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Information from the Financial Adviser 16/06/18
‘Dangerous cocktail’ impending for over-50s generation in retirement
“50% of those not yet retired said they were not well prepared for the day they stop work”
Britons face entering retirement unprepared thanks for a ‘dangerous cocktail’ of longevity and historically low interest rates, according to research. The over-50s generation face having to rely on their own resources …. which, are likely to run out much sooner than the average person thinks. Findings raised a series of warning flags for policy makers as they show a generation approaching retirement dangerously unprepared, with little understanding of the presssures their assets might come under for funding both the essentials and their aspirations in later life.
One study showed that 50% of those not yet retired said they were not well prepared for the day they stop work, while 35% said they worried about how they will manage financially in retirement. Despite being good at counting the pennies, their caution has meant they stayed largely in cash accounts, meaning they potentially missed out on one of the longest bull markets in history.
A recent study showed – the prudent, ‘waste not, want not’ generation are now unprepared for the reality of a retirment that can stretch out for decades. 77% of retirees interviewed in the study were currently not being advised and 56% said they had never taken advice. Moreover, 35% were adamant they would never consider getting advice (!) despite 44% of those surveyed admitting they do not have enough knowledge to make the best decisions, and 41% claiming they did not feel confident enough to make decisions without seeking advice.
Many people have been squirreling their money away into cash savings products at the time when they could have been thinking about investment risk and the power of compounding returns. He added that while investment risk might not be for everyone, too much caution can cost – especially as inflation has outstripped cash returns.