Raeside Chisholm Solicitors Blog

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.

Recent research from the International Longevity Centre-UK (ILC-UK) and the Personal Finance Research Centre (PFRC) at the University of Bristol has painted an up to date picture of “financial wellbeing in later life”, exploring issues as broad as patterns of spending, debt, financial satisfaction and quality of life in older age.

Two leading think tanks have clashed on the best way to house Britain’s ageing population.

Retirement means different things to the ‘baby boomers’ now reaching retirement than it did to their parents - if the findings of Aviva’s most recent Real Retirement Report are anything to go by.