Life begins at 61

Life begins at 61Financial Planning is little about the money and lots about what the money allows you to do with your life.

We often hear that too many people end their lives with regrets.

These are often regrets about the things they want to achieve in life, but never got round to doing.

It used to be said that life begins at fifty; our fifties were the time when items got crossed off the bucket list after years of deferring ambitions when raising children.

With many people in their fifties now part of the ‘sandwich generation’ – financially supporting adult children and also elderly parents – life often has to start later.

A new report by Co-op Funeralcare and Co-op Legal Services has found those in their fifties are twice as likely as those in their sixties to be impacted by the juggling act of caring for elderly parents and supporting children and grandchildren, whilst still being in work.

For those in their fifties, this juggling act is taking its toll leading to a generation that’s twice as likely to feel stressed and unhappy than those in their sixties and beyond.

Things do however get better with age.

Whilst 15% of those in their fifties say they are unhappy, this is the case for just 5% of adults over the age of 61 and falls to 1% after 75.

This reduction in unhappiness with age is most likely the result of having more time to visit friends, fulfil personal goals and pursue hobbies.

Co-op asked the over fifties about the things which featured on their bucket lists.

Traveling appeared twice in the top three, with a goal to see the aurora borealis in second place.

  1. Travel the country they live in (37%)
  2. To see the Northern Lights (36%)
  3. To travel the world (36%)
  4. Trace my family tree (25%)
  5. Pay off all their debt (21%)
  6. Go on a cruise (19%)
  7. Learn a new hobby (14%)
  8. Learn a new language (12%)
  9. Have a ride in a hot air balloon (11%)
  10. Move to the countryside (11%)
  11. Publish a novel (10%)
  12. Meet their life partner (9%)
  13. Quit smoking (9%)
  14. Live abroad (9%)
  15. Learn to play a musical instrument (8%)

Do any of these things appear on your own bucket list? Do you expect to do them in your fifties or will your Financial Plan mean you need to wait until later in life?

 

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About Martin Bamford

Martin Bamford is a Chartered Financial Planner, Certified Financial Planner (CFP) professional and published personal finance author. He works with elderly clients to provide advice on funding residential care fees, hosts the Informed Choice Podcast and is a keen ultra runner.
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