For the first time, the UK has more people of pensionable age than children under 16, the Office for National Statistics has revealed.
Confirmation of the ageing nature of Britain’s population comes as the decline in mortality rates seen in the second half of the 20th century is shown to have accelerated during the last decade.
The number of people of state pensionable age, currently 65 for men and 60 for women, rose by 1.9 per cent last year to 11.58 million. they account for 19 per cent of the population, overtaking the 11.5 million children under the age of 16.
The statisticians also identified the over-80s as the fastest growing age group, saying they accounted for over 5 per cent - or 2.7 million of the population. Whilst increasing longevity is a fact with the average Briton getting older, one of the major downsides is that people are facing longer periods of ill health in later life. Consequently, we must face up to the reality of an ageing population. in 20 years’ time it is estimated that 2 million more people will need help with dressing, washing, shopping, eating and other daily tasks.
The changing age structure of our population points to the need for understanding more clearly the fact that one in two of us may require specialist care and help in later life and this raises the question: who is going to pay for this? Currently, if you have assets in excess of £23,500, then you will be expected to pay for care yourself until such time as your assets fall below this figure.
And with care fees costing anything from £20,000 per annum upwards, these are not small amounts of money. According to recent reports, paying for care results in some 45,000 families each year having to sell their homes to meet these bills.
Time to consider options
Mature Times, along with Universal Group feels it is now time to consider the options and solutions available for paying for care in later life.
A series of free seminars hosted by Universal Group was featured in the June edition of Mature Times. These were very well attended and evidenced the need and desire amongst MT readers to seek practical solutions to this vexing issue.
As a result, we are pleased to announce that additional seminars have been arranged for our readers. These are hosted in association with Universal Group. Chief executive, Steve Stapleton, pointed out that ‘the current system was “confusing, unfair and unsustainable” and added that the astronomical costs of care was what stopped people from planning for the future.
‘It is clear’, says Steve, “that ‘a shared responsibility model is what is required here. We invite the financial services industry to consider the opportunity of sponsoring these meetings which are aimed at removing uncertainty and anxiety for the elderly and, more crucially, to enable them to plan ahead.
“After all, passing on the rewards of effort from a working life, be it savings, or one’s home, is only human. Yes, caring and professional advice is at the heart of encouraging all families to consider their future and we want them to come forward if they wish to get involved.”
So what do I do next?
Simple – just call 0207 183 2953 – register for any of the seminars on the right – and don’t forget you will need to quote mt10/11. All seminars are free to attend and you will receive a free DVD on the day.
More seminars are being added all the time around the country, so if you cannot make any of the above seminars please call 0207 183 2953 to find out when the next one is being held in your area.
Unhappy retirement - 19 March 2013
Managing your money – don’t end up like Emmerdale’s Edna Birch - 19 February 2013
Eldest suffer a rise in inflation - 16 January 2013
Campaigns & Issues
Pension Trends, Chapter 5: State Pensions, 2013 Edition
A larger proportion of men than of women receive the full Basic State Pension (BSP): in September 2012, 80% of male pensioners received full BSP compared with only 46% of female pensioners.
Surge in population
Britain's population could surge to 132 million over the next century thanks to growing life expectancy and high immigration, officials said this week.
People born in 25 years’ time are likely to live five years longer than those born today, according to the forecast by the Office for National Statistics.
The ONS said UK life expectancy for 2012 is 78.7 years for men and 82.4 for women – but in 25 years time this will have climbed to 84 for men and 87.3 for women.
Competitions & Fun
Win a copy of Michael Ball's new DVD - Both Sides Now Tour
Michael Ball’s first live DVD in 2 years - filmed live in concert at the Hammersmith Apollo
Includes Exclusive Bonus CD – 8-track CD Featuring hit songs from Les Miserables, Phantom of the Opera… plus all his latest hits.
Both Sides Now the album has sold over 100,000 copies since launch
Michael Ball is one the UK's most loved performers. From leading the cast of Les Misérable, to singing his heart out to adoring audiences around the world, fans can treasure their favourite singer live in concert.
Win one of 31 fabulous travel treats from Silver Travel Advisor this December
Enter now and you could win one of the 31 travel treats from our Christmas Stocking.
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
Tackling the challenges of dementia
The Economic and Social Research Council (ESRC) is pleased to announce that, along with the National Institute for Health Research (NIHR) it's awarding £20 million to six research projects which will significantly add to our understanding of dementia.
Amongst other things, the research will look at how we can better prevent dementia, and improve the quality of life of those with dementia and their carers.
Property & Finance
Retirement income needs to come from a variety of sources
After a year-long study into the consumer experience of buying an annuity, the Financial Services Consumer Panel concluded that the market does not work well for the majority of consumers and urged a review. Andy Zanelli, head of retirement planning, AXA Wealth, comments on the need to look at a variety of sources for securing income in retirement.
Leisure and Lifestyle
Robert Tanitch reviews Drawing the Line at Hampstead Theatre, London, NW3.
Pundit Nehru, Muhammad Jinnah, Mahatma Gandhi, Clement Atlee and Louis Mountbatten are the key players, but it is the lesser known Judge Cyril John Radcliffe who holds centre stage in Howard Brenton’s new and absorbing play about the partitioning of India in 1947.
India is a financial burden Britain can no longer afford. Prime Minister Atlee dispatches Radcliffe to divide the sub-continent into two new sovereign dominions. Five weeks to dismantle an empire clearly isn’t long enough. The haste is indecent. But that’s all Radcliffe has.
"I'm a pensioner, get me out of here!"
Today's pensioners may not have to endure daily Bush Tucker trials to top up their shopping baskets but for almost 70% of people surveyed by the deVere Group, cost of living is the primary concern about retiring in the UK.
According the results of a recent survey of 1,231 over 50's questioned by the international financial consultancy, cost of living is the primary motivation for quitting Britain with almost half (49.5%) stating that they have 'seriously considered', 'are thinking about', or 'would be tempted' to live overseas during retirement.
Obviously as Editor you will have had many letters of thank-you's and well-done's, so please count this as one more from a convert to your excellent paper.