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Over-60s failing to get their financial house in order for retirement

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Many over-60s are failing to put their finances in order despite experts predicting people living far longer than ever.

As the Association of British Insurers warned last week that living beyond 100 will become the norm by 2100, research from later living experts McCarthy & Stone revealed that many over-60s have no idea how they are going to cope financially. 

The survey highlighted that 9% of respondents have no idea how they are going to cope in the future, which if compared to the population of over 60s living in the UK, equates to over 1.2m people.

25% of those surveyed have yet to make a will, while 48% have never talked to their family members about their money, pension, savings or future housing and care needs.

Ali Crossley, executive director of McCarthy & Stone, said: “As experts predict that life expectancy will continue to increase, people cannot afford to bury their heads in the sand about the way they will manage financially in their retirement years.

“They need to discuss these issues with their family and put clear plans in place.”

McCarthy & Stone’s has launched a new financial planning guide which provides a variety of information, including a financial planning checklist, advice on state benefits that people might be entitled to and options to help them fund their retirement, including equity release and downsizing.

It also gives advice on issues such as making a will and appointing a power of attorney.

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