Big 50, which interviewed 50,000 people age 50 and over, found that, when asked to think about their biggest concern for the future, 28% of retired people said money.
SunLife’s study found that those aged 50+ but not yet retired are even more concerned; 38% said money is their primary future concern, 47% said they don’t think they have enough money in their pensions to cover their retirement while half are worried their money will run out before they die.
Ian Atkinson, director of marketing said:“Our research shows that the vast majority of retired people think they retired too early (85%); while there could be many reasons why they feel this way, our research suggests that money is the main issue as a third are now concerned their money won’t last as long as them!”
And this may be a legitimate concern; according to the ONS, life expectancy for a 65 year old woman is 85 and for a 65 year old man is 83, up two years from ten years ago, which means after retirement, people still have 18-20 years to fund1.
This could also explain why one in seven people aged 66+ are still working, why one in five retirees earn money from something other than their pensions, savings or investments and why more than one in 20 (6%) over 50s who have retired from their main job have gone on to start their own business.
Ian concludes: “Our research shows that millions of retirees are currently earning extra cash in a range of different ways; from selling things on ebay and renting out property, to private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell while others are even modelling for art classes!
“What our Big 50 research has shown more than anything is that people aged 50+ do not see themselves as old, quite the opposite. Most feel younger both mentally and physically and for many, turning 50 has had a really positive impact on their lives, giving them the push they needed to try something new. So whether that is starting a new job, stating a new business or being a bit more creative about earning cash, there are plenty of thing that retirees can do if they are concerned about their finances.”
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