Retirees face tough retirement calculator situation, says JDWM rep

www.moneynews.co.uk > Retirement calculator > Retirees face tough retirement calculator situation, says JDWM rep

Retirees face tough retirement calculator situation, says JDWM rep

Tue 16th Nov 2010

The "good times" for pensioners are over, according to an expert from Jonathan Davis Wealth Management (JDWM).

Economist and wealth manager at the company Jonathan Davis said the cost of living for retirees has risen sharply, while the return offered by savings has dropped "dramatically".

He warned: "Life will get much tougher for retirees with falling relative incomes, falling house values, falling social and health care and a generally much higher cost of living."

In his view, people approaching retirement should avoid taking on any new debts and think about trading down their homes in order to free up cash.

Mr Davis criticised figures published by Age UK Enterprises, which indicated individuals over 55 are £600 worse off each year as a result of inflation.

He suggested this study does not give an accurate picture of the costs facing this demographic, claiming they spend a much higher proportion of their incomes on necessities such as food than has been reported.

Click here for more retirement calculator news

Related News : Retirement calculator
	Many Brits 'failing to save for retirement'
	Older Brits 'must get all the benefits they are entitled to'
	Many over-60s 'can just afford the basics'
	Older Brits 'feeling more of the strain'
	Over-50s 'suffering most from inflation'
	Retirees 'to challenge work-shy youngsters'
	Retirement incomes hit five-year low
	One-size-fits-all approach 'not right for retirement planning'
	Brits 'must reassess retirement plans'
	Homeowners advised to 'take small steps' when downsizing