Running out of cash before dying is a major concern for one in three people in retirement, according to a new survey.
Another one in four over 50s feel they do not have enough retirement savings.
Around 50,000 over 50s were asked what their biggest retirement concern was – an 28% told financial firm SunLife that it was money worries.
And for those aged 50 plus, even a larger number stressed over their finances.
Retired too soon
More than a third (38%) agreed money was their number one concern, while 47% did not believe they had saved enough and 50% feared their cash would run out before they died.
Ian Atkinson, SunLife’s director of marketing said:“Our research shows that the vast majority of retired people think they retired too early (85%); while there could be many reasons why they feel this way, our research suggests that money is the main issue as a third are now concerned their money won’t last as long as them.”
The research suggested that one in seven aged over 66 years old are still working because they need the money to cover day to day bills, while 6% start a business after they have offically retired.
You’re not old at 50
“Our research shows that millions of retirees are currently earning extra cash in a range of different ways; from selling things