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Most over 60s plan to spend not save for the family

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31/01/2013
Six out of ten over 60s plan to spend during their retirement and leave nothing for their family in their will, it has been revealed.

A study by retirement property developer McCarthy and Stone into the financial stability of 1,000 adults over the age of 60 found many have a ‘live for today’ attitude to their twilight years.

Only one in four said they are doing all they can to ensure they leave their children and grandchildren in a strong financial position.

However, more than half of those polled said they were so concerned about their financial future that they had sat their children down to discuss potential eventualities.

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.

“Our research shows that although many older people worry about how they will cope in later life and do not want to become a burden to their children, a concerning proportion of them do nothing about it.”

The report found one in four over 60s haven’t made a will.

Crossley said: “There are many reasons why people of all ages may not make a will, ranging from concern about legal costs to apathy and a fundamental misunderstanding about what will happen if they die intestate without a will.”

However, not having a will could be damaging for your family in the future.

Priti Shah of OGR Stock Denton LLP says: “It is a false economy not to have a will. The intestacy rules are stringent and may not necessarily benefit your immediate family in the way you assume. Particularly, with an ageing population, it is of paramount importance to obtain proper legal advice whereby savings on inheritance tax and potential care home fees could be achieved”.

For more, read our guide to will-writing here.

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