What’s Your Biggest Fear Of Aging? MONEY?
Whenever I get into a conversation pertaining to finances over fifty, the same fear arises in most people. “Will I have enough to make it to the end” – whenever that might be?
Well, most of that fear stems from an ingrained belief that we need to stop working at a certain age, or that for some reason we are going to need to spend the same money down the road as we are today.
My advice – read the following article and hopefully it will give you a different outlook that will reduce your self inflicted financial pressure!
HELP FOR OVER-50S: HOW TO SAVE IF YOU’RE BROKE
By Jasmine Birtles
For the over-50s, trying to save if you’re broke can seem impossible. We had a comment from Stephen on our stocks and shares ISAs article asking what he could do. Like many people who are fifty plus, he’s found himself with no savings and a tiny income. It’s such a common problem we thought we should come up with some solutions.
Get the over-50s benefits you’re entitled to
Put off retiring
Create some over 50s savings
Invest for the medium-term
Pick up some over-50s extra earners
Consider equity release
So, you’re over-50, feeling poor and see no hope of improving the situation? Stop right there because you have a lot more time – and opportunities – to turn this around than you might think. Don’t imagine that this is a time for you to slow down. No way – there’s too much of life to enjoy and, frankly, profit from.
GET STARTED WITH OUR IDEAS ON HOW TO SAVE IF YOU’RE BROKE AND START BUILDING UP THAT NEST EGG!
GET THE OVER-50S BENEFITS YOU’RE ENTITLED TO
Go to the website Turn2Us and fill in your details. It will work out what benefits you should be getting and if you’re not already receiving any of them, it will show you how to apply for what you’re entitled to.
Also go to the benefits section of Directgov. They have a good list of the benefits and tax credits you could be entitled to. You could be getting tax credits if you’re not earning enough, or extra help if you’re caring for someone or have a disability. Get in now while you can – who knows how long these benefits and tax credits will continue!
While you’re at it, it’s a good idea to check on your state pension situation. Do you have enough National Insurance credits to get the full pension? You need 30 years worth of contributions to qualify for the full state pension. Also, if you’ve been a carer or taken time off to look after children you will probably have National Insurance credits for those years. Find out what your situation is here.
PUT OFF RETIRING
This may not have you jumping for joy but you’re going to have to face it now: if you don’t have enough savings put by, you’re much better off working for a few more years (probably until you’re 70) than trying to live off the State Pension alone (it’s around £5,000 a year right now and it’s not going to be much better when you retire).
There are various advantages to working longer anyway:
You are more likely to live longer. Seriously. This is particularly true for…
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Posted by YSF STAFF