Since Lord Beveridge conceived the idea of social security within a welfare state way back in 1948, successive governments have tried to come up with an adequate pension scheme, and although things have improved, there is still a long way to go to catch up with our European counterparts. It is still necessary to make some extra private provision for old age if one wants to keep some semblance of the standard of life enjoyed during working days.
What is becoming increasingly clear is that in the future there will come an imbalance between the working population and those who are retired. The present younger generation will have to be more and more responsible to provide their own pensions to top-up the state allowance.
Financial budgeting then will be an important feature in old age, and for many there will have to be an alteration in life-style. Cuts will be necessary, but where should they be made? Expensive holidays are usually at the top of the hit list. Expensive foods may have to be occasional rather than regular. Keeping a car as long as possible is desirable, and the telephone is an essential life-line
Fortunately the elderly are not so fashion-conscious as the young, so clothes last a little longer, and anyway there are always charity shops, if one's pride allows!