1 in 4 middleclass pensioners will work past 70

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.

 

 

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

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.

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Women who work are less likely to be obese

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.