Author Archives: Christopher Brooks

General Election Series: Making a (huge) contribution

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This week’s blog from our General Election Series highlights the significant role older people play in society. Our ambition for the next Parliament is a world where everyone can participate in society and be valued for their contribution. 

Older people make a huge contribution to society, going well beyond what is widely recognised. Age UK has previously estimated that all the work, caring and volunteering done by the over 65s adds up to a huge contribution of £61 billion to the economy.

But it’s about far more than just the hard economic value – being able to take an active part in society can make a huge difference to the lives of older people themselves, their friends and relatives, and everyone else too.

It is therefore extremely important that this contribution is fully recognised, and to make sure that barriers preventing people engaging in their community, accessing local services or going online, are tackled, so that everyone who chooses to do so can participate. Continue reading

Pension reforms – opportunity and risk

 

Pound coins - Photo: Flickr user hitthatswitch

Photo credit: hitthatswitch, Flickr Creative Commons 

April 2015 will represent a landmark day for pensions, with an end to the requirement to use a pensions ‘pot’ to buy an annuity. For better or for worse, people at point of retirement will hold their own futures in their hands, with decisions taken at this time having implications that can be felt for many years to come.

Age UK has welcomed greater flexibility, but it’s clear that the rapid speed of change has led to significant challenges ahead for the government and the industry, as well as – most importantly – ordinary pension savers.

Disengaged savers

Age UK recently published an independently-written report, Dashboards and Jam-jars, which looked at some of the main issues facing people with average-sized pension pots. It highlighted some of the main problems that could arise – for example paying too much tax or running out of money – and suggests what can be done to mitigate these. Continue reading

Are people really ‘over-saving’ for retirement?

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Defining what makes an ‘adequate’ retirement income is always going to be tricky. It’s inherently difficult to know exactly what people’s spending choices and needs are likely to be, or how they will adjust to stopping work.

Add in the changing nature of retirement, where increasing numbers of people are working past their State Pension age, it becomes even harder.

New paper, new ideas?

The Institute for Fiscal Studies (IFS) recently published a paper investigating a new method of looking at retirement incomes. It identifies an ‘optimum’ level of pension saving for each couple household. Instead of income band, this is based on a range of personal circumstances (e.g. number of children) and an
assessment of spending patterns. It then evaluates whether people have saved below, at, above or the ‘optimal’ level required to achieve a comparable standard of living for their retirement. Continue reading

An older worker, but just as productive

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If you want to raise a few eyebrows, there’s nothing like busting a stereotype.

Older workers are perceived in many (usually negative) ways, and such stereotypes are often deeply ingrained with the nation’s psyche. However it’s often unfair to apply them to the majority of people, which is why it’s important we challenge them.

This blog dissects just one: that as people age, their health gets worse and cognitive ability declines making them less productive in the workplace.

Our new briefing, which draws its conclusions based on a wide range of research evidence, explains in detail why this view in incorrect.

Continue reading