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Many fear financial costs of retirement

Six in 10 people over the age of 45 believe their well-being and comfort in retirement will be bleak, according to research by Birmingham Midshires.

Its Saving Britain 2002 study shows people&#39s fears for their old age run beyond the size of their pension and savings to the lifestyle implications of their financial costs in retirement.

One in three people over 45 say their main concern is the standard and cost of healthcare. Almost one in five, 17 per cent, fear they will not be able to afford to retire at 65 and will have to carry on working in to their 70s.

Almost one in three, 30 per cent, said living in a retirement home was their biggest worry about life in the future. Midshires says retirement homes cost an average of £15,000 a year and nursing homes cost £20,000 a year, putting pressure on the money available to pensioners.

Only 8 per cent of those aged over 45 worry about paying off their mortgage, while one in four people aged 16-25 worry about getting on to the property ladder.

Head of savings and investment marketing Tim Hague says: “The savings gap is a huge burden for a generation to carry and only really covers ensuring a comfortable retirement. There is still the issue of paying for long-term care. As a nation we need to seriously reconsider our attitudes to money. Saving is one habit you will welcome as you grow older.


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Norwich Union adding to MVR

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Critical condition as Swiss Re ends cover

A move by Swiss Re to stop underwriting critical-illness policy guarantees could devastate the market for guaranteed CI products.Advisers are concerned that other reinsurers, notably GE Frankona, could follow, finishing off the CI market for products with terms of over five years without premium reviews.Swiss Re is to stop offering guarantees of more than five […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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