Retirement
Over 60s plan to ‘spend, spend, spend’ in twilight years
Over 60s are not planning on leaving anything in their wills as they plan to ‘spend, spend, spend’ during their retirement years, according to a new report.
A survey done by McCarthy &Stone Money found that many over 60s have a live for today attitude, with six out of 10 planning to leave nothing.
Only one in four of those who took part in the survey revealed they are doing all they can to ensure they leave their children and grandchildren in a strong position.
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.”
The report highlighted that more than half of those who were polled said they were so concerned about their financial future that they had sat their children down to discuss potential eventualities.
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Crossley added: ”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 research also found only one in four of the over 60s have made a will.
”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).”
The report also revealed that loss of independence and ill-health are bigger retirement worries than the financial aspect.