Tag: over 50′s

Older people affected worst by inflation

Older people affected worst by inflation

This month’s official figures show that inflation has fallen from 4.8 per cent to 4.2 per cent but two new studies show that older age groups suffer the most from high inflation, and at 4.2 per cent it is still well above the governmenta��s 2 per cent target. Sagaa��s monthly Price Index shows that since […]

January 19, 2012 More
Moneynet slams government for ‘headline-grabbing’ with ISA increase

Moneynet slams government for ‘headline-grabbing’ with ISA increase

The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week. Since 6 October, over-50s have been allowed to save A?5,100 per year in their Cash ISA rather than A?3,600. Moneynet.co.uk calculated that the average […]

Savers encouraged to opt for an ISA as allowance rises today

Savers encouraged to opt for an ISA as allowance rises today

From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from A?7,200 to A?10,200. The A?3,000 increase, which was announced in this year’s Budget, is eligible to those born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010. ISAs, which were launched […]

ISA-shy Brits waste A?144 million

ISA-shy Brits waste A?144 million

Brits are handing over A?144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account. Research by Unbiased.co.uk found A?109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account. Some 1.7 million shareholders are […]

Over-50s unaware of ISA changes

Over-50s unaware of ISA changes

Older savers are being kept in the dark as to how much they will be able to invest tax-free when the ISA limit increases for over-50s next month. Research by Saga found just one in twenty of over-50s know what the new ISA limits will be. More than half of those polled were oblivious to […]

Over-50s not an economic burden

Over-50s not an economic burden

People over 50 make an important contribution to the UK economy, RIAS claimed this week. Janet Connor, managing director of the specialist insurance provider, said the stereotype of older people being a drain on the economy is unfounded. “The over-50s are not only earning more than the under-50s, but they are spending more as well […]

Over 50s use multiple credit cards

Over 50s use multiple credit cards

Half of Brits over 50 use more than one credit card to manage their finances, research by Saga has discovered. One in fourteen (7%) of over 50s carry five or more credit cards in their wallet. However, almost three quarters (73%) of over 50s have never missed a payment deadline, compared to half (53%) of […]

Over 50s plan to use A?10,200 ISA allowance

Over 50s plan to use A?10,200 ISA allowance

Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month. From 6 October, the maximum ISA allowance for over 50s will increase from A?7,200 to A?10,200. A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance. A […]

Aim to retire debt-free, MAT advises

Aim to retire debt-free, MAT advises

Brits approaching retirement should do their utmost to pay off debts before they leave employment, a consumer advice charity warned this week. Anyone aged over-50 should strive to pay off debts as soon as possible to ensure they have a comfortable retirement, the Money Advice Trust (MAT) said. The MAT made the remarks following reports […]

L&G unveils new over-50s life policies

L&G unveils new over-50s life policies

Legal & General (L&G) has expanded its range of life insurance products with three new guaranteed acceptance plans for the over-50s. Applications for the Fixed, Increasing, and Funeral policies are guaranteed to be accepted for policy holders aged between 50 and 80. The Fixed plan offers a fixed cash sum payable upon death in exchange […]

Retirement dreams crushed by recession

Retirement dreams crushed by recession

Two million Brits have had their dream of retirement crushed by the recession, according to research by LV=. One in five (22%) of over 50s have had to delay their retirement date, LV= found, whilst a quarter (25%) have no clear idea of when they’ll be able to give up work. Even where the recession […]

Coventry launches 3.25% 50-Plus eSave account

Coventry launches 3.25% 50-Plus eSave account

The Coventry Building Society this week relaunched is 50 Plus eSave account. Available exclusively to savers over 50, the account pays interest at 3.25%, fixed for 12 months. Savers can open the account with a minimum of A?1, and can make unlimited, penalty-free withdrawals and deposits. The maximum balance is A?250,000, and account holders can […]

Women over 50 ‘give up’ on pensions saving

Women over 50 ‘give up’ on pensions saving

Many women over 50 have ‘given up’ saving for retirement due to the recession, according to research by Scottish Widows. In research for its fifth annual UK Pensions Report, the pensions provider found that one in five (22%) women over 50 are now saving nothing towards their pension. This is up from 14% a year […]

Does your home insurance cover DIY blunders?

Does your home insurance cover DIY blunders?

DIY Brits planning to do up their homes on the cheap should check their home insurance policy covers them for any DIY blunders before they get out the toolbox, Saga Insurance warned this week. The over-50s insurance specialist issued the warning to coincide with new research showing that DIY is a popular past-time with the […]

Over-50s saving for their grandchildren

Over-50s saving for their grandchildren

Near two million grandparents continue to save money for their grandchildren despite the recession, according to new research by Saga Savings. The over-50s financial provider found that 1.8 million (13%) grandparents are setting money aside for future generations. The main reason cited for saving was to help grandchildren in their adult lives, providing funding for […]

Saga adds breakdown repair to roadside cover

Saga adds breakdown repair to roadside cover

Saga is offering customers with breakdown assistance cover the chance to upgrade to a new policy that includes breakdown repair production. The over-50′s insurance specialist said the new policy covers customers for up to A?500 for labour and parts if their vehicle is so damaged that it cannot be repaired at the roadside and needs […]

‘Worrying gap’ in financial advice for over-50s

‘Worrying gap’ in financial advice for over-50s

The Citizens Advice Bureau (CAB) has warned of a a�?worrying gapa�? in the availability of affordable financial advice for people approaching retirement. People over 50 are often asset rich, but cash poor, and cannot afford to pay for the financial advice they need, the CAB said. Many people in this age group have complex questions […]

Survey reveals bleak picture for workers aged 50 and over

Survey reveals bleak picture for workers aged 50 and over

A survey conducted by Help the Aged and Age Concern charity revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn. While mortgage borrowers have benefited due to record low interest rates, savers have been hit, while pension funds […]

Principality launches 4% e-bond for over-50s

Principality launches 4% e-bond for over-50s

Principality Building Society has launched a new two-year bond aimed at silver savers. The e-bond is available online to savers aged over-50, and pays interest at a fixed rate of 4% AER. Savers can deposit between A?5,000 and A?100,000 into the account. Interest is calculated daily, and customers can opt to have their interest paid […]

Saga offers road accident healthcare cover

Saga offers road accident healthcare cover

Saga is offering accident healthcare cover to its car insurance customers. The financial provider, which specialises in providing cover for the over 50′s, said the optional add-on gives drivers peace of mind should they be injured in a road traffic accident. Saga said it decided to offer the add-on after it discovered that ill health […]