More than a third of UK pensioners are unable to afford to live how they had hoped in retirement, with the average person needing an extra £180,000 during their 25 year pension lifetime, new research indicates.
A survey compiled by finds the average person over the age of 55 requires an extra £7,300 a year to pay for additional unexpected costs, chief of which are family commitments. A further three quarters of over 55’s believe they still have unfulfilled ambitions, with four in ten believing they will never be able to play them out and a larger proportion putting this down to a lack of cashflow.
Ali Crossley, director for Lifetime Mortgages at Prudential, says: “When you put yourself in the shoes of a pensioner, it is really easy to see how unexpected costs can jeopardise retirement ambitions. It is really upsetting to see that nearly half of the over-55s questioned think that they will now never be able to live out their dreams because they don’t have the money.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Gareth Vorster on 020 7968 4554 or email [email protected].IFAonline
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