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More than 6 million people over 50 are in fear of retirement believing that
they face an impoverished retirement according to a recent article in the Daily
Mail.
As they head towards retirement the biggest worries for the over 50s are rapidly
rising utility bills – gas, electricity and water costs have risen by
an average 52% since 2003 -and the threat of a recession. The credit crunch,
which has appeared over the past few months, and shows no signs of slowing,
has added fuel to their concerns.
The research has apparently identified a perceived income gap by the over 50s
looking towards their retirement – they say that they will need £20, 100
a year to live on in retirement but have calculated that their pensions and
savings will only give them £16, 900.
One of the reasons cited by many (19%) for not saving more towards their retirement
is that their children and grandchildren are more financially dependent nowadays.
The source of these depressing facts, LV= (formerly Liverpool Victoria) who
commissioned the research, have labelled them ‘Freds’ – Face
Retirement Earnings Doubts.
A big worry for many was unemployment with nearly 20% expressing concern about
being made redundant or losing their job for some other reason at an age, over
50, when they feel they will struggle to find a new job.
SkilledPeople.com, the online recruitment site specialising in finding jobs
for the over 50s, could be their key source to finding another employment position.