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Poverty tops list of retirement concerns

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Almost two thirds of British adults fear they won't have enough money in retirement, according to a survey by AXA Wealth.

The study of more than 2,500 people found 38 per cent are concerned their savings will not stretch far enough to achieve the kind of retirement they hoped for, while 29 per cent are anxious they won’t be able to afford essentials like food and heating once they leave the workforce.

Financial independence was also a major concern, as 25 per cent said they worried about becoming reliant on others.

Stoking these anxieties was a lack of knowledge. One third of people admitted to having no idea how much money they would need saved in order to achieve their goals.

Nick Elphick, managing director of specialist products at AXA Wealth, said: “Retirement should be a time of optimism and enjoyment, yet we are seeing that most people are unprepared and fearful of what may happen to them.”

Previous research by AXA Wealth found that almost 10 per cent of people aged 55 and over saw family support as a way to fund their retirement.

Elphick said: “Ultimately, none of us want to be dependent on others, but to achieve this people need to be supported in putting in place realistic and achievable steps to build the retirement pot they need. We have witnessed an entire generation sleepwalking into financial difficulties in later years and quite simply we cannot let this continue.”

AXA Wealth recommended that Brits approaching retirement consider taking steps like consolidating their wealth and pooling assets into a family self-invested personal pension (SIPP) to take full advantage of tax allowances.

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