Goodbye default retirement age

At long last this final piece of discriminatory legislation is being trashed. The CBI are still rabbiting on about the huge problems this will create for employers. Maybe they should talk to the many large and also smaller employers who have never used this to see just how they manage. I think it might be something to do with training their managers properly to conduct performance reviews. Sad also to see that the IOD appear to have changed their minds and also are objecting. Wonder how all those US companies manage having had to deal with this situation now for the past 20 years!

How are the over 50's managing their finances?

A new study from Saga Equity Release today reveals that a fifth* (17%) of over 50s have little money left over to enjoy their retirement once they have paid off their debts and more than two fifths (41%) of retirees find clearing their debts difficult**, highlighting how hard it is for many people to fund their dream retirement. However, an increasing number of over 60s are now using equity release to unlock money so they can enjoy a better quality of life in retirement. With more than one in ten** (13%) over 55s retiring in debt, equity release is being used to clear these and alleviate financial worries, leaving people better off in real terms and free to get on with enjoying their retirement. The research shows that two fifths (40%) of this age group have used equity release to clear borrowing, whilst a third (31%) use it to re-mortgage.
Over half of over 60s (52%) use equity release to carry out home improvements and transform their homes, while a third (34%) fund the holiday of a lifetime. A generous 20% give the money as a gift to family.
Andrew Goodsell, Executive Chairman, Saga Group, comments: “This study dispels the concept that equity release is the last resort for those who have nowhere else to turn. We have found that people are increasingly likely to use equity release to clear debts, enabling them a better quality of life in retirement.”

Finding a job after 50

We do get many requests on this topic and we of course do not provide services as such. The latest Government website is now available with much advice and links to resources if this is an issue for you. Have a look.

'Super tomato' may help slow aging

Italian farmers say they've produced a super tomato with a higher concentration of lycopene than regular tomatoes that can help slow the aging process.

The super tomatoes were displayed at a trade fair in Rome where various people made passata, a tomato concentrate. The developers of the super tomato also say that the new variety hasn't lost any rich tomato flavoring.

The super tomato was grown naturally in Emilia, Romagna, and Lombardy and was not genetically modified.

And now British scientists say they've developed a super tomato as well. So keep your eyes open for the super tomato.

Agebom.com

Good new site on ageing issues that is worth looking at. I RSS it into google reader.

'Let us keep working after retirement' say over 50’s

Sixty per cent of over 50's feel that there is not enough help given to them to remain in the workplace after the default retirement age, despite one in three people wanting to do so, according to new research out today.

SAGA and the National Endowment for Science, Technology and the Arts (NESTA) say that two thirds of over 50's (67 per cent) believe a default retirement age is unnecessary. 90 per cent say that retirement should not be about age, but about ability and desire to work and 85 per cent say that the default retirement age is used as an excuse by employers to get rid of staff.

The survey of 13,040 over 50's reveals that rather than being a drain on society in retirement, a third want to continue working after retirement age with a further 12 per cent wanting to contribute to society in some way - either through volunteering or caring.

Emma Soames, editor at large, Saga Magazine, says: 'Our research very clearly shows that a default retirement age is arbitrary for many people approaching retirement and many feel unsupported, particularly if they want to continue working. Moving from full time work to retirement should be a process of winding down - more akin to strolling down to the beach rather than being pushed off the cliff edge.'

The most common reason for working after retirement was to earn money (61 per cent) followed by wanting to keep an active mind (59 per cent) and enjoyment of working (50 per cent). 46 per cent agreed that it should be for the individual to decide when to retire, not the state. 46 per cent also stated that they could not afford to stop working at the default retirement age.

Jonathan Kestenbaum, Chief Executive of NESTA, says: 'Against a backdrop of an ageing society and strained public services older people can contribute immeasurably to the economy and society. Our survey shows that they want choice and flexibility in how they live their lives. We need a radical rethink of how we engage with older people.'

Further research shows:

* A third (35 per cent) of over 50's want to continue working after the state retirement age, whether full time, part time work or by setting up a business

* A third (31 per cent) want to stop working before the state retirement age and 14 per cent want to stop working at the state retirement age

NESTA's 'Age Unlimited' programme works with people in their 50s, employers and third sector organisations to experiment with new work patterns and lifestyle choices that enable them to continue to contribute to the economy and society.

For more information please visit www.nesta.org.uk/age_unlimited

Over 60s using assets to make most of retirement

A fifth (17%) of over 50s have little money left over to enjoy their retirement once they have paid off their debts and more than two fifths (41%) of retirees find clearing their debts difficult, highlighting how hard it is for many people to fund their dream retirement, according to a new study from Saga Equity Release. However, an increasing number of over 60s are now using equity release to unlock money so they can enjoy a better quality of life in retirement.

With more than one in ten (13%) over 55s retiring in debt, equity release is being used to clear these and alleviate financial worries, leaving people better off in real terms and free to get on with enjoying their retirement.  The research shows that two fifths (40%) of this age group have used equity release to clear borrowing, whilst a third (31%) use it to re-mortgage.

Over half of over 60s (52%) use equity release to carry out home improvements and transform their homes, while a third (34%) fund the holiday of a lifetime. A generous 20% give the money as a gift to family.