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Annuity fears fail to quell optimism over retirement

Many people feel positive about retirement despite constant publicity about falling annuity rates and lack of pension provision, according to research carried out for RJ Temple.

Its survey shows that many people see retirement as a new stage in their life where they can pursue their personal interests although many are also concerned about the financial burden this may bring.

Single women are less positive about the future and have more concerns, with only 15 per cent seeing retirement as a time to do what they want compared with 45 per cent of married women.

The survey also found that 55 per cent of single women are concerned about not having enough money to live on compared with only 27 per cent of single men.

Younger people are most likely to see the importance of planning for retirement, with 51 per cent of 15 to 24-year-olds saying that retirement is a time worth planning for compared with only 16 per cent of people over 65 and 36 per cent across all ages.

Older age groups are more concerned about inflation and the cost of nursing care, with 31 per cent of 55 to 64-year-olds indicating that these are a worry.

The survey, conducted by MarketMinder during September and November, questioned 1,341 people throughout the UK.

RJ Temple communications manager Liz Walkington says: “Single women seem to be a more vulnerable market, one reason being that they are more likely to have lesser pension benefits than men.”

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