What worries you most about retirement?
Some worry about their health as they get older.
It’s a natural concern, with poor health often preventing us from doing the things we want in later life; including working for later to supplement our retirement income.
It’s money though which seems to worry people most about retirement.
According to some new research by Retirement Advantage, concerns over money are dominating the thinking of pre-retirees.
The research was carried out by YouGov and found that almost half of over 50s are worried about not having enough money in retirement to do the things they want to do.
This compares with just over a third who are concerned about health problems.
Financial worries dominate responses – just under a third of the over 50s said they are worried about the cost of living in retirement.
The same proportion of people admitted they are worried about not having saved enough for a comfortable income in retirement.
Asked about what was important when thinking about retirement finances, seven in ten of the over 50s said the ability to pay their bills, with more than half saying the ability to go on holiday was important to them.
We think people should be planning for a long and enjoyable retirement, rather than worrying about their ability to pay for the lifestyle they choose.
One way to remove these money worries ahead of retirement is to construct a comprehensive Financial Plan.
This can give the peace of mind that you will never run out of money in retirement.
If the Financial Plan shows that things will be tight, adjustments can be made to your goals to ensure you never run out of money.
When a Financial Plan is constructed early enough, there is time to refocus spending priorities and fill your retirement pots accordingly.
And when the time comes to actually retire, your Financial Plan can inform the most suitable decisions about generating a retirement income.