Retirement news

Life begins at 55

28 August, 2007

Birmingham Midshires’ Life 2 campaign, which explores issues affecting the over 50s, has found that 55 is the age at which people discover their financial freedom and embark on their second life, free from some of their most pressing financial strains.

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When quizzed on the financial burden posed by children, Birmingham Midshires found that, in their early 50s, almost a half of the respondents still have children living at home and are still supporting them financially.

Past the age of 55, however, just one in six of respondents have children still living under the same roof and three quarters no longer need to provide financial handouts to their offspring.

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Shaking off mortgage responsibilities also starts at the age of 55. Birmingham Midshires’ figures reveal that while 41 per cent of those in their early 50s are still saddled with a mortgage, this figure halves to one in five of those aged 55 and over.

Furthermore, more than half of respondents in their early 50s are still working the nine to five grind, whilst 23 per cent of those aged over 55 have given up full time work.

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Jason Robinson, Director of Savings Operations at Birmingham Midshires, said: “After years of bringing up children and working hard, those in their 50s can look forward to a more relaxing way of life, with fewer financial strains.

“The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise. This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which take their toll on the age of financial independence.”