Over 55s Looking To Maintain Lifestyle In Retirement
Britons are increasingly taking steps to secure their financial future, it has been reported.
In a study carried out by Birmingham Midshires as a part of its Saving Britain research, it was reported that a significant number of those over the age of 55 are looking towards various measures in a bid to supplement their income during their golden years. One of the most popular plans of action consumers are set to follow to make sure they are able to maintain a comfortable standard of living in their retirement is to currently live on a minimal budget, with some 33 per cent of respondents looking to do this.
It was also revealed that about a quarter (24 per cent) of people across the country plan on working beyond the age of 65 in order to give a boost to their pension pot. However, doing so seems especially popular with those living in London, as 32 per cent of over-55s from the capital are considering this.
Overall, it was revealed that 49 per cent of people claim to be concerned that the amount of money they have currently saved in their retirement fund will not be enough to provide them with a comfortable lifestyle during retirement.
And in having less money in their pension pot than they had expected, consumers could find that their retirement sees them struggle to keep up with various financial commitments in areas such as personal loan repayments, credit cards and utility bills.
Research from the financial services firm also indicated that some 36 per cent of Britons are set to miss out on lifes little luxuries in order to give a boost to their pension fund, with 22 per cent considering moving to a small home. In particular, it was shown that people living in London and the west of the country are most likely to consider the latter to help sustain their income. Releasing equity from a property and moving abroad were also revealed to be sought-after means of ensuring that retirement will prove to be comfortable for consumers.
Tim Hague, director of savings and investments for Birmingham Midshires, said: “The Saving Britain research reveals that Brits are preoccupied with planning their financial future to an increasingly later stage in life. When people should be winding down to their retirement and enjoying their financial nest egg, the over-55s are more concerned than ever about whether they can afford to live on what they have saved. Changing economic circumstances may present an opportunity for those who are now in their 30s to review their finances and learn lessons about saving realistic nest eggs for when they reach retirement age.”
As their retirement approaches, people with concerns as to how they will be able to manage their money after they give up work might want to consider applying for a debt consolidation loan. By taking out such a loan, borrowers may be able to merge various spending commitments into a low-cost monthly repayment, leaving them with more disposable income. Such money could then be invested into a retirement scheme. A consolidation loan for this purpose may be especially useful after Fairinvestment revealed last month that women are currently saving an average of 50 pounds per month into a pension plan.
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