45% of retirees are concerned they’ll 'run out of money' in retirement
Inflation and the cost-of-living has caused retirees in Dorset to worry about their retirement
People in Dorset are becoming increasingly concerned they will run out of money in retirement with the current cost-of-living crisis.
This comes as Ageon UK finds more people plan to work beyond the State Pension Age and only 27% of people expect to stop working altogether.
Meanwhile, 37% said they’d go part-time or work temporary contracts so they “don’t run out of money in retirement.”
Rob Thomas, a retired accountant from Lyme Regis, told us: “it’s a challenge for many people that retirement just isn't a possibility until the state pension kicks in, which at least gives you some sort of guaranteed income but maybe not at the level of lifestyle you're accustomed to.”
This is a worry amongst 45% of retirees amid heightened inflation and battling the cost-of-living crisis.
Mr Thomas added: “I can imagine people are contemplating retirement will be really concerned about that. This just shows that from an economy perspective, none of us have any idea about what might happen in the future.”
New data suggests that someone aged 65 years old will live for another 22 years and 1 in 4 born today will live to reach their centenarian.
Mr Thomas cited rising life expectancy as a concern many have: People have been frightened of retirement, they're not sure what to expect, and, with people living longer there's much more capacity for spending a significant chunk of your life post-retirement.”
In a statement, Ageon UK wrote: “We should not let this concern overshadow the fact our longer lives will allow more time to do what we love.”