Dreading going do-lally

givememoney

Have just reached the big 60.

I watch with interest programmes such as Rogue Traders and Watchdog.

Something seems to happen to perfectly normal rational people when they get to a certain age and they feel compelled to let perfect strangers into their houses and fleece them of their life savings. For new roofs, windows, beds, whatever.

When being interviewed they seem to still have their marbles but it's like a small part of their mind has been taken over by the gullible fairy.

I just hope I manage to stay as suspicious and wary as I have always been.

EdInvestor

Actually most people don't realise how complicated it is to organise your financial retirement.They think they just stop work and that's it.

In fact even something as apparently obvious as getting the state pension sorted can often turn out to involve a substantial amount of research, and anything to do with private pensions is frequently a nightmare.Many people have never even heard of an annuity - and as for income drawdown, well!

Then there's the tax: anyone who has been on PAYE all their lives suddenly gets forced to do self assessment tax returns for the first time. First find your tax office...:(

I kid you not, it's a major problem.Most people are sitting ducks for unscrupulous salesmen, not least because they get large lump sums from their pensions and have no idea what's the best thing to do with the money.

My advice to all is to start studying personal finance well in advance of actually retiring.If you've arrived on this site you're already ahead of the game

Farway

I do not think it is restricted to older folk, after all any con man worth his / her salt is to build up confidence in the victim first

Just how many mugs young & old have fallen for the Nigerian 419 scams over the years. "Just help me liberate 20 millions dollars, trust me I am honest but in a bit of trouble, please send me your bank details"

And they do in droves

Errata

Nothing happens to people when they turn 60. The people filmed being ripped off may have always been vulnerable to rogue traders. It would be a nice change if a program could be made showing older people telling rogue traders to freak off and throwing frying pans at them as they made a hasty retreat.

missile

Read a nice article about an "old codger" who came to an old lady's assistance and decked a would be mugger recently. How many (both young and old) would have looked the other way?

givememoney

Errata wrote: »

Nothing happens to people when they turn 60. The people filmed being ripped off may have always been vulnerable to rogue traders. It would be a nice change if a program could be made showing older people telling rogue traders to freak off and throwing frying pans at them as they made a hasty retreat.

Yes you are right. Older people in general are spoken of in a condescending manner.

Obviously there are some, but not all, the media gives the impression we don't have bank accounts and will be confused by transferring money into one instead of queuing up at the Post Office for our pension. We need help filling in forms perhaps they think they didn't teach reading back in the 50's. Our mind set is still in `old money`.

chesky369

"the media gives the impression we don't have bank accounts and will be confused .........."
not only the media I'm afraid; I was talking to my granddaughter and mentioned youtube - her reaction was stunned "Nana, have you actually HEARD OF YOUTUBE - don't tell me you've been on it!"

foreign_correspondent

my gran is 92, lives alone and is far from doolally! She is quite wary of salesmen etc ad a natural mse'r!

She did get a lot of mail at one point from companies telling her she had won £100,000 etc, and just ring this number to claim your prize - however, on closer inspection they all turned out to be cons of one sort or another, but often they looked very genuine and convincing. Sadly, these companies actually target older people, and it is easy to be conned whatever your age - how many people using this forum enter competitions etc all the time, in the hope of winning some dosh, no matter how unlikely!? Also, how many people enter the lottery (which in my view is the biggest swindle going!) every week when realistically they would be far better bunging that money into a high interest account?

Understandably, these sort of high prize, high odds competitions are often most tempting to those on low incomes, which sadly includes pensioners.

home_alone

Sometimes its a good trick to act a bit doolally when dealing with traders just to see them try it on, more times than most they fell sorry for you and discount the price.

gary

Ted_Hutchinson

There may be truth to old adage that eating fish can make you smarter, according to three new studies.

Rethinking brain food

This months issue of the American Journal of Clinical Nutrition has 3 omega3/brain stories that are relevant here for anyone thinking that eating fish may help reduce the chances of going dolally.

The first concludes
In the elderly, a diet high in fish and fish products is associated with better cognitive performance in a dose-dependent manner. The maximum effect was observed at an intake of 75 g/d. Most cognitive functions were influenced by fish intake. The effect was more pronounced for nonprocessed lean fish and fatty fish.

The second says
plasma n–3 PUFA proportions were associated with less decline in the speed-related cognitive domains over 3 y.

and the third
suggests a strong and consistent association between eicosapentaenoic acid in serum phospholipids and self-reported physical well-being; the association with mental well-being is less compelling.

So 2 reports suggesting Omega 3 improves your brain performance and the other says it improves physical well-being but is less convinced about it's impact on mental health.

Savvy_Sue

It's not so much going doo-lally I worry about, as turning into my mother! :eek:

Sadly I can already hear myself sounding like her, and my sister said I did too! :eek: :eek: