‘When you’re 50-plus:
1. No one expects you to run into a burning building.
2. People call at 9pm and ask, ‘Did I wake you up?’
3. People no longer view you as a hypochondriac.
4. There’s nothing left to learn the hard way.
5. Things you buy now won’t wear out.
6. You can stop trying to hold your stomach in.
7. Your eyes won’t get much worse.
8. You can’t remember what you went online to do before you started reading this.’
Joking aside though there are some very real advantages of hitting 50 and beyond. In fact, there are plenty of things that get better with age – especially, it seems, when it comes to financial products and your money.
1. Car insurance is cheaper
Being over 50 can certainly help you save money on the car insurance front. People in their sixties pay the lowest premiums and even the over 50s benefit from lower premiums because they’re regarded as a lower risk on the roads.
‘Mature’ motorists are regarded as more careful than their younger counterparts, and a lower risk for insurers, so premiums are lower.
Some policies are specifically aimed at the over 50s, but that doesn’t automatically mean they’ll offer you the best value-for-money. It’s essential to shop-around and find yourself the best deal available.
2. Home insurance is cheaper
Again because over-50s are less likely to throw wild parties, go into manic DIY mode and do more harm than good, and are more likely to be at home most of the day and earlier in the evenings, premiums come down. Older homeowners are viewed as being more security-conscious and less likely to try to make a fraudulent claim, too which is all good for bringing those premiums down.
A good track record of few claims and many years of home ownership also come into the equation. So make sure your renewal quote is competitive.
Again, some companies aim their home and contents insurance at over-50s but it doesn’t mean that’s the only, or indeed the best deal you can get. So do your homework.
3. Life insurance premiums come down
Rather than writing you off as someone on wrong side of forty, the insurance industry will actually give you a cut-price deal – if you shop around.
While as a rule life insurance premiums rise by up to 33% every five years older you get and up to 50% every ten years, more people are now over-50 than under ten, so insurers (who have also seen their numbers expand in recent years) have had to rethink their game in order to grab their share of the business in this very busy market.
So, if you’ve been with your insurer for some time, it’s definitely worth checking to see whether you couldn’t get the same cover elsewhere, for less.
4. You finally get your hands on ‘free’ money from the state
All those years of paying out tax and National Insurance contributions have finally made good. It might not be the equivalent of a lottery win, but the State Pension is a nice bit of income.
How soon you can start drawing your pension is changing – and getting later and later. Currently, men qualify at the age of 65 and women born before 6 April 1950 can start drawing their pension at 60. For women born after April 1950, your state pension age will vary depending on your date of birth. Basically though, the younger you are, the later your state pension age.
Everything you need to know is here on the Directgov site
5. You’re entitled to even more ‘freebies’ from the state
From free prescriptions and eye tests to free bus passes and Winter Fuel Payments there are a raft of ‘freebies’ and benefits available as you get older. So make sure you claim what’s yours.
For more information on what’s available and for help on any financial issues you have you can contact
Citizens Advice or Age UK for help and advice.