Pensions calculator Aviva highlights impact of unexpected expenses

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Pensions calculator Aviva highlights impact of unexpected expenses

Thu 9th Sep 2010

Unexpected expenses can prove to be very difficult for a pensioner to afford, a representative from Aviva has noted.

At retirement director at the company Clive Bolton claimed that the impact such costs can have on a retiree's bank balance underlines the importance of building up a significant level of savings.

"Retirement income is also relatively fixed, which is why any rise in the cost of living is particularly concerning for this age group," he remarked.

These comments were made after research by Aviva indicated 91 per cent of over-55s in the UK have had to cope with unforeseen expenses in the past five years.

Mr Bolton pointed out that most people want to be able to relax when they finish working, but currently there are many pensioners who do not have a large enough income to be comfortable.

This week, Aviva published a study showing that each year of retirement is funded by just under two years of work, highlighting the issue of the UK's ageing population.

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