Tag Archives: work

1 in 4 middleclass pensioners will work past 70

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Nearly a quarter of middle class workers aged over 50 delaying retirement until they are at least seventy, according to new research from wealth managers Heartwood.

 

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The research further reveals that:

 

·         Almost two thirds expect to enter semi-retirement

·         Four in ten (41%) are planning to remain in work for an average of five years longer than they had originally planned.

·         Yet only 31% of retired people said they had been semi-retired and on average they were in semi-retirement for less than two years prior to leaving work for good.

·         33% of higher-earning semi-retirees said they couldn’t afford to while 18% blamed the higher cost of living

·         20% said they needed to keep working in order to support their children and 18% cited the fall in the value of their pension

 

The new study by Heartwood1 suggests that semi-retirement among wealthier people is becoming an increasingly necessary and complex life stage, with nearly a quarter (24%) of middle class workers aged over 50 delaying retirement until they are at least seventy. Almost two thirds (63%) expect to enter semi-retirement and four in ten (41%) are planning to remain in work for an average of five years longer than they had originally planned. This is a growing trend, as in contrast only 31% of retired people said they had been semi-retired and on average they were in semi-retirement for less than two years prior to leaving work for good.

 

It is expected that this movement will continue over the coming years, enhanced by the announcement this week that the default retirement age in the UK has now been fully abolished, making it easier for people to put off full retirement for longer. 

 

For the majority, this is not driven by a love of their job but by concerns of their ability to fund their retirement. When asked why they were delaying full retirement, a third (33%) of higher-earning semi-retirees said they couldn’t afford to while 18% blamed the higher cost of living.  One in five (20%) said they needed to keep working in order to support their children and 18% cited the fall in the value of their pension.

 

Simon Lough, Chief Executive of Heartwood comments: “Longer periods of semi-retirement are increasingly becoming the norm amongst even wealthier people in their fifties and sixties. In many cases they are being faced with greater demands being placed on their pension pots, rises in the cost of living and unexpected financial commitments such as supporting their children for longer than they originally anticipated. 

 

“Even compared to a year ago the number of semi-retired people has grown by 43% and we would expect this trend to continue as economic pressures force people into having to generate additional income for longer, making it more important than ever to start planning as early as possible.”   

 

Heartwood offers retirement planning services, usually in parallel with investment management. These services cover the entirety of retirement planning and management from initial review and plan construction, through retirement and into ‘drawdown’2. Heartwood can provide advice on a range of pension scheme arrangements including SIPPs, SSASs, stakeholder and employer schemes, although the primary focus is on SIPP and SSAS arrangements.      

 

For further information on Heartwood, visit www.heartwoodgroup.co.uk.

 

 

1 The figures quoted in this release are based on an independent survey conducted by ICM. A total of 830 adults aged 50 and over were interviewed.

 

2 Drawdown is a form of pension arrangement that allows you to take your maximum tax free cash at the outset and defer your annuity purchase.

 

Heartwood provides integrated investment, tax and retirement planning solutions for ultra high net worth and high net worth individuals from its offices in London and the South East. Heartwood now manages and administers over £1.3 bn of funds for clients.

 


 

 

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Numbers of “oldest old” set to double in 25 years – UK report

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London: The ageing population in the UK is growing rapidly, according to new Government statistics.

Nearly one in four of the population will be over 65 in less than 25 years, and the number of those over 85 – the “oldest old”, would more than double.

The forecast from the Office for National Statistics says this will result more resources being directed towards the elderly including health and social care and transport.

Improvements in medical treatments and social conditiions mean that many more people are living longer and the younger generation will have to work longer and pay more in taxes.

The ONS said that the number of people expected to live more than 85 years would rise to more than three million by 2032. It added that the number of people with dementia could double to 1.4 million within 30 years.

By 2032 the 85-plus group will make up 4 per cent of the population. That means the proportion of people who use public services the most and who depend on family, neighbours and so on is increasing.

The report also said that increasing the retirement age was the key to supporting the millions of extra older people who will need assistance.

But increasingly men and women will face the dilemma of how to look after their elderly relatives when they themselves are reaching retirement.

Demand for long-term care is inevitably going to increase over the coming years as the population aged 85 and over grows.

The new figures show there were 9.5 million over 65s in 2007. By 2032 the figure is projected to increase to 16.1 million, 23 per cent of the estimated total population.

