Sixty is the new fifty

 

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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?

Until tomorrow,

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

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11 thoughts on “Sixty is the new fifty

  1. You are so right…. I have just been away with some friends and my one friend has decided to re mortgage her house so she can release equity to give her son a step up into the housing ladder. (She is 58 years old) Me on the other hand, I am sending my 16 year old son out to work on weekends so that he can save to buy his first car and car insurance and then he will get a part time job whilst he goes to Uni to fund his studies and also to get a deposit for a home when he can. I think you need to teach them the value of money. I could help my son out but I think he shouldn’t rely on the bank of mum n dad and stand on his own two feet.

    Ps. Will miss you at Westpoint. I’m going on Thursday this year…. Working Saturday. X

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  2. Living a frugal life has allowed up to pay our daughters college education, leaving her with no student debt. Her career choice will always provide her a living wage. She is a special education teacher. I won’t say we will never help her and her family out but they know how to budget and live below their means and are doing a great job. Both are workers and understand if times get tough the tough may have to relocate and or find additional income. I am retiring at 59 years and hubby plans to retire at 61. We’ve planned for this and have no debt and have invested wisely since we will not qualify for social security for several years after our retirements. Since we have only the 1 daughter we are not planning to leave them a large monetary inheritance. She will inherit all our property and any savings we have left. If that is gone they will inherit no debt and our funeral will be paid. Here is where we may or may not have oops. My life insurance has been through work. When I leave work I lose my insurance. I need to see if I can continue premiums for a minimal amount desired. I’ve recently been diagnosed with cancer so the chance of me getting a new insurance policy is none. In case I will not have life insurance we will need to be sure there is always money put aside for funeral expenses. We’ve learned from this and will be opening a small private policy for hubby in case he is unable to keep his work policy after his early retirement.

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  3. We never know what’s around the corner.
    I’m glad you have such good health, Froogs. I’m quite envious.
    I never thought that at the age of 57 I’d be in constant pain with lower back pain. I need two crutches and lots of pain killers to get around. Not looking for sympathy, just wanted to encourage everyone to live & enjoy a full life while you can. 🙂
    However, my trust in God has led me to a wonderful place of acceptance and peace about my situation. I WILL have joy and purpose in my life! I’m going on holiday next week and I intend to have a wonderful time. 🙂

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  4. Froogs,

    Great topic! It feels great to have a plan, doesn’t it?

    My husband and I are about your age. I am in good health except for the food allergies and celiac which are well under control. I walk about 45 miles a week. We live in a vacation area in California, so recreation is always available to us and we dont do many expensive vacations.

    I will probably work my job until about age 70 if my health holds up as it is a well paying desk job with great benefits that I have worked for 26 years already. My mom is in her early 70s and still working. She lives with us, though, so work is really just to keep her busy. She pitches in on expenses and wastes the rest, lol. She was always a spender. The women in my family live to late 80s and beyond.

    My husband will probably have to stop his current job much earlier than 70 as it is very physical and he has already had back surgery. He will work until our son is out of college, at least, as we are cash flowing that expense. Our son works part time as well. After our son graduates, if work becomes too difficult physically, my husband will quit and take over household duties and look after mom if need be or get a part time job to keep him out of the golf shop until I retire, lol.

    If we continue to live fairly frugally, and if I continue to work until 70, we can have two houses paid, my social security benefits will be quite large and we will have a huge balance in my 401(k). My husband will also receive a smaller social security benefit and a union pension. I also want to be able to help either our parents or our son if a real need arises. I will not mortgage my home to do it, however.

    If I must retire sooner, we may have to make do with one home. That would leave us absolutely financially secure as well, as long as we have health insurance.

    We also have life insurance. Purchased it when I got pregnant with our son and continue to pay. We just have one son, so there will be plenty left for him and some for my niece whose parents are dead.

    When I retire, I plan to raise most of my food on a lake in Texas if I am able. Otherwise, I will enjoy the food in the shops, the porch, the boat, the view of the lake and my walks. Perhaps a trip to Europe.

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  5. Life insurance is something that I have been thankful for. I have just turned 50 and my husband died just under two years ago. We always paid into life insurance and the removal of financial worry at such an awful time helps. I work ,live well within my means with two children at home and I have put that insurance away for much later on when I might need it. Infact I took out a new insurancdpolicy just kncase I can’t work due to health reasons and lose my salary. You never know what is waiting round the corner. I admire your positive energy. I read your blog most days and it keeps me grounded. Thank you.

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  6. We had life ins. until this year. The policy expired (no pay out). We’d had it for over 20 years. Our mortgage was paid off 2 years ago (at 50). I would advise younger people to take out “whole of life” policies, which we weren’t aware of back in the 90’s. Now the cost for us is too high. I’m diabetic and even though I’m in good health, correct weight and all ok diabetic wise I’m still classed as a high risk and the cost is hefty!! So, we have no life insurance at all.

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  7. Hi
    This exactly how we felt at 50 but at 51 my hubby was diagnosed with parkinsons. We carried on trying to do all the things we had dreamed of and hubby took redundency, but at 65 it has caght up with us so we no longer go to France each year and have had to become stay at home people. The moral of this tales is do all the things you dream of doing now don’t put it off.

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