Over-50s "making sacrifices" to fund retirement

25/11/2008

Four in five over-50s are still putting money by, concerned that they don't have a big enough nest egg for their retirement.

A report from Alliance & Leicester also showed today that 42 per cent of older people have made sacrifices in the past - or are currently making sacrifices - to boost their retirement income.

The credit crunch was also found to be a big concern among the future retirees, with 48 per cent worrying that it would have a "negative impact" on their finances over years to come.

Many pension funds are heavily invested on stock markets, which have fallen sharply with the onset of the financial crisis.

Comparatively high food and fuel prices have also hit over-50s in the pocket over recent months.

Hetal Parmar, Manager for Savings at Alliance & Leicester, said: "Aside from the confident few, 'Silver Savers' are concerned about their retirement nest egg and the effects of the current economic climate.

"A significant number say that they have yet to accumulate a comfortable financial cushion for their retirement and are living prudently now so that they can afford to maintain their standard of living later on."

Tags; Debt Management and Banking, Retirement Money Problems,

Regional Debt Advice; Debt Advice Leicester,

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