The prospect of retirement is one that many elderly people look forward to as they hope to do many of the things they couldn’t do in their working lives. However, one of the biggest hurdles is finding the money to ensure that retirement lives up to their expectations. According to the latest research by Aviva, the insurance giant, around half of 55 year olds felt that they are likely to struggle to fulfill all their retirement ambitions due to financial constraints. These figures correspond to evidence revealed by the Daily Telegraph that suggests that one third of Brits do not have any savings for retirement.
When one looks to the figures of a person aged over 55 earning between £20-30k per year it is understandable why people are concerned. The survey suggests that over 50% of people in this group have saved less than £30k in a pension. With this kind of income individuals will struggle to survive, let alone be able to enjoy their retirement. Furthermore, figures revealed by the Daily Telegraph suggest that 14% of retirees will have to rely on the state pension currently less than £100 per week.
So what would people like to do once they retire? According to the Aviva survey, about half of respondents wanted to spend more time pursuing their interests and hobbies, while other people felt that they would like to become more healthy and spend more time with their friends and families. Interestingly, a smaller percentage of people would like to take a more glamorous route and travel the world once they retire.
The big question is, with the current state of people’s finances how many will truly be able to fulfill their ambitions once they retire?