Change to retirement age
John Lawson, head of pension policy at Standard Life, said: "Last year we predicted that an increasing state pension age was likely to be an ongoing trend in the years ahead. Now the Chancellor has confirmed this is to be the case and we should brace ourselves for having to work much longer in the future. Unless we save a lot harder and are able to retire on our private pensions when we want to, many of us will still be working well into our seventies.
"Some people are bound to be thinking that 'this won't really affect me - I'm still going to aim to retire at 60 or 65 anyway'. But if people want to take control of their retirement age and be retired for longer, without the support of the state pension in the early years, they'll need to start planning and investing much more now. This isn't easy in the current environment, but it's something to be thought about very seriously, as every little helps when it comes to investing for the future.
"There are already two increases to state pension age scheduled for 2019 and 2026. If after 2026 the state pension age increases in line with our changing life expectancy, we could expect that someone who is currently 37 won't be able to start drawing their state pension until they are 70 and someone who is 21 won't receive it until they are 75. This means that children born in 2012 are unlikely to get their state pension until 80, if life expectancy at retirement rises in line with last the 30 years."
"This is a massive change for everyone, but women in particular are having to make a big psychological adjustment as their state pension age is leaping forward."
The two increases already planned for 2019 and 2026, followed by increases every 5 years thereafter
Pensions Tax Relief
John Lawson, head of pension policy at Standard Life, said:
"We're pleased that the Chancellor has not made a change to tax relief on pensions contributions. This valuable incentive encourages more people to save for their retirement years. Tax relief on qualifying contributions into private pensions means that a £100 investment made by a basic rate tax payer is automatically topped up to £125. And if you are a higher rate tax payer you can still claim the higher rate tax rebate too. This tax incentive encourages many to make the most of pension contributions now, so they can make the most of their retirement in the future."
Cuts to social care inevitable following Budget - 20 March 2013
Budget announcement 'less Aspiration Nation more Aspirin Nation' - 20 March 2013
Budget Comment from Geraldine Bedell editor of Gransnet - 21 March 2012
Age UK response to the Budget - 21 March 2012
Campaigns & Issues
Jeremy Hunt hands responsibility for out-of-hours care back to GPs
The GP contract is set to be rewritten as part of reforms to out-of-hours care which will see general practice handed back responsibility for the care of patients around the clock.
Speaking at a King’s Fund conference yesterday, Jeremy Hunt said that GPs will not ‘personally’ have to be on call at all times but that they should have ‘sign-off’ to say they are happy with their patients’ care out of hours.
CSV continues its commitment to support people affected by dementia with Royal Voluntary Service partnership
As this year’s Dementia Awareness Week gathers pace, the UK Volunteering and learning charity CSV has reiterated its commitment to supporting people affected by Dementia.
CSV is backing the Prime Minister’s challenge on Dementia issues by joining forces with the Royal Voluntary Service to continue its successful long standing work with older people and those affected by the condition.
Competitions & Fun
Win one of two Whirlpool MAX Collection microwave ovens worth £160 each!
We’ve teamed up with Whirlpool to give away a couple of trendy microwave ovens from their new MAX Collection range. They will brighten up your kitchen with refreshing contemporary colours of Vivacious Green and Zesty Orange.
They’ll keep you in good shape and encourage you to eat healthily. You can prepare scrumptious healthy meals in next to no time, using little or no fat, with the fabulous steamer accessory.
Win a prize at home or away in this month's prize draw with Silver Travel Advisor!
Enter now and you could win a prize at home or away! How about a 7 night break for 2, with flights included, in beautiful Slovenia? Or a trip to London’s glitzy theatreland, staying in a 4* hotel? Both fabulous treats which must be won!
Silver Travel Advisor is a friendly website packed with advice, tips, information and honest reviews written by and for silver travellers (aged over 50). A team of advisors are on hand to answer queries (for free), and you can share your own experiences too.
Health & Wellbeing
Statins in new diabetes link
Certain statins may put older people at risk of developing diabetes, according to the findings of a new study.
Researchers in Canada looked at the medical records of more than 470,000 people aged 66 or over with no history of diabetes who were newly treated with a statin. They found compared with pravastatin, treatment with higher potency statins, especially atorvastatin and simvastatin, might be associated with an increased risk of diabetes.
Property & Finance
2nd National Personal Budget Survey results released
2nd National Personal Budget Survey shows how councils can get the best results and improve lives for people who need care and support
A survey of more than 3,300 people who use personal budgets (PBs) in social care and their carers has found positive results when people have taken up PBs.
Leisure and Lifestyle
Scientists yesterday claimed dinosaurs were actually "modern parents" who shared the task of caring for their young.
New research has found that the showed the giant reptiles shared egg-warming duties, contradicting previous thinking.
A team of British and American scientists found that male and female extant birds - which are descendants of the dinosaurs - share incubation.
Popular travel writing workshop - special offer for MT readers
Learn how to write travel blogs and articles, keep a travel diary or to record experiences for yourself or others to read.
The travel review site and advice forum for travellers aged 50+, Silver Travel Advisor (www.silvertraveladvisor.com), is once again encouraging aspiring travel writers to attend their travel writing workshop, to be held on Wednesday 17th March 2013 hosted by cruise line Noble Caledonia at their offices in Belgravia, Central London, at a cost of £55 per person.
The paper is better than ever, more professional, carrying a profusion of by-lined articles that are intensely relevant and interesting to us oldies. Take a bow, Editor. You and your team are doing a great job.