Interesting Facts

New government guidance in the UK will tell pensioners how long left they have to live. (Everyone approaching retirement in Britain will be told when they are expected to die. The UK's Pensions Minister, Steve Webb, is asking pension providers to give people an "estimate" of their shelf life. Seemingly we usually underestimate how long we are likely to live, Mr Webb said, "Many people underestimate how long they will live. If you are thinking about this, what do you do? For best guidance you probably think about how long your grandparents lived, but that is two generations out of date...  Retirees need to gain a sense of how long they might live to help make financial decisions." Thanks for the concern Mr Webb, but frankly, I would rather not know.)

According to research from the Australian School of Business, the age you decide to retire at has no impact on life expectancy. (Did you notice the "you decide to retire" bit? Seemingly if you are forced into retirement because of redundancy or ill health, it can have a detrimental effect on your life expectancy. There are still reasons to keep working though, research carried out at the Institut National de la Santé et de la Recherché Médicale (INSERM) in France has shown that people who work for longer are less likely to develop dementia. They concluded that a person who retires at 65 is 15 per cent less likely to develop the condition than someone who retires at 60. It is believed that this is because intellectual stimulation and mental engagement are protective against dementia. I wonder if going to Bingo would have the same effect?)

According to the Office for National Statistics in the UK, retirement makes people feel happier and healthier than they have done at any point since their mid-30s. (The statistics, part of the national happiness study, showed that people's sense of health and well-being goes down from their teens until late middle age and then there is a sudden bounce when they hit their 60s. Retirement experts said that for some people the relief of finally retiring made them feel happier. I can't wait to find out.)

According to a survey from the London-based Institute of Economic Affairs retiring (stopping work) can make you miserable and ill. (The study found that after giving up work, the average adult was 60 per cent more likely to have at least one diagnosed illness. Retirement was also found to increase the risk of depression by 40 per cent. I hope the people running the survey are aware that people who retire are "old".  Personally I just want to be able to afford to retire.) Source

David Beckham has hung up his football boots and announced his retirement from football, at the age of 38. (He won't be able to draw his pension, get his bus pass or his heating allowance any time soon though, but don't worry, he won't suffer. Last year he allegedly earned around £200 million, but only £4.6m of that was from football. He must have sold an awful lot of aftershave.)

According to a survey by Barings Asset Management, one in ten Brits fear they will be forced to work till they drop. (Retirement will be a luxury as most people simply won't be able to afford to stop working.  I can imagine cozy deals between bosses and funeral services to pick up our rotting bodies.)

State pensions in the UK currently cost the tax payer £74bn a year. (What's worse is the pension hole just keeps getting bigger; it will cost an estimated extra £4bn in 2013 as baby boomers reach retirement age. I doubt I'll ever be able or be allowed to retire.)

Fully-sworn British police officers are not employees, they are servants of the Crown. (According to the Police Federation, "Every sworn police officer in England and Wales is a ‘Constable’, irrespective of rank," ... "those who hold the Office of Constable are servants of the Crown, not employees. Police officers have access to most statutory employment rights afforded to employees, but it is a criminal offence for police officers to take industrial action." This means the British police cannot go on strike, but on the other hand, they can't be made redundant either, as a result some police forces are trying to enforce retirement, because regulations state that a policeman can be "required to retire" after 30 or more years' service.)

According to a study by Barclays Wealth, British people are more likely to carry on working after retirement age than any other nation. (The study found that over 60 per cent of people under 65 intend to work past retirement age, and those numbers will probably increase over the coming years, as 70 per cent of these under 45 'nevertirees',in the study said they would always 'be involved in some kind of work.' Ireland was second with 59 per cent, in Spain the number was 44 per cent, and in Japan 46 per cent, but in Switzerland, only 34 per cent plan to carry on working. So, I'm off to Switzerland.) Source