New research by Zurich Insurance has shown that people in the UK are not retiring at the expected age, primarily because they have not planned their finances adequately.
Almost two thirds of Brits at retirement age are thinking of remaining at work, with nearly a third also expecting to have to work as they need the money. Another third though are doing it simply to stay active, in both mind and body, which shows how society and lifestyle has changed said a Zurich Insurance spokesman.
There are so many financial pressures in modern society meaning that retirement costs more than ever. This is a realisation that some people are coming to only now said Zurich Insurance, showing how important good pension planning is.
As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
A recent survey has shown that those aged 50 and over, the typical Saga Insurance customers, are concerned about how the credit crunch will affect their pensions and investments.
According to the survey, carried out by Millennium, over 75 percent of these Saga Insurance aged respondents believe the credit crunch will negatively impact on their investments, whilst almost 60 percent are expecting their pension provisions to be affected. However it is not all doom and gloom, since over three quarters of the over 50s are also saying they will not give up holidays and eating out.
People aged 50 and over tend to have a good view of the economy, having experienced its ups and downs over their lives. This is why the opinions of the Saga Insurance customers are valuable and worth bearing in mind no matter what age you may be.
