Cost of Living: Eamonn Holmes on impact on pensioners
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Pension and retirement planning is often years in the making, but these dreams are at risk for thousands. This is due to the rising cost of living, with many worried they will be financially stretched as a direct result.
Now, a new survey has demonstrated the depths of the issues faced by those on the cusp of retirement.
According to Unbiased.co.uk, three quarters of those aged 50 or over are concerned about how rising prices will impact them after they leave the workforce.
One in two have now expressed fears they will not have enough income to survive financially once they stop working.
Karen Barrett, CEO and Founder of unbiased, said: “The cost of living crisis has pulled retirement plans into sharp focus.
“Three quarters of the population are worried that they won’t be able to afford to stop working.
“Worryingly, 63 percent of Brits have no idea what a pension pot should look like when it comes to funding the kind of retirement they’d like.
“Burying your head in the sand will only make things worse as retirement takes planning.
“It is better to act now.”
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Over 50s are a group who are particularly feeling the strain of the cost of living crisis.
The organisation found more than half of those asked said they have been hard hit by the cost of heating and food.
Some 24 percent of those who were planning to retire in the next three to six months have now decided to carry on working.
This is due to the fact rising prices have been too much to cope with.
Consequently, these individuals are hoping to counteract the negative impact on their lives.
Although Britons have worked hard and feel they deserve a comfortable retirement, many fear they will have to work longer – past the typical retirement age – to make ends meet.
Ms Barrett concluded by urging people to take action when it comes to their pension.
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This could involve finding a regulated pension adviser who is likely to provide tailored and specialised advice.
The Government also offers a service known as PensionWise.
The free and impartial service offers guidance about a person’s pension options for retirement.
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