Third of over-55s spend longer picking a car than planning retirement

clock • 2 min read

More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.

Around a third of retirees (32%) spend less than a week to make a decision on their pension income arrangements, compared with 40% who said they spend over a week to purchase a new car. This is despite more than half (52%) saying financial security was their main priority for retirement income, with just 30% saying they had never worried about their money out early. The findings, revealed today (24 September) in L&G's Price of Freedom research, come from a study of more than 2,000 members over the age of 55, and also showed around three in five (58%) members who had yet to retire had ...

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