and an interest in books) will find very useful.

Booktrust  : ” Creative writing can be something very private. From jotting down your thoughts in a diary to composing a love letter, or writing something for the world to see: setting up a blog or even writing your own biography or novel.

All you need is a pen, some paper and a small bit of inspiration…

…Independent reading charity Booktrust [has launched] its first project aimed at engaging over 60s in reading and creative writing. Bookbite,[ launched on 8th February], is designed to “encourage those who rarely or never read books to engage more in reading and writing for pleasure, using the internet to access additional resources where and when possible”.

For some writing tips you should check this out:

http://www.bookbite.org.uk/writing/writingtips  Here you will find case studies, tips, resources, and great encouragement.

In later issues, I shall be looking at writing for both pleasure and profit.

****************************************************

 It’s never too late to think of financial security

 

****************************************************

Flexible funds to help weather the current economic storm.

 

At a time when a number of index-linked products have been withdrawn by National Savings and Investment

The Daily Telegraph reports that:

‘Stock markets are unpredictable at the best of times, but the economic turmoil of the past few years has left many fund managers wondering which way to turn…

“In my 20 years as a fund manager I’ve never had to work in such uncertain times,” said Ian Spreadbury, Fidelity’s strategic bond manager. “It isn’t clear whether we are heading into recovery or back into recession, whether this will herald an inflationary period or a prolonged deflationary one, or what will happen to interest rates.”

Cautious investors are hedging their bets by flocking to risk-averse funds that claim to offer flexibility to weather whatever storms lie ahead. Absolute return funds are top of the popularity tables, with cautious managed and strategic bond funds making up the remainder of the top 10.’

 

You can read the full report here http://www.telegraph.co.uk/finance/personalfinance/investing/7898286/Flexible-funds-to-keep-your-portfolio-in-the-pink.html

As promised, I am including Simple Financial Management in Retirement, a special free report prepared for you this week.

This is at  http://www.the60lifeweekly.com/FSIRSI.pdf

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Gas and electricity prices: who has the real deal?

********************************************************************

Now may be a good time to review what you are paying for domestic fuel.You have last winter’s bills by now, and with the lower demand

from customers in the warmer months suppliers may have a better deal for you. In any event, it is a good idea to check out regularly how your current charges compare with others.

This is not always an easy exercise but you could take some help from an independent online energy price comparison service. I can report that over50s.com has teamed up with ukpower.co.uk:

 

Ukpower.co.uk say: We compare gas and electricity suppliers and help people switch to the cheapest deal!

‘We compare the whole market so you won’t find any deal cheaper elsewhere, no other website, doorknocker or energy supplier can beat that!

It’s completely free, the service provided is paid by commission we receive from suppliers when you switch on our website.

We are completely impartial, we list all tariffs from all suppliers, including those suppliers who do not pay us commission. We are accredited by the consumer focus confidence code so you can be sure the website compares all tariffs in a fair and impartial way.

You can save up to £350 by taking just five minutes to switch your energy supplier.

Start your comparison by entering your postcode above, and see how much you can save!’

http://www.ukpower.co.uk

In the next issue, I’ve got for you news and tips about:

  • further developing your creative writing skills
  • a way to fitness at a stretch
  • saving money with a late summer travel offer

 

Look out for your next issue on 29th July.

Yours ,

Mike Paterson,

The 60Life Weekly

 PS: If you have your own stories, tips, or feedback please send them to me at

[email protected]

Disclaimer: It is always my intention to be as accurate in fact,detail and comment as possible. However, I cannot be held responsible for any error in details ,accuracy or judgement whatsoever. This e-letter is produced on this understanding.

Super Sixty-somethings

Sticking to the celebration theme of last time, how about the cult of the super sixty-somethings? My attention was drawn to the fact that Sting (formerly of The Police rock band) is in his sixtieth year, and will celebrate his next birthday on 27th September. Encouraging, too, is that he looks in very good form, which I hear  he puts down mainly to having a ‘slim frame’,a  happy marriage, and pilates.

The Times at the weekend, too, was taken with the Super Sixties who were said to be having it all. A peaceful retirement was not in the mindset of  many in a report including a DJ,( 68); male model (67); magazine editor (60); and designer (63).  Emma Soames,(60), editor-at-large of Saga magazine,and looking good herself, reports on the changing lifestyle choices available and being taken by the baby-boomers now reaching pension age (that is,the age that  it is at the moment). Shorn of tying young family and financial commitments,  apparently, with health improvements from medical advances, and a life expectancy for a man likely to be to age 85 (in 1950 this was 67), the super sixty-somethings are making radical choices more in common with forty-somethings than 7o year-olds. Travel rather than ‘a slippers by the fire’ existance is becoming more the norm for a quality of life.

The pin-up of the piece goes to designer Diane von Furstenberg who adorned the Times weekend magazine cover. Her last birthday was reported here http://www.huffingtonpost.com/2009/12/31/happy-birthday-diane-von_n_408547.html

Retirement changes give savers control

By Financial Times reporter Alice Ross

Published: June 25 2010 18:21

The government this week announced sweeping changes to retirement benefits, which consultants said should make saving into a pension more attractive. To read the whole of this article go to:

http://www.ft.com/cms/s/2/b7e50a4c-807d-11df-be5a-00144feabdc0.html

The article also emphasises a telling number for working people : 12%. This is the proportion of annual salary,according to Scottish Life, that needs to be saved in a pension in order to provide for a comfortable retirement.

Live longer and prosper

This may be likened to a familiar sci-fi homily, but it can be growing reality and life choice for many people in or approaching their 60s and 70s. Currently bombarded with a welter of figures from the Office of national Statistics, we are learning that  people are living longer [see earlier post]and also working longer than ever before.This maybe because of economic necessity, or a wish to remain active and involved, or both. A recent survey by Saga and the National Endowment for Science,technology and Arts (Nesta) has found that of 13,000 respondents nine out of ten older workers say retirement should be about ability to work,not merely age. So if you are able and want to work beyond a certain age, the statistics suggest that if the opportunities to work arise (and so often do, if we look in the right places) you will be around to do so.For more…

http://www.dailymail.co.uk/news/article-1289761/Nine-older-workers-say-retirement-ability-work-merely-age.html

Are you ready to live so much longer?

Source: Office of National Statistics

Live longer,live life given a longer life expectancy

This page usually tries, if anything, to be encouraging.For many people life at a certain age is an attitude of mind and not a number. We can live on hope and expectation, that we will be blessed with reasonable good health and the level of wealth to enjoy the later years. Occasionally , we have to look at the numbers so that things are left not completely to happenstance. Financial and other planning can help to provide a little more comfort.So there is a message for us in official statistics. According to the official ONS data for 2006-08, males at age 65 can expect to live an additional 17.4 years, the corresponding number for females at age 65 is 20 years. For more information behind these headline figures you can go to http://www.statistics.gov.uk/cci/nugget.asp?id=168

The new UK government has decided that the previous government’s plans to raise the retirement age were not ambitious enough given the rising life expectancy and the huge current level of Government debt and future pension liability.So 10 years earlier than planned, it is now proposed from 2016 to raise the retirement age for receipt of state pension from age 65  to 66 (for females this is likely to be from 2020).For more on this…http://news.bbc.co.uk/1/hi/business/10375740.stm and according to a report in the Times website the plan is for the retirement will rise eventually to age 70.http://www.thetimes.co.uk/tto/news/ So with the encouraging news of possible longer life comes the challenge of having enough money to see out this extra time. The future aim of these pages, in addition to exploring areas for continuing life improvement generally, is to bring out information on how this challenge of financial security might be achieved.