Hello Dear Reader,
Getting older is a real privilege and it’s a growing club of really happy people. I turned fifty without feeling ill, without any ailments and really feeling good about life. Fifty is really young and many people of that age still have young families, have active careers and even change careers and start new ones. It’s no wonder then that many people in their sixties are feeling really good about life.
I make no secret that we want to retire early at sixty and really make the most of life. From what we can see, people are having a great time of it. They are using their time to get out walking, take up creative hobbies such as crafting, love their gardens and often, like the people we met in France, move and start a whole new life after retirement. From what I can see, they are having a great life and we’ve got all that to look forward to and that more than anything makes us stick to our thrifty lifestyle to make sure we’ve made the very best financial arrangements we can. We met really energetic people who’d retired and then rebuilt a house whilst learning French, building skills, how to run a small holding and make new friends in a country that was new to them. Instead of feeling tired, everyone I met was invigorated and had a great time. This really led me to believe that sixty is the new fifty. Well, I am fifty and don’t intend slowing down when I get there but using my retirement to travel, read, learn and explore.
Whilst working with the British Seniors Insurance Agency, I was not at all surprised to find out that older people are not just spending money on themselves. The study found out that people in the UK are perpetually parenting with over 50s spending huge amounts on their children and grandchildren – with an estimated £380 million a month spent on treating their children and £262 million treating their grandchildren. On average the over 50s spend nearly £40 a month on their children and £30 a month on grandchildren. Now, these are hard times and younger families are really struggling with the day to day cost of housing, childcare and transport and it’s not unusual for older people to help out their families by lending money, paying off student loans, paying off debts, helping out with car purchases and providing childcare without payment.
It got me thinking about my own family, my parents didn’t need to help me and I haven’t needed to help my grown up offspring. Some of that has been circumstance and everyone always being employed and some of it just part of our own family culture. We’ve always been a family who are open about money and my own children know we have substantial life insurance to make sure they are left a legacy when we’ve gone and we’ve paid into that for twenty years and will until we die to make sure all our funeral costs, legal costs are all paid for and that our children will be left with a generous inheritance even if our property is used to cover the cost of our elderly or end of life care.
Now, I’m often approached by organisations asking if I would write with them and usually I turn them down. This time, I read up and agreed to write about life insurance especially if it’s tailored for people over 50, like any form of financially planning, I really think it’s essential. You can’t get a mortgage without a standard life insurance policy and I wonder how many people have stopped paying into it when their mortgage ends? That could mean that people in their fifties and sixties don’t have any life insurance policy at all?
I live a thrifty life which those of you who read regularly know is far from parsimonious. We’re having a great time but I happily share our scrimping and saving so we can make financial arrangements for our future. We’ve got great hopes to be comfortable whilst living a happy active life. It’s part of who we ‘thrifties’ are to put money aside to pay insurance as well as those contingency plans such as over paying our mortgage and having a family budget. I don’t make it my business to tell you what to do and as ever, I write about what we do and what works for us. I always make financial arrangements for insurance premiums are paid asthat makes as much sense to me as writing a shopping list so I don’t over spend in the supermarket. Food for thought?
Love Froogs xxxx
Post written in collaboration with British Seniors Insurance Agency. All opinions are my own as you know me well enough to know that this is my story