Charity says older people need ‘financial MOTs'
- 25 Jun
Age UK say that older people need regular "financial MOTs" to help them through their decades of retirement.
A report by the charity, titled ‘Financial Resilience in Later Life,' argues that frequent financial check-ups are critical to help older people cope with retirement periods which could span to around 30 to 40 years, reports the Telegraph.
Within the report the say that instead of a singular "plan" for retirement, retirees' financial planning should concentrate on building up resilience to shocks such as ill health, care needs or the death of a partner.
The report looks at Age UK's Financial Services Commission, a series of three summits involving industry leaders, Government, consumer advocates and older people. It comes as the government aims to relax rules which involve pension pots and will give people more freedom to take their money as they wish.
From April next year, people aged over 55 with a defined contribution (DC) pension pot will be able to take it how they want, subject to their marginal rate of income tax. At present, people are charged 55% tax if they want to withdraw the whole pot.
Age UK have said they fear that there is likely to be a growing risk coming from scams and fake investment schemes following the changes.
Tom Wright, Age UK group chief executive and co-chairman of the Financial Services Commission, said, ''With retirement now often lasting 30 or 40 years - a third of your life - we're in critical need of a radical new approach to making later life financially secure and comfortable. The concept of making one set of retirement plans at pension age is not fit for purpose. We believe a series of financial MOTs at significant points throughout retirement, together with a robust state and private pensions system, is the real way to help people make ends meet and live comfortably. We hope the financial services industry, regulators and Government who worked with us during the Commission will now act on the blueprint we've laid out as a result of our discussions so that people in Britain can feel financially prepared for and confident about their later lives.''
Pensions Minister Steve Webb said: ''I welcome Age UK's role in spearheading the debate on what more we can do. The Pensions Bill which will be introduced into Parliament shortly will be a vehicle for the Government's ongoing pensions revolution, and I look forward to driving through Parliament a number of further measures which will reflect the realities of our ageing society.''
What do you think of this? Tweet us your comments @suppsolutions
Image source: http://www.morguefile.com/archive/display/184791
- 01 Sep
Older people need more male carers
Professor Martin Green has said that the government needs to do more to recruit males into front-line adult social care roles, reports the BBC.Prof Green has said that with the increasing number of...
- 25 Aug
Survey finds older people have better quality of life in retirement villages than care homes
Chief executive of Audley Retirement, Nick Sanderson, has said that demand for his form of extra-care housing was so strong he could not build homes fast enough, reports the Guardian.He said: “I...
- 12 Aug
Older people’s Commissioner disappointed by Welsh Government
Sarah Rochira, Wale’s Commissioner for older people has said she is “extremely disappointed” at the response from the Welsh Government to its call for action to protect residents in care homes,...
- 31 Jul
Charity warns of loneliness in older people
The Campaign to End Loneliness charity want a “range of support” for older people to help them fight loneliness, reports the BBC. The charity says that transport and technology are essential to...
- 27 Jul
New housing for older people promised
Members of Kensington and Chelsea’s cabinet have decided to create 150 new homes for older people on the site of a care home that closed down in 2014 due to Legionella, reports Get West...
- 22 Jul
New drug provides hope for older people with Parkinsons
Scientists have found that people taking glitazone pills were less likely to develop Parkinson’s than people taking other diabetes drugs. However, they have cautioned that the drugs could have...
- 15 Jul
Lack in dignity when caring for older people in hospital
In a poll from 2012 it has been found that poor care is most likely to be experienced by people over the age of 80, reports the BBC. Over a third of patients who need help at mealtimes did not...
- 09 Jul
New housing development for older people in Sunderland
A 16.3m housing and care scheme has been opened by the Leader of Sunderland Council, reports Sunderland Echo.The accommodation provides 158 two-bedroom apartments for older people and 17 one bed...
- 07 Jul
Social care cuts leaving older people stranded
Age UK is calling on Chancellor George Osborne to put an end to cuts to social care funding due to the increasing rate the older population is growing, reports the Yorkshire Post. Age UK has...
- 01 Jul
Charity wants priority for older people in housing
Erosh represents organisation providing housing and support to 120,000 older people and has written to new government ministers in opposition, reports Inside Housing.The letter calls on ministers to...
Revenue Optimisation "I am really impressed with Support Solutions and how small organisations are supported with information and training" Susan Harrison (Tenant Support Services)