50 or over? How does it feel to be labelled a pensioner?

How do you feel about the word ‘pensioner’?

Well, according to the latest Old Mutual Wealth survey¹ once you hit 50, you are a pensioner.

If the words, “there’s no way I’m one!” blurted out of your mouth, we can understand why!

Unfortunately for some, there’s no escaping the stereotypical vision of a pensioner as someone old retreating to sitting in their dressing gown and slippers by the fire.

Yet, whose place it is to say that you are going to be like that when you retire? Would you see your friends like that? After all, Bob Dylan did sing, “the times they are a changin’”. That was 54 years ago and change was on the horizon even then!

And talking about Bob, at 76, he is firmly in the pensioner category, according to this survey.

In fact, could you imagine him collecting his pension at the Post Office? Or what about ex-Countdown co-host, Carol Vorderman? Yes, at 57, we bet Carol would be delighted to know that according to this survey, she’s a pensioner!

Pensions and how we approach retirement have come a long way in the last few years, driven by changes to society. And yet, some organisations still insist on classifying people as pensioners.

So, why on earth hasn’t this word been updated too or booted out of the vocabulary altogether?

The times have changed

At the turn of the 20th Century, life expectancy was just 48 and a half for men and 52.4 for women. People mostly worked until they died and didn’t need to think about saving for retirement. ²

You never know, perhaps ‘pensioner’ was a term of endearment for the few who made it to the State Pension age of 70, back in 1908?

Now let’s compare this to the present day. Normal retirement age is 65 and average life expectancy is around 81. That means the average person in the UK needs a financial plan to cover around 20 years free from work. ³

And 20 years seems a hell of a long time to sit in your dressing gown and slippers by the fire. Not that you would anyway!

Thanks to the pension freedoms you have more flexibility than ever before on how you make those plans.

Still, it seems a lot of people are confused by what the pension freedoms actually are. Almost half of us, according to the same Old Mutual Wealth survey. ⁴

Are you too?

What are the pension freedoms?

From the age of 55, you have more freedom and choice when it comes to accessing your pension, than ever before.

So, why don’t we understand them?

It doesn’t help that pension providers are still using dated terms like ‘pensioner’, let alone all the other unnecessary jargon they use. It’s no wonder we are getting confused.

When it comes to your pension, it’s so important to be absolutely clear on what it can do. Above all, it is a big deal.

And if you find out what your options are now, it could mean the difference between just getting by and a future packed with opportunities. *

Know your options

With the endless changes that occur in the world of pensions, it’s no surprise that people get confused. Yet, whether you are near retirement or you’ve still got a few years left, finding out what your options are now is a great start to see what your pension can do for you.

So, why not know exactly where you stand with your pension options? Ultimately, you’re only as old as you feel and finding out now could lead you to an exciting future.


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  • Insight into how releasing tax-free cash could benefit you
  • How we're different to other advisers - and how our customers feel

 

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Call 0800 304 7288 for a friendly chat about your pension

Pension release: all you need to know

Find out if you could take tax-free money from your pension.

 

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Is it time to re-visit how we think about retirement?

Having the right mindset can prepare you for a better future.

 

Find out

Quick and easy guide to no obligation reviews

Take a look at our quick video about our no obligation review.

 

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Important Information

¹New Model Advisor, Online – Nearly half of pensioners puzzled by pension freedoms 23 January 2018. 

²ONS, Online – How has life expectancy changed over time? 9 September 2015

³ONS, Online – National Life Tables, UK: 2014 – 2016 27 September 2017

⁴New Model Advisor, Online – Nearly half of pensioners puzzled by pension freedoms 23 January 2018

For more information about the pension freedoms, visit thinking about the pension freedoms?

*Releasing pension benefits early doesn’t necessarily make sense for everyone and could reduce your income in retirement which is why it pays to take professional, independent advice. Pension release is only suitable for a limited number of people and circumstances and shouldn’t be seen as an easy way to raise finance.

The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article. For our latest information and news, please see our articles section: https://www.portafina.co.uk/whats-new\

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