November 2006: <<< back to Downloads
In this issue:
Many of us think that now we’re in our prime, we should have got a grip on planning and that everything in our lives should now consistently run to our own agenda – smoothly and seamlessly. Unfortunately however, as with much else, mere years don’t overcome human nature or who we fundamentally are. So, if you’ve always had problems with organisation and juggling all the different aspects of your life, it’s very possible that nothing much will have changed simply because you’re now of mature years.
In fact, even if you are good at planning and juggling, you may be finding that your circumstances and priorities have changed and that you are now having to take a different perspective on arranging your life and managing your responsibilities.
In this month’s newsletter we’ll be looking at various aspects of planning including pensions, Christmas, New Year’s resolutions and generally keeping all aspects of your life on track through our Three Balls Theory.
We hope you find this issue entertaining and informative, and as ever, would encourage you to spread the word about in my prime by forwarding it to anyone else you feel may be interested.
A good plan today is better than a perfect plan tomorrow – George S Patton
Following the announcement in the Queen’s Speech earlier this month we are now about to see publication of the first Pensions Bill, any day now. This will start the process of some very important and far-reaching changes which will take place over the next few decades. It will, according to John Hutton, Secretary of State for Work and Pensions, “…fundamentally change the landscape of this nation’s pension system.” This is, undoubtedly true.
He also challenged any critics by saying “…those who want to change some element of the reforms need to explain how they could do so without jeopardising those key outcomes of fairness, simplicity and affordability.” Whether they are fair, simple and affordable remains to be seen.
What is certainly true is that they are necessary. No government, anywhere, can afford the kind of generous pensions it would like to have, in a world where the population can expect to live much longer than before, and where there is not the number of young workers coming through to support those in retirement, even if that were deemed fair. So the retirement age will have to rise over time, to 68 by 2046. On the flip-side the link between state pension and earnings rather than inflation will be restored, in time, which should mean higher pensions.However, even if we include a revised (simplified) State Second Pension (S2P), the total state pension is unlikely to be enough to support an adequate lifestyle for most people and so they will have to save themselves, in addition.
Surveys already reported by in my prime, have highlighted that many people are woefully unprepared for a long and comfortable retirement. For example, financial services provider JPMorgan Invest has carried out research, published in its UK Pensions Map which highlights the following:
Only about one in seven (14%) workers can look forward to what the authors class as a comfortable retirement. Nearly two-thirds (64%) are facing a "difficult" retirement which they define as a pension of 40% or less of final salary (weighted against the cost of living).
The situation is particularly worrying for women where three-quarters (74%) are heading for a difficult retirement compared to a little over half (55%) in the case of men. For women in the 55-59 age bracket this rises to a staggering 93%. For women in the 25-34 age range the number is only 57%. The improvement for younger women is probably a reflection of the hike in retirement age, the increasing earning capacity of women generally and the longer time available to come to terms with the increase in life expectancy.
However, as the country braces itself for a longer working life, there comes research which reveals that more than one-third of UK workers believe they will be unable to do their job at 60 years old. As a consequence the TUC is calling on the government to extend flexible working rights to the over-50s.
Furthermore, many people do not have the grasp of either the concepts or the detail to make the necessary informed financial decisions. This was a point made recently by Alan Pickering at his inaugural lecture as incoming Chairman of the Life Academy, an educational charity concerned with life planning (previously the Pre-Retirement Association). Alongside its new pension changes, the government is proposing to seek the provision of “generic” advice but is stopping short of individual advice.
So, there will be a lot to think about in the coming years. Some women will be better off, others may lose out. The self-employed may find themselves at a disadvantage. Those in existing occupational pension schemes may see attempts by employers to erode their benefits. And the pensions and insurance industry will be jostling for position to see how it benefits them.
What are the implications for in my primers or those close to that point in their lives? If you have a sound and generous occupational pension and equity in a property then count yourself lucky. You are likely to be the last cohort to be in that fortunate position. For the rest of us there will be yet another balancing act and some tough decisions to make. And we will have to start taking increasing individual responsibility for those decisions.
Some strategic view of your life will have to be taken. How long do I need to work? How long can I expect to work? Full-time or part-time? What is my pension like? Do I need to save more? How much? Over what time span? Do I need to release money from my house? What lifestyle should I plan for? How can I stay fit and active for as long as possible?
All in all, there’s plenty going on. in my prime will keep you posted in an objective and unbiased way.
Work, love and play are the great balance wheels of man’s being – Orison Swett Marden (founder of Success Magazine)
As November draws to a close, most of us will now be thinking about Christmas and as appointments start to be arranged for 2007, we are reminded that the New Year is not far away either. Both occasions provide plenty of food for thought in terms of planning our lives and ensuring that we are moving forward.
One of the biggest problems we can face in terms of Christmas is trying to keep everyone happy. Now that both our children and our parents or other elderly relatives are older, this may seem an impossible juggling act. Often we fail to acknowledge that things have moved on; we struggle to maintain the status quo and perhaps end up hosting and going to events and doing certain things simply because ‘people expect it’ even though we haven’t checked with them whether that’s what they still want. And, what’s more, we sometimes don’t even ask ourselves!
At this age, many of us find that our behaviour is often largely driven by duty and habit which is fine, per se. But the downside is that it can mean that no one ends up happy – we are all doing things because we continue to believe that it’s what other people want, without actually checking that they do. And, alarmingly, that attitude extends to both our partners and ourselves.
