Action on money
The pressures on older people’s finances have increased significantly over the last few years, leaving several million pensioners now living in poverty – many facing the tough choice of heating or eating, while huge numbers find their lives narrowed down to “just getting by”.
Many are being compelled to either delay their retirement or return to work to make ends meet, as pension incomes diminish and the cost-of-living crisis bites. A whole cohort of women have found themselves unexpectedly facing more years of work despite living with poor health, after their State Retirement Age was pushed out to 67.
In this Action Area we’ll look to address some of the bigger issues facing older people, as well as providing helpful information and objective advice from our members on topics including:
- Pensions, benefits and savings
- Paying for care
- Grants, benefits and other forms of support
- Utility costs
- Wills and LPAs
- Planning for retirement
We also plan to develop a suite of downloadable resources that can be shared.
Critically, we hope to inform service suppliers and policy makers of the evolving and often complex needs of older people – informed by their lived experiences – through surveys, focus groups and research.
Get involved
If you want to contribute to this action area, either in the form of news, comment, information or advice, do please get in touch by emailing info@theageactionalliance.org
The Age Action Alliance is supported by
Latest News
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Pensioner poverty “could almost double in next 15 years”
New research from Independent Age, the national charity supporting older people in financial hardship, projects a dramatic surge in poverty in later life by 2040 if current trends and policies remain the same.
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Fixing the generational wealth gap “a priority”, as fears grow of loss of state support in retirement
New findings from the International Longevity Centre UK (ILC) and M&G plc have highlighted significant generational disparities in wealth accumulation, raising concerns about intergenerational fairness and the future of the “intergenerational contract”.
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Retirement Income Summit planned by ILC UK
What do we need to do to ensure everyone has a decent income in retirement?
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Are YOU signed up for the Silver Marketing Association Summit 2024?
If you are involved in marketing to the over-50s, then you need to know about this year’s Silver Marketing Association Summit.
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“Listen to older voices” – poverty in later life is underestimated by the public
Almost half (49%) of the general public underestimate the scale of poverty in later life, according to new polling from financial hardship charity Independent Age.
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Care & Repair Cymru launches new “Older not Colder’” service
The charity has launched a Wales-wide service aimed at reducing the impact and severity of fuel poverty on older people.
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Age UK’s “blueprint for older people” prioritises pension security and health
Age UK’s new report, drawn from nationwide polling, comes in time for the coming UK General Election. It contains 52 separate policy recommendations covering many different aspects of later life.
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Fare’s fair as older Londoners enjoy free pre-9am travel trial on Fridays
Pensioners in London struggling to make every penny count have welcomed news of the temporary re-introduction of pre-9am use of the Freedom Pass and 60+ Oyster on Fridays.
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Reaching the older consumer
How can companies best connect with older consumers – often a target market for their goods and services? AAA member Deborah Stone, Managing Director of Mature Thinking has some helpful advice.
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Spring Budget branded a “missed opportunity” to help the poorest pensioners
While the financial pundits pontificate over the finer details of the Spring Budget, and politicians of all colours ponder over its potential impact on the next General Election, the significance for pensioners is clearly… well, insignificant. By Tony Watts OBE.
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Widespread money worries for those approaching retirement new research finds
Almost half (41%) of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, according to new research by the older people’s financial hardship charity Independent Age.
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Only Fools and Horses actress highlights “life-changing” support for older people
Actress Sue Holderness is calling on people over 65 to check they are receiving all of the financial support they are entitled to.
Latest blogs & comments
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Are you owed some of “Britain’s missing billions”?
Did you know that an estimated £89 billion is currently going unclaimed in some 28 million forgotten bank and savings accounts, premium bonds, pensions, insurance policies and Child Trust Funds? But how do you go about checking one of them is yours or a relative’s?
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Older people take their demand for a Commissioner to Downing Street
Campaigners have taken their calls for the creation of a Commissioner for Older People and Ageing in England to the heart of Westminster.
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WASPI: justice will have to wait… again
Grenfell, Windrush, subpostmasters, the blood transfusion scandal, Dilnot… the latest delay in implementing the Ombudsman’s report on WASPI women is just one more examplar, writes Tony Watts OBE, of the tactics routinely used by Government to put off rectifying historic wrongs or fulfilling promises made – many involving older people who may never live to…
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Pensions Freedom 10 years on: who have been the winners… and losers?
This March marked the tenth anniversary of the announcement of “Pension Freedom and Choice” reforms which, along with Auto-Enrolment, represented the two major shifts in pension policy enacted under George Osborne. What have been the long-term impacts for savers? asks Tony Watts OBE.
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New data lifts the lid on retirement income trends
What is the average income in retirement for today’s retirees… where is the income coming from, which regions are doing best and what trends can we see emerging? New data from the ONS reveals all, writes Richard Collinson, CEO of AAA members RetireEasy.co.uk
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Securing your retirement finances could mean being flexible at work
Being able to work for as long as you need in order to secure a financially secure retirement could become a lot easier after new employment laws come into force in April, writes Tony Watts OBE. But it will require flexibility from employers as well as employees.
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Big increases in how much you will need for retirement
New figures released by the Pensions and Lifetime Savings Association (PLSA) show that the amount we need to save for our retirement has shot up in the last year. Richard Collinson, CEO of Retire Easy, runs the rule on the sums… and explains how to find out if you are on track.
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Make sure you top up your State Pension while you can!
Unsure if you’re on course to receive a full State Pension when you retire? Confused by whether or not it would be worth buying top-ups to fill any gaps? Then, says Richard Collinson, CEO of AAA members RetireEasy, read on.
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Dementia: what legal and financial planning should I consider?
From whether you should be paying for care through to sorting out an LPA, Professor June Andrews looks at some of the key things to consider if you or a loved one have dementia.
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A unique way to pay for residential care… without selling your home
Every year, thousands of elderly people and their families face the conundrum of how to pay for care home fees – which can typically be between £40,000 and £50,000 a year. We talk to Jeremy Nixey of Alliance member Shaw Lifetime Care, part of the charitable Shaw Foundation, about the unique option they offer.
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Can we find a way together to take the financial fear out of growing old?
It’s not that far back in our history, writes Tony Watts OBE, that later life was a time that many people feared because of the financial insecurity. Sadly, and shamefully, an estimated 1.7 million pensioners still live in poverty in the UK.
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Time running out to boost your State Pension
If you’re heading towards retirement and have historic holes in your National Insurance (NI) record, time is fast running out to fill them… and take advantage of the generous DWP scheme which allows people to plug payment gaps.