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Retirees worry about income sufficiency
9 May 2008 13:04
People nearing retirement are concerned about their future financial security, according to a new survey, yet they are not doing enough to ensure that their income is sufficient.
Two thirds of respondents to Liverpool Victoria's poll said that they had become more worried about their future financial situation over the past year, typically believing that they will need an annual income of £20,100 in retirement but only expecting £16,900 a year.
Their biggest future concern is the rising cost of food and utilities, which was cited by over three out of four Britons facing retirement, with more than two out of five mentioning the threat of recession and over a third also referring to rising interest rates.
Yet worryingly, one in four of this group are still not saving for retirement, while almost half have not increased their provisions despite their fears about the future and one in six have even decreased the amount that they are putting away.
Liverpool Victoria's group chief executive Mike Rogers expressed concern over this lack of retirement preparation and urged retirees to seek advice so that they can make the most of their finances after they have given up work.
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