Independent Age says retirement calculators likely to be showing strain

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Independent Age says retirement calculators likely to be showing strain

Wed 16th Feb 2011

The sums on many people's retirement calculators are higher than ever before due to the rising cost of living and plunged level of interest rates.

As a result, pensioners' finances are being squeezed to an extent more noticeable than those of their younger counterparts, comments Simon Bottery of Independent Age, an organisation aimed at providing support for older consumers.

The charity's director of fundraising, policy and communications says inflation is hitting older consumers twice - once via the price of fuel and food, and again in the form of interest rate lows corroding the value of savings.

Because of the need to keep pensioners' homes warmer than those in younger demographics, energy bills are causing a real strain on budgets, he adds.

"It can leave them with the choice of either cutting back on other basics, eating into their savings (if they have them), or risking the cold and consequently their health," Mr Bottery warns.

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