It may be too late to change things in respect of this Christmas if the same old arrangements are still in place, but think through now how you would like to spend Christmas in the future and what implications this would have for others. And then if you want to suggest some changes, introduce the idea right after this year’s festivities so that everyone has plenty of time to absorb the news and if necessary, sort out alternative arrangements. Just because things might be done differently in future, doesn’t mean that they will be less satisfactory. In fact, arrangements and relationships may benefit hugely from some changes. But achieving that does mean that someone has to be brave and stick their head above the parapet to suggest them, and that someone is you!
Actually, Christmas is a time when many of the issues that we face daily in trying to juggle all our various needs, wants and responsibilities, come very much to the fore. This ongoing drive to balance the needs of work, relationships and self is what we call The Three Balls Theory and is something which you may find very pertinent when looking ahead to the New Year and any changes you may be thinking of making.
What it boils down to is that most of us have a constant struggle to successfully balance all three areas and manage the changes and shifts in dynamics that may occur at this time in our lives. Clinging on to an outmoded status quo will only lead to discontent, so we need to take responsibility for our own and others’ happiness and look at what we now need to do differently.
Our suggestion then is to find time in the coming weeks to read our factsheet, then think through some meaningful resolutions for the New Year. Forget the old chestnuts about going to the gym, losing weight and learning a new language and start thinking about new attitudes and behaviours that will really make a difference. For some of us, it may involve listening more, judging less, and being kinder to oneself and others. For many others it may be having the courage to live life to the full by consciously striving to do something different every day.
Our intent is certainly not to be prescriptive but simply to encourage you to lead a less stressful and more fulfilling existence through paying renewed attention to all aspects of your life.
Click here to see The Three Balls Theory factsheet.
I like work; it fascinates me. I can sit and look at it for hours. I love to keep it by me; the idea of getting rid of it nearly breaks my heart. - Jerome K Jerome
So the introduction of Age Discrimination legislation in the workplace has come and gone and in consequence, news about ageism in the workplace has fallen comparatively silent. However, as we suspected, the legislation has done little to fundamentally change workplace attitudes and behaviours (which, we must remember, can apply to either young or older workers). And as the latest findings from the Recruitment Confidence Index (RCI) produced by Cranfield School of Management last week revealed, most employers still have a long way to go to eliminate age discrimination.
The research revealed that amongst employers:
Commenting on these findings, Dr Emma Parry, Research Fellow at Cranfield School of Management said, “The results give particular cause for concern as the respondents are HR managers who should be responsible for championing the elimination of age discrimination. (They) demonstrate that the creation of policies regarding age discrimination is not enough. Training and education programmes are needed in order to address these attitudes and the discrimination that is commonly associated with them.”
We will continue to watch with interest to see what, practically, emerges from the introduction of the new legislation and would welcome your input and feedback about attitudes to older employees in your workplace – good and bad. Click here for more details about the Cranfield research.
If more of us valued food and cheer and song above hoarded gold, it would be a merrier world – JRR Tolkien
In view of the great concerns about health and healthy eating, particularly in Britain and America, a tremendous amount of research is taking place to identify if any particular country has a lifestyle or diet which is superior to others and helps provide for a long and healthy life expectancy. One recent comparative study has discovered the following:
In Japan they have a diet which is low in fat and they have less heart disease than in Britain or America. However, in France the diet is very high in fat and they also have less heart disease than in Britain or America.
The Chinese drink very little red wine and suffer fewer heart attacks than the British or Americans. But, there again, in Italy they consume a lot of red wine and suffer fewer heart attacks than in Britain or the USA.
The Germans drink a lot of beer and eat lots of sausage and fatty food and their heart disease is lower than in Britain and America.
The research, published in the Journal of Spurious Medicine, concludes that you can eat and drink whatever you like. It’s speaking English that’ll get you!
Here comes Christmas. Save time – shop online.
Research shows that the over 50s are the fastest growing group of internet users, and the fact that you are reading this newsletter online shows that you are part of the IT-savvy generation. However, research also shows that online shopping is taking longer to be adopted amongst our age group with fears about theft of financial information, delivery problems and lack of human contact being at the fore.
Whatever your attitude and experience, internet shopping is here to stay and like anything else, the service is improving and problems reducing, the more widespread it becomes. Certainly, in terms of avoiding the hassle, crowds and queues of Christmas shopping, it’s a great alternative and with a month to go until Christmas, it’s still a very viable option.
Some sites we recommend trying in terms of their generality of offering (i.e. probably something there for everyone) include:
Let us know if there are any particular sites/companies you recommend and we can add your comments to our website. Happy shopping!
The Prawn Cocktail Years – Simon Hopkinson and Lindsey Bareham, Published by Michael Joseph
If ever a cookbook was written for in my primers, this is it. Its attraction lies not in the recipes - for most of us who cook will know from years of practice how to prepare these dishes by heart – but for the opportunity it gives us to reminisce fondly about those classic dishes that we all loved and which sadly, have slipped out of fashion. As Nigella Lawson says in her review, “No sterile exercise in ironic retro chic, this is the book to make you eat, and once again enjoy, the likes of steak garni and profiteroles”.
The Prawn Cocktail Years sets out to rehabilitate the food we once loved and found exciting. This edition, with its stunning photographs and straightforward instructions is the perfect Christmas gift not just for in my primers, but for those of younger generations who haven’t known or experienced the culinary delights within. In short, a perfect Christmas gift! Click here for more details or to order. Black Forest Gateau, anyone?