Wealth bigger concern than health for those nearing retirement

Those nearing retirement are more concerned about a hole in their finances than failing health, according to research by Hargreaves Lansdown.

The direct to consumer platform asked people to pick their top three retirement fears and found 48 per cent said not having enough money was most concerning.

Second on the list was becoming ill, which 43 per cent were most worried about, followed by losing mental capacity, which was ranked first by 38 per cent of respondents.

In terms of what people were most looking forward to, 46 per cent said travel, 41 per cent said free time and 31 per cent said they most looked forward to spending more time with their partner. However, from its 1,516-strong study, HL estimates around 20,000 people, or 3 per cent of those retiring each year are dreading spending more time with their partners.

HL senior analyst, Nathan Long, says: ‘Running out of money is the number one fear when we think about retirement followed closely by a decline in both our physical and mental health. Very few people get to retirement bemoaning having saved too much, so make squirreling away a little more every month your first step.

“We generally envisage spending plenty of time with our other halves when we’ve stopped work, with travel topping the retirement wish list. Discussing your retirement plans in advance will help ensure you are on the same page as your loved one and help you avoid joining the minority of people who are dreading spending time with their other half.’

Recommended

Paul-Lewis-grey
2

Paul Lewis: HMRC has made a mess of state pension credits

Thousands have been incorrectly fined, with many also missing out on vital state pension credits In a rare admission of incompetence, HM Revenue & Customs is to waive penalty charges for tens of thousands of parents who received child benefit even though their income was too high. They will still have to pay the back […]

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpg
27

Waspi women should be given £15,000 each, Lib Dems say

The Liberal Democrats have called on the Government to correct the “injustice” faced by the Women Against State Pension Inequality Campaign by giving them £15,000 each. Stephen Lloyd, the Liberal Democrat spokesman for work and pensions says the Government should do so immediately. Lloyd argues successive administrations have failed to help women who are set […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

Business-Handshake-Meeting-Deal-Low-Angular-700x450.jpg
2

Quilter acquires three more advice firms

Quilter Private Client Advisers has acquired another three financial planning firms as it continues to expand. Eastgate Financial Management, Holdaway Johnson, and Clive C Aitkenhead Financial Consultant, based in Cheltenham, Surrey and Blackburn respectively, will all join the Quilter advice business formerly known as Old Mutual Wealth Private Client Advisers. David Irving,  Charles Holdaway, and Clive […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. No kidding Clyde!

    People near or at retirement age always know that they will be at risk of health issues. Wealth makes it easier to bear. Same as happiness – at least with money you can be miserable in comfort.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com