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Pension confidence low for over 60s despite financial security

Pension-Pensioner-Elderly-Older-People-700x450.jpgA new study by Just Group shows seven in 10 over-60s feel financially well prepared for retirement but also lack confidence about the size of their pensions.

Research carried out by Opinium Research on behalf of Just in January 2019 among 4,000 UK adults reveals concerns about meeting future care costs and ability to leave an inheritance.

It finds 72 per cent of those aged 60-69 and 77 per cent of those aged over 70 felt financially well prepared for retirement, significantly higher than younger age groups.

The majority of over-60s who felt well prepared say it was because they can maintain their current lifestyle for the foreseeable future.

However, only four in 10 say it was because they had sufficient savings for retirement while three in 10 say it was because they were confident of leaving an inheritance.

Just Group communications director Stephen Lowe says: “It’s surprising that many of those nearing the end of their working lives who say they feel financially well prepared also told us they don’t feel they have sufficient savings for retirement, inheritance or care costs.

“While around six in 10 do feel able to maintain their lifestyle for a while, far fewer feel confident about the longer term financial realities of the retirement years.

“Home ownership gives people more confidence around meeting these longer term financial challenges, most likely because they know they can access the property wealth if needed.”

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  1. How can people who say they feel financially well prepared (for retirement) also say that they don’t feel they have sufficient savings for retirement, inheritance or care costs? You either do or you don’t.

    For married couples in reasonable health who start to plan before they become old and infirm, the issue of IHT can be addressed cost effectively by way of a JL SD WoL.

    As for LTC, I can’t find any UK insurance plans ~ are there any still? About 15 years ago, Aviva took a good stab at establishing itself in this market but failed, not because its policies were poor or exorbitantly expensive but simply because of consumer apathy other than for relatives trying to take out plans for aged and infirm relatives who were already on the verge of having to go into care.

    As for IncDD, far too many people (IMO) are prioritising being able to leave their pension fund/s to their heirs over ensuring a secure, stable and adequate retirement income for themselves, ignoring the very real risk of markets falling and the (possibly irrecoverable) pound:cost ravaging that can follow.

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