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Baby boomers worried about funding retirement

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The number one financial concern of baby boomers nearing retirement is not being able to maintain their current lifestyle throughout their golden years, a survey reveals.

The second biggest worry is not being able to stop work when they want to; and the third is not being in a position to financially support close relatives, according to the research by financial advice firm deVere Group.

Some 52% of respondents said that they were concerned that they would have to ‘downsize’ their lifestyles at some point in their retirement.

Nigel Green, founder and CEO of deVere Group, said:  “Despite the baby boomers being one of the wealthiest generations, with many having sizeable ‘nest eggs’, many still have major financial worries about their retirement.

“All the top concerns of baby boomers’ come down to fears that they have not saved enough throughout their working lives. This underscores that there needs to be a seismic shift in attitudes to saving, in order to mitigate the avoidable pitfalls.”

He added: “With life expectancy rising – meaning savings need to stretch further – the cost of living on an upward trend, ballooning deficits in company pension schemes, the low interest rate environment, rising care and medical costs, and the fact that it is inevitable that the government will not be able to financially support retirees in the future as it has done for previous generations, amongst other factors, it’s clear that the savings culture must be revitalized.

“Failure to do so will likely result in these fears highlighted by baby boomers being realized for many people.”

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