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Wealth equals health for retirees

Wealth equals health for retirees

Category: Pensions

Updated: 13/04/2010
First Published: 13/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
People have been told to save more for their retirement, after it was suggested a retirees' health could be linked to their wealth.

The call comes after a survey by Prudential found that people planning to give up work in 2010 were more concerned about ill health than having enough money to live on.

Two-thirds (66 per cent) of people approaching retirement said they feared their health deteriorating, compared with 55 per cent who worried about not having enough money to be able to enjoy themselves or do the things they want to do.

A similar percentage (54 per cent) said they were concerned about the rising cost of living, yet making ends meet on their retirement income was the top concern for just two in five (42%) people surveyed.

"In reality, people need to be equally as concerned about their money as their health in retirement, particularly women, as we know from our own research that they get less in their pensions than men," said Karin Brown, director of pensions and annuities at Prudential.

"It's totally understandable that people would worry about their health worsening as they get older, but without having sufficient money to enjoy retirement and actually keep healthy, there is little to gain from worrying about health.

"There is a direct link between financial security and health and so if you are well prepared financially for your retirement and put yourself in a position where you can live comfortably and have enough money to keep you going, then your health is less likely to be an area of serious concern.

"You don't have to be super-rich to enjoy a financially secure retirement. It just takes a bit of careful planning and the earlier you start, the better."

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