Money is more worrying than Health to over-50s
Financial worries dominate responses, with just under a third (31%) of the over 50s saying they are concerned about the cost of living in retirement, with the same proportion of people saying they are worried about not having saved enough for a comfortable income in retirement. Andrew Tully, Pensions Technical Director at Retirement Advantage, said:
”Our findings are stark. Money troubles are what soon-to-be retirees fear most. When they should be planning for a long and enjoyable retirement, the over 50s are instead fretting that they won’t be able to pay the bills. One of the first things people should do is shop around the market for the right annuity, drawdown plan or a blend of the two. Early signs indicate that since the pension freedom changes were introduced in April, less people are actually shopping around for their retirement income. This is not good news and if people aren’t shopping around then it is quite possible they may well be receiving poor value from the products they buy.’’
Asked about what was important when thinking about retirement planning, seven in ten (70%) of the over 50s said the ability to pay their bills, with more than half (56%) saying the ability to go on holiday was important to them.
As a Financial Planner, ensuring that you don’t have the fear of running out of money is the bottom line for me – it really is the last thing anyone wants to have on their mind in retirement. Real financial planning can help here. Ideally 5-10 years before retirement, get your financial house in order with the help of a proper financial planner: Someone who can help you see the life you want and listens carefully to what that life looks like for you.
Many of my clients run successful businesses and protecting the wealth they’ve built up is vitally important to them, as is passing their assets to their children and grand children, rather than lose a huge chunk of it through inheriance tax that many pay unnecessarily.
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