You are here: Home - Retirement - Retirement planning - News -

Over 50s ‘lurching like zombies’ towards retirement

0
Written by: Paloma Kubiak
19/06/2017
The over 50s aren’t adequately preparing for retirement because they’re daunted by the prospect, a survey reveals.

Six in 10 (61%) haven’t requested a state pension forecast so they’re missing out on information about the level of income they’ll receive. This is despite this money being the main source of income in their later years.

Only 58% polled said they have a will, while a lowly 35% feel they are adequately prepared for their retirement, according to Retirement Advantage.

However, 9% said they feel daunted by the whole idea of retirement.

Andrew Tully, pensions technical director at Retirement Advantage, said: “In 2017 we find there is a perilously low level of understanding and financial activity in preparing for retirement. We don’t want people to lurch, like zombies, towards their retirement. Some of this comes down to real fundamentals such as: “Do I have a will in place?” or “Just how much is my state pension income going to be worth when I retire?” These are relatively easy things to do and find out, but it shows more simple help is needed.”

Tully stresses the importance of getting an accurate understanding of the pension the government will pay as the difference can be over £100,000 through a 20-year retirement.

“Many of those we interviewed said they will need to supplement the income they receive from the state. This is unsurprising, but unless people have the numbers then they can’t properly plan how any income from a workplace pensions fits, or work out if they might need to unlock some of the value in property to get the desired standard of living. There is a real need for people to take time to sit down and consider their retirement plans,” Tully said.

There are 1 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Government hauled to court over self-employment grant discrimination claim

The chancellor is due to appear at the High Court this Thursday over claims the government discriminated again...
Government hauled to court over self-employment grant discrimination claim

Driving instructors can’t pass learners unable to book test in lockdown

The government confirms it will not lay legislation to allow driving instructors to pass learner drivers who a...
Driving instructors can’t pass learners unable to book test in lockdown

Millions of self-employed face double tax bill this January

Sole traders still due to pay their deferred 2019/2020 self-assessment payment in July face a double tax bill...
Millions of self-employed face double tax bill this January

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Stock of the week: Saga

Graham Spooner, investment research analyst at The Share Centre, picks Saga as stock of the week.

Close