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Cash shortages to stop retiree dreams coming true?
25 March 2008 12:00
Many Britons on the verge of retirement have ambitious and expensive plans for the future, according to a new survey, but may not have the funds to realise them.
Nearly three out of five people quitting work this year see retirement as a time to do the things they had always wanted to, with Prudential's poll finding that one in three hope to travel the world and over one in four aim to spend at least a quarter of their time abroad.
Other potentially costly aspirations include entering further education, the ambition of one in nine retirees, while one in 20 plan to build their dream home, one in 25 to restore a car and one in 50 to build a boat.
Yet the harsh reality behind these lofty ambitions is that over one in five people retiring this year fear that they will be unable to afford a decent standard of living or to realise all of their goals, while one in 20 admitted to not looking forward to retirement.
Prudential's Gary Shaughnessey therefore urged retirees to consider all available avenues for boosting their incomes, including equity release, as well as to seek the aid of a financial adviser in structuring their retirement provisions.
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