Birmingham Midshires: Pension uncertainty pushes over-55s into action

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Birmingham Midshires: Pension uncertainty pushes over-55s into action

Mon 24th Nov 2008

Birmingham Midshires has released the results of a study which shows that many Brits over the age of 55 are having to take action to ensure that they will be adequately provided for when they retire.

Nearly half of the people surveyed said they were concerned they would not be able to maintain a comfortable lifestyle after they retired and nearly one-quarter said they were planning to work after the age of 65 to help make ends meet.

Over one-third of people said they would cut out luxuries during their retirement, while one in five said they would be moving to a smaller house.

Tim Hague, director of savings and investments at Birmingham Midshires, said: "When people should be winding down to their retirement and enjoying their financial nest egg, the over-55s are more concerned than ever about whether they can afford to live on what they have saved."

Prudential published a survey earlier this month which showed that many working-age adults were cutting down on their pension contributions in order to save money in the short term.

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