In 1982 there were 600,000 people over 85, or 1.1 per cent of the total population. By last year this had doubled to 1.3 million and will rise to 3.1 million by 2032.

In spite of the growing number of old people, the proportion of over 65s living in communal establishments fell between 1991 and 2001 as a result of government policies to support people in their own homes and communities.

The analysis also showed that men are living longer and closing the gap with women.

Discover the secret laws of attraction – one day seminar in London

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London: Internationally acclaimed Master Certified Coach and bestselling author, Talane Miedaner, knows the secrets to becoming a magnet to success – attracting the relationships, money and opportunities that you
want without even trying!

Find out at the SECRET LAWS OF ATTRACTION ONE DAY EVENT TAKING PLACE AT THE RITZ HTEL, LONDON ON SATURDAY 4TH OCTOBER.

Miedaner’s approach draws on two powerful truths about human nature: “If you don’t NEED it, you are more likely to attract it” and “like attracts like.”

Her famous 7-step program shows how to stop struggling and start going with the flow, how to expand your willingness to have your emotional needs fulfilled, how to orient your life around your core values and passions, how to indulge in excellent self-care and how to become effortlessly successful.

These advanced life coaching techniques will help you reach your goals and attract whatever your heart desires – effortlessly. The old way of reaching goals was to create a strategy with a timeline and specific action steps.
This works for some, yet Talane stresses “why not have a notion of what you want and then have what you want ‘magically’ appear? Once you learn how to effortlessly attract the opportunities and relationships you desire, you will have no wish to achieve these the hard way! It’s time to learn how to structure your life so you can be irresistibly attractive to whatever you desire!”

THE 7-STEP PROGRAM TO INCREASE YOUR POWER TO ATTRACT:

1. Increase your natural energy
2. Make the space
3. Identify and fulfil your emotional needs
4. Orient you life around your passions and values
5. Clarify what you really really want
6. Indulge in excellent self-care
7. Leverage the natural Laws of Attraction

Based on the Principles of Attraction:

v Like attracts like
v If you don’t need it, you are more likely to attract it
v The present really is perfect
v It’s all good, even the bad stuff
v You can have whatever you allow yourself to have .. and more!

The Secret Laws of Attraction One Day Seminar in London costs £250.00 which includes a copy of the book, The Secret Laws of Attraction and luncheon.

Places can be booked on line at www.uklifecoach.comor by calling 01395-271061. The timings for the day are 9am-4:30pm with book signing to follow. Delegates will be able to ask Talane any questions.

About Talane Miedaner

The Secret Laws of Attraction is led by Talane Miedaner, Master Certified Coach, founder of www.lifecoach.com and www.uklifecoach.com and international bestselling author of Coach Yourself to Success – 101 tips for reaching your goals at work and in life, McGraw-Hill.. A leader in the cutting-edge field of personal coaching, Talane is a sought-after international speaker and coaches executives of Fortune 500 companies, entrepreneurs and business owners around the world. She is also author of the audio program: Irresistible Attraction: a way of life and The Secret Laws of Attraction: the effortless way to get the relationship you want is published by McGraw-Hill.

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Women who work are less likely to be obese

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London: Holding down a job and being a mum in a steady relationship helps keep women healthy and in good shape over the long term, suggests research in the Journal of Epidemiology and Community Health.

A career as a homemaker seems to increase the chances of becoming obese, indicates the research.

The authors base their findings on data from women participants in the Medical Research Council National Study of Health and Development. This tracks the long term health of British men and women born in 1946 throughout their life.

Health at the age of 26 and in mid life at the age of 54 was assessed using a validated questionnaire.

Information about the women’s employment history, marital status, and whether they had had children was also collected for every decade from the age of 26. Their weight and height were also measured at regular intervals.

Analysis of the information showed that by the age of 54 women who had been partners, parents, and employees were significantly less likely to report ill health than women who did not fulfil all three roles.

Women who had been home-makers for all or most of their lives, and had not held down a job, were most likely to say their health was poor, followed by lone mothers and childless women.

Women who had worked during several periods of their lives were less likely to be obese than women who had rarely worked. Weight gain tended to occur at a faster rate among the homemakers.

Obesity was most common among the long term homemakers (38%) and least common among women who had fulfilled all three roles (23%).

These findings were not explained by the women’s earlier health nor did health status in early life influence whether the women became employees, wives, or mothers.

The authors conclude that good health among women is more likely to be the result, rather than the cause, of adopting several roles.