Millions of pensioners’ retirements are being jeopardised by the unexpected costs that come after they stop working, says Prudential.It says 3.75 million pensioners are struggling to live the life they expected. Prudential says that for the average person in the over-55s category, the “magic sum” that would make a real difference to their retirement would be an extra 7,300 a year while one person in three says they will need 10,000 a year more for a comfortable retirement. Of the 1,108 adults questioned, 75 per cent say they still have ambitions they want to fulfil but 42 per cent say they are not likely ever to be able to carry out these plans. Children and grandchil-dren were cited as the bigg- est unexpected cost by 40 per cent. Home improvements and maintenance were the biggest cost for 30 per cent and 20 per cent say med- ical bills. The research shows that 17 per cent of over-55s would consider a lifetime mort- gage to help them achieve their retirement ambitions compared with just 7 per cent in 2003. Director for lifetime mortgages Ali Crossley 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 in the survey think that they will never be able to live out their dreams because they do not have the money. “Many of these people do not realise that there is ano-ther source of income they can turn to – their property. With the recent house price rises, there is 693bn tied up in equity and this money could be released using a lifetime mortgage.”
The FSA is letting consumers down by failing to monitor the status of financial advisers under depolarisation, says IFA Promotion chief executive David Elms. Elms says the FSA’s refusal to document the scope of advisers’ businesses means the FSA is unable to provide consumers with vital information on whether an adviser is independent, whole of […]
Is it just us or is everybody getting very excited about Japan all of a sudden? In the last few weeks, we have received unprecedented numbers of unsolicited (yet very welcome) calls from all types of Japanese fund managers with glad tidings from the East.
Life insurance and Asu could be bought from dentists following the regulation of general insurance, says Bankhall commercial development director Shaun Godfrey.Since January 14, the gen- eral insurance rules bring vets, dentists and motor firms into the FSA regime, allowing networks within these diverse groups, with some training, to diversify into financial serv- ices, says […]
A monogamous relationship with a specialist mandate can force managers to bypass pot- entially lucrative opportunities.
Employees at Johnson Fleming, in Bromsgrove, Worcestershire, are looking forward to trying out some dramatic new hairstyles on Wig Wednesday. A host of colourful wigs will brighten up the office on 20 May as staff support children and young people with cancer.
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