Jan 22 2009
By the time they reach the age of 85, more than two-fifths of UK retirees will have run out of funding.
This is the warning from the Lincoln Financial Group, which suggests that 41 per cent of such people will have cash shortages by this stage of their life.
It also found that 65 per cent of people saving for their retirement are expecting to live to 85.
The firm went on to describe the findings as "a major cause for concern".
Simon O'Connor, head of products and marketing at the Lincoln Financial Group, said: "Increasing longevity means that it is more important than ever for people to seek financial advice to work out a retirement plan that will suit their individual circumstances and provide them with an income for life."
Earlier this month, Andy Briscoe, chief executive officer of the Life Trust, warned that worsening economic conditions coupled with increasing life spans mean that retiring early is a prospect that increasingly few people will be able to look forward to.
