The financial benefits of being fifty plus
Feb 25, 2015
There is little doubt that being fifty plus no longer has the same connotations as it did even a few decades ago when being aged 50 or over was classed as old. Today’s fifty plus person benefits from the huge advances in medical treatment which means that we are living longer, feeling and looking younger, and are better educated as to how to take care of ourselves.
Because we are living longer, it makes sense that we make sure our future – and a very long retirement – are all taken care of financially, so we can enjoy it without worry.
This means giving your finances a complete review, as well as taking advantage of some of the great deals that are out there aimed at the fifty plus age group.
Save money on your car and home insurance
Firstly, make the most of being mature! Some car insurers may tend favour people in the 50 plus age group over their younger contemporaries. And quite right too - statistics show that, as experienced drivers, we are less likely to have an accident. This typically means a discount on our car insurance.
And, we are also more mindful homeowners, tending to make lesser claims for smaller amounts – so again, we typically may attract discounts on our home insurance.
There are even insurers who specialise in providing home and motor insurance cover for the over 50s, so it may be worth investigating the costs of your cover.
Don’t get complacent, either, when the time comes for your existing car or home insurance to renew and assume that your current provider will reward you for your loyalty in staying with them – in most cases they won’t.
Make sure you check that there isn’t a more cost-attractive deal available and use our over 50s car insurance and home insurance comparison tools to get an idea of how much you could be paying for your cover.
Your pension, your future
Pensions can be quite complicated and how much you will receive will depend on your own unique circumstances and whether you have your own private pensions arrangements in place.
It is important, therefore, to make sure you fully understand what your financial position will be when you hit retirement age.
Do be aware, also, that there are changes in pension legislation this April that may affect you. If you are aged 55 or over, you can enjoy pension freedoms - this means that you have more flexibility in what happens to your pension.
You can find out how much basic state pension you will receive based on your National Insurance contributions by contacting The Pensions Service.
Further reading on pensions is available here: http://www.over50choices.co.uk/money/annuities/retirement-planning and https://www.gov.uk/browse/working/state-pension
Claim what you are entitled to
Once you hit the magical age of fifty, you are potentially getting closer to receiving grants and / or benefits. These do depend on your age and what the benefit or grant is, but, just as an example, you could be eligible for receiving
winter fuel payments.
If you are a mature student, you may be able to get a student loan, without having to repay it (if you earn less than £21,000).
To see a full list of grants and potential entitlements, visit the MoneyAdviceService.org – this is a Government-backed service that is free to use.
Hopefully this article has given you some ideas of what you can do to make the most of the financial rewards available to you if you are aged 50 or over -– as well as making sure you understand how your future finances are shaping up.