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The Recession & over 50's

Rose & Berg asks, "Is it over for 50s ? "

How has the recession affected over 50s, well from recent statistics and research from Help The Aged and Age Concern over 50s have been amongst the worst hit. Almost two-thirds of over-50s fear they may have to work longer than planned as their savings and pensions have been hit by the recession, a study claims.

The report by the Help the Aged and Age Concern charity found that 60% of 943 respondents said they might need to delay their retirement. Savers have seen their returns fall in recent months as interest rates have been cut to help lift the economy. Meanwhile, pension funds have been knocked by stock market declines.As a result, the study also found that 47% of respondents were more concerned about their pensions and savings than at the start of 2009.

'Bleak picture'

The report said sentiment had been hit by the increase in the number of workers over 50 being made redundant as the economic outlook worsened. It points to official figures from the Office for National Statistics which show that over the past year, unemployment among people aged 50 or above has risen by 47%.

"These figures paint an extremely bleak picture for millions of over 50s whose working lives are at risk of being cut short by the recession," said Michelle Mitchell, charity director for Age Concern and Help the Aged. "Those who do lose their jobs will face significant obstacles to getting back into work, leaving them financially vulnerable as they approach retirement."

"For many over 50s, one of the lasting legacies of this recession will be a retirement blighted by poverty."
(Michelle Mitchell) charity director for Age Concern and Help The Aged.

Pension breathing space

The findings came as a separate report by the CBI said that firms struggling with the recession should be given more time to sort out any deficit in their final salary pension scheme. At present the Pensions Regulator automatically investigates deficits which will take more than 10 years to repay, but the CBI wants this to be changed to 15 years.

"Even when the economy was strong, longer lives and the loss of key tax incentives had made final salary pensions very expensive," said CBI deputy director general John Cridland.

"Firms who are fighting to preserve final salary pensions find themselves punished by regulation and are much worse off than firms who offer no pension at all." Longer recovery periods will help firms keep their commitment to pensions without forcing them to divert critical cash flow." This article has been compiled from information sourced from the BBC, ONS (office of national statistics) Age Concern and Help The Aged. We would like to thank them for their valuable contribution.

Health is wealth! - Is it all doom and gloom?

Here at Rose & Berg we don't think so, we have found many over 50s sometimes worry too much as they are taken in by news articles, yes such as the one above and the media, however this is often because they are uncertain as to the real state of their finances, this causes uncertainty and often unnecessary stress, the first thing is to know your finances, what you have in savings, pensions, investments and any other income if you are in control of your finances you can react to any adverse affects including a recession. I am not saying people haven't been affected by the recession because clearly they have however, knowledge is power, the key is to stay calm and make the most of the situation, the first step to self preservation is health, health is wealth, don't stress yourself out if you are not sure about what to do reach out for help, for if you don't ask you shall not receive.

A recent survey by the CAB (citizens advice bureau) revealed many over 50s felt there wasn't enough free and impartial advice for them when it came to their finances, we aim to fill that gap, if you're worried about your finances get in touch with Rose & Berg and let us help you get back on track.

Rose & Berg is a specialist over 50s financial services provider and offers free and impartial advice to over 50s who are in hardship or are unsure about their finances, we offer free and impartial advice and pride ourselves on offering a second to none service for distressed clients - For more information - http://www.roseandberg.co.uk