The idea that older people splash their retirement cash on leisure and holidays is just a myth, according to new research by the International Longevity Centre - UK and Prudential.
Raeside Chisholm Solicitors Blog
More than 50% of retirees cannot afford to do all they wanted to do when they retire according to a study from HSBC.
Retirement specialist LV=, have conducted a survey which shows that many people now choose to phase their retirement and work past the age of retirement, cutting back on working hours gradually.
Retirement is life changing for most people - regardless of whether you are retiring with a partner or alone.
Age UK has recently published a report of the Financial Services Commission regarding the financial resilience of people as they grow elderly. The report showed that people aged over 85 are in the fastest growing segment of the UK population and people aged over 65 provide a vital contribution to the economy, spending more than £121 billion a year.
However, although there has been a great decline in pensioner poverty, economic advances have also meant greater economic independence and economic uncertainty. For example, the current sustained period of low interest rates could not have been predicted and this is greatly affecting the planned finances of the aging population.