Retirement funding being placed on the back burner - Retirement - News - Moneyfacts

News

Retirement funding being placed on the back burner

Retirement funding being placed on the back burner

Category: Retirement

Updated: 20/05/2013
First Published: 20/05/2013

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 It is now over 6 months old so the content may be out of date.

Thousands of adults in the UK are burying their heads in the sand when it comes to planning ahead for their retirement, according to a new survey by National Savings & Investments.

Around 31% of people have no idea how they will finance themselves during retirement, whilst 27% claimed that they simply do not want to think about planning ahead for events such as care and nursing costs or long-term illness.

Almost a quarter appear to be focusing on the present rather than putting money away for the future and feel they don't have the time nor inclination to plan ahead for their retirement.

The cost of care in retirement was cited as a major concern, with an encouraging 44% of people actively placing money aside to cover the eventuality of going into a nursing centre or being cared for at home. A further 48% of respondents said that they want to be financially secure and independent later in life and do not want to have important decisions taken out of their hands.

John Prout, retail customer director at NS&I, stated that planning ahead for later life requires timely and careful consideration.

"Understandably many people don't like to think about growing older and the possibility of needing long-term care one day. It can be a distressing and emotive issue to talk about," he said.
"With people living well into their eighties, many more of us are likely to need care in the future, and are likely to need to care for others also. Getting the right information as early as possible is vital to making sure you get the best possible care you can in later life."

What next?

Compare the best savings rates
Find out how to get the best income in retirement, just click the link for a more in-depth discussion

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.
 
Close