Aviva highlights retirement calculator issue

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Aviva highlights retirement calculator issue

Thu 26th Aug 2010

Brits approaching retirement have an additional outgoing to worry about these days, according to Aviva.

Clive Bolton, at retirement director of the firm, explained that many adult children expect financial support from their parents, even when they have finished working and have begun to draw their pensions.

He said: "The financial landscape and the pressures on the modern family have massively changed over the last decade, as has the profile of a typical retiree."

Research by Aviva shows that 18 per cent of parents believe their offspring are likely to need monetary assistance when they have retired, while 30 per cent of adult children agree that this will probably be the case.

Mr Bolton suggested that people can avoid confusion and disappointment by discussing the situation "sooner rather than later".

This month, Aviva announced that it has signed an agreement to become the exclusive life protection provider for Santander's UK operations.

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