Retirement Living MONEY MATTERS

The state pension is one of the most important sources of income for older people in the UK, and this year’s budget brought some welcome news. The government announced that the state pension would rise by 10.1 per cent in April 2023, in line with the current rate of inflation. This means that older people should be now be seeing a significant increase in their weekly income, helping to ease the financial pressure on many.

The government also announced a new £500 million fund to support the development of social care services. This is an important change, as social care is a crucial service for many older people, who may require support with daily tasks such as washing, dressing and eating. The fund will help to improve the quality of care available to older people, and could help to reduce the burden on family members who currently provide care for their loved ones.

Mixed reactions

However, not all of the budget changes have been positive for older people. One key area of concern is the proposed changes to the pension lifetime allowance. Currently, individuals can save up to £1,073,100 in their pension pot before being hit with tax charges. The government announced this limit will be frozen until April 2026, with the result that those who have saved a significant amount may be hit with unexpected charges that could eat into their savings.

Another area of concern is the proposed increase in state pension age. This is to rise to 67 by 2028 and 68 by 2046, so younger generations will need to work for longer before they are eligible to receive state pension.

Overall, then, a mix of positive and negative news. The increase in pension and personal allowance will be welcomed by many, but the proposed changes to the pension lifetime allowance and state pension age may cause concern for some.

Best For Your Brain

Dementia is a condition that affects the cognitive abilities, a progressive and debilitating disease that often occurs in old age. While there is no known cure, there are many ways to reduce the risk of developing the condition, including:

• Staying mentally active Mental stimulation is essential for maintaining cognitive function. Engage in activities that require you to think, such as reading, playing games and doing puzzles.

• Exercising regularly Physical activity helps improve blood flow to the brain, which can promote brain health. Exercise also helps reduce the risk of other conditions that can contribute to dementia, such as diabetes and high blood pressure.

• Eating healthily A diet rich in fruits, veg and whole grains can help reduce the risk of dementia. Additionally, omega-3 fatty acids found in fish, nuts, and seeds can help promote brain health.

• Managing chronic conditions

Diabetes and high blood pressure can increase the risk of dementia –ensure you get regular medical care.

• Getting enough sleep Sleep is essential for brain health.

• Staying socially engaged Social isolation can increase the risk of developing dementia. Stay connected with friends and family and participate in social activities.

Puzzles are good stimulation

• Reducing stress Chronic stress can damage brain cells and increase the risk of cognitive decline. Practice stress-reducing techniques such as meditation, yoga or deep breathing.

• Limit alcohol consumption Stick to moderate levels of alcohol.