Money News
14th August 2008
Over-50s warned over retirement finances
Hundreds of thousands of over-50s are failing to engage with their retirement finances, potentially leaving them short of money when they give up work.
New research released by Aegon shows that 42 per cent of people aged between 55 and 65 believe they will be better off in retirement than their parents.
However, among the same group 42 per cent said they are unsure how much income they will have to live on when they give up work, suggesting that this confidence could be misplaced.
Rachel Vahey, head of pensions development at the company, urged those approaching retirement age to take a more proactive role in their finances to ensure they are not faced with an income shortfall.
She said: "Retirement isn't the abrupt cliff edge it once was and, for many of today's ‘baby boomers', retirement age marks a new and exciting chapter of their lives.
"But if you want to make adventurous life choices and have a more flexible approach to retirement you have to know what income you're on track to receive and plan carefully."
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