Nov 27 2008
A significant number of people aged over 55 are taking steps to boost their post-work funds, it has been revealed.
Research conducted by Birmingham Midshires revealed that 49 per cent of Britons questioned were concerned that they will not have sufficient savings for retirement.
In order to prevent this from being the case, 22 per cent of those surveyed reported that they will move to a smaller house and 13 per cent said they will release some of the equity of their property.
Meanwhile, 24 per cent of respondents revealed that they intend to work beyond the age of 65 in order to boost their personal finances.
"When people should be winding down to their retirement and enjoying their financial nest egg, the over 55s are more concerned than ever about whether they can afford to live on what they have saved," stated Tim Hague, director of savings and investments at Birmingham Midshires.
Indeed, figures released earlier this month by the Association of British Insurers revealed that almost half of the working population are either not saving enough or are not saving at all for their retirement.
