Lincoln Financial Reveals Brits Retirement Concerns
A significant number of Britons hold concerns about their ability to manage their money in later life, new research reveals.
In a study carried out by Lincoln Financial Group, it was revealed that more than two-fifths (41 per cent) of adults are worried that they will not have enough money in order to provide them with a comfortable lifestyle upon retiring from work. Meanwhile, findings from the firm showed that over one in three consumers are consigning themselves to the fact that they will have to work during their retirement – either on a part or full-time basis – to ensure they can fund a certain standard of living. It appears that older people in particular hold such concerns, with a tenth of those over the age of 55 claiming they are planning on working full-time during retirement. Just under half (47 per cent) of these respondents, meanwhile, are set to find a part-time job.
And in having such concerns about their capacity for financial management in their autumnal years, it could well be possible that consumers find their ability to get to grips with spending commitments is under strain. As such, managing repayments on a personal loan, meeting the cost of household bills that are more costly than they had previously expected or paying for repairs to their home could become a more difficult task.
Furthermore, it was indicated that 11 per cent of Britons questioned think that they will not have enough money in their retirement fund to last them until the age of 70.
Commenting on the figures, Simon OConnor, head of product and marketing for the Lincoln Financial Group, said: "Retirement is often thought of as a time to stop working and start slowing down to enjoy life. However, with over a third of retirees now either working full or part-time and 41 per cent believing their pension pot wont be enough to cover their lifestyle needs; it has become even more apparent that effective planning for retirement is essential. Our research reveals that 17 per cent of people want a pension that is going to give them the maximum possible income throughout their retirement."
He added that obtaining a variable annuity could be one way for people to ensure that they have an income for their entire life as they can provide a middle ground between "conventional annuities and income drawdown".
Are you worried about your ability to manage money in retirement? Concerned that you wont have enough money to provide you with the lifestyle that you have become accustomed to after giving up work? Applying for a debt consolidation loan could prove to be of assistance. By doing so, borrowers may be able to merge various financial commitments into a single low-cost monthly repayment. This could leave consumers with more disposable income to invest into a pension pot. Doing so may prove to be especially useful after Birmingham Midshires recently revealed that about a third of over-55s from London are planning on working beyond the age of 65 in a bid to ensure they have a comfortable retirement.
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