Why are men happier in retirement than women?
Fabafterfifty: Money Matters
What should we be considering as we plan to ensure we have financial security?
We all have different issues and different life situations as we prepare our finances for our fifties and beyond- here we look to ask what areas we should be addressing. For any ‘divapreneurs’, don’t forget to check out our ‘Business Matters’ section!
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Article by Fabafterfifty It’s official – men are happier in their retirement than women. A new study has explored all aspects of retirement and found that for men, the twilight years are amongst the best of their life. Men thoroughly enjoy getting their teeth into new hobbies and interests, and are happy to spend time chilling out at home. In contrast, women are more likely to spend their later years worrying about their lack of income, and feeling frustrated at the need to watch every penny. Women are also more likely to feel lonely in retirement, wishing they lived closer to their family. Stacey Stothard, Corporate Communications Manager at Skipton Building Society which commissioned the study of 678 retirees, said: Although many women do enjoy their retirement, this study shows they tend to worry more than men about certain things. Despite more women than men feeling ready to leave their...
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Is Retirement Bad for You?
Article by Jan King What with the Filkin Report ‘Ready for Ageing? published in March, and today’s publication by the Institute of Economic Affairs’ (IEA) new study ‘Work Longer, Live Healthier’, retirement is a hot topic. The two reports dovetail nicely with one another. Filkin found that the fixed retirement age was no longer fit for purpose, and that our understanding of what ‘old’ really means is way out of date. He and his Committee urged governments and companies to do more to encourage flexible working for older workers. Retirement can damage your health The IEA’s report takes Filkin a step further by proving that retirement can damage your health. After the initial euphoria following retirement and that wonderful feeling of being – yippee! – on holiday, the likelihood of being in very good or excellent health decreases by 40% and the likelihood of suffering from clinical depression increases by...
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Are your children relying on a future inheritance to pay off their debts?
Article by Fabafterfifty According to a new survey*, the majority of Brits ‘expect’ to receive inheritance from their parents – but in reality four in 10 won’t get a penny. The findings emerged in a study of 2,000 adults, and show that while 75% of people aged 20 to 35 hope to receive a windfall when their parents pass away, they look set to be disappointed In fact, the average person assumes they’ll get in the region of £78,000 when mum and dad pass on, so are in for quite a shock. A fifth of children over the age of 20 are hoping their parents’ wealth will sort out all of their money problems, and have completely shelved all financial plans for the future as a result. It seems that 49% of parents aged 50 and over have already had to dip into their savings to get by, and four...
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7 quirky money saving tips from a superscrimper
Tips from Eithne Farry We all like to find ways to help our pennies stretch further, so here are some quirky money saving tips from Superscrimpers Eithne Farry Keeping House Waterproof an old umbrella Over time umbrellas can lose their waterproofing. A quick way to restore it is with cheap hairspray. Spray the umbrella liberally, and head off into a rain shower. Shiny shoes These simple solutions will keep your footwear looking like new. The outsides of banana skins contain potassium, a key ingredient in commercial shoe polish. Rub the skins over the leather, and then buff with a soft, clean cloth Head to Toe Beauty Oat For glowing skin it’s really important to exfoliate away the dead skin cells. An oat mask is just the thing to ditch dullness. Mix oats (any kind) with a tiny amount of water so that it forms a thick paste. Apply the paste...
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Is 50 too late to plan for a secure financial future?
Article by Ceri Wheedon Is our generation teetering on a financial precipice .With a report out today highlighting the fact that one third of us are not saving for our futures, what are our options, and is too late, in our 50s, to create a secure financial future for ourselves? Many of us who had anticipated retiring at 60 have had to face the fact that we will now have to work until our late 60s and possibly even our 70s before we are able to draw a state pension. Also, with adult children needing financial help for longer, often seeing us as the ‘Bank of Mum and Dad’ and escalating daily costs most people are feeling the strain. So what are our financial options? Karen Pine offers some great advice in her book Sheconomics, helping us to examine our own relationships with money, and guiding us through how best...
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New plans to cap care home fees – key facts with infographic
Article by Fabafterfifty New plans to cap the cost of care have been announced. For anyone navigating the process of organising care for a family member or wanting to understand the implications for their own long term future, the proposals are explained. KEY FACTS Facts on current care costs and the cap Care costs are unpredictable – one in ten people have care costs of over £100,000 whilst one in five have no care costs; There is no safety net to protect people them from losing almost everything they have saved up and worked for in their lifetime. Individuals with assets of £150,000 face paying up to £120,000 pounds towards their care and support. The number of over 85 is set to double by 2030, and cases of dementia expected to rise at a similar rate. This increases the importance of addressing the uncertainty individuals face about their care costs. The reforms are: A...
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Setting up a business in your 50s. What to ask your accountant at your initial meeting
Article by Elaine Clark If setting up a business in your 50s or becoming self employed for the first time, appointing an accountant can be daunting. Elaine Clark, our newest expert on the Fabafterfifty panel, has drawn up a useful list of questions to offer some structure to help you decide who is the right accountant for you. A question often asked by a new business owner is: “I have arranged an initial consultation with an accountant – what should I ask?” These days this consultation can take place face-to-face or virtually, via phone, Skype or other electronic means. Whatever the method, there are a few essentials that should not be neglected when you have your meeting. Fact Finding It is best to start off with some very simple fact finding questions. We’ve prepared a check list – just add / change / delete to your circumstances: How many of...
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New Year, new plans… new budget! How to improve your finances over 50
Article by Helen Gradwell No matter what your age or your lifestyle, it’s never too late to commit to a positive change in your life – whether that’s improving your finances, enhancing your health or adding to your life experiences. New Year seems a perfect time to make these changes; a great time for a ‘new start’. You’ve got a whole year ahead of you, and anything could happen. Who knows where you could be by the end of it? According to the Daily Mail, ‘saving money and spending less’ was the fourth most common New Year’s resolution in 2012 – beaten only by losing weight, getting fit and eating more healthily. If your New Year’s resolution is to improve your finances, this article has some handy tips that can help you get started: Work out your budget It’ll be far harder to improve your finances in the future if...
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What are the options to generate an income for retirement other than a pension?
Article by Stef Oates If you’ve retired and you’re doing all you can to enjoy life to the full, or you plan to do so in the very near future, you may have noticed a common problem affecting many other people in the same boat today – and that’s a lack of income. In today’s environment of record low interest rates, many retirees – and particularly early retirees – are asset rich-income poor, and they’re wondering what to do about it. There are various options, but very few of them are 100% safe if you need a decent return. For example, you could invest in high yielding blue-chip companies, but which can you trust to keep up the dividend payments? Remember, the higher the yield figures, the more the market is generally betting the return won’t be maintained in the long run; you’re getting a better return for an elevated...
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Will new proposals mean this the end of retirement as we know it ?
Article by Ceri Wheeldon This week Lord Bichard made the recommendation that pensioners should work for the good of the community or lose part of their pension. In his view, it is the only way in an ageing society for ‘old’ people not to become a burden on the state. He believes that the ‘not so old’ should contribute by looking after the ‘very old’. With the increase in state pension age, with many of us are seeing our planned retirement age increased from 60 to nearly 70, and with many working way beyond retirement age either on a full or part-time basis, either through choice or necessity, is this realistic? Having paid into the system all their working lives, should people effectively have to work for their pension too? Many would argue that in ‘retirement’ they already give back by looking after grandchildren, getting involved informally in voluntary and...
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