UK Money News
9th May 2008
Over-50s fearful over retirement finances
Millions of Britons approaching retirement age are harbouring severe doubts over their financial security when they give up work, a new survey has shown.
In a study conducted by LV=, 66 per cent of the over-50s polled confessed that they are concerned as to whether they will have sufficient savings to enjoy a comfortable retirement.
The concerns are being fuelled by their inability to put aside sufficient money in the form of savings and pensions as a result of the credit crunch.
In the poll, the average annual income which respondents said they feel they would require in retirement was £20,100.
However, the actual sum is more likely to be around £16,900.
Responding to the figures, Mike Rogers, group chief executive of LV=, said: "Our advice to anyone approaching retirement is to seek professional financial advice to ensure you make the most of your finances when you retire.
"And young people shouldn't ignore their own retirement needs, despite it being decades away. Saving just a little and often - as much as you can afford - is a step in the right direction."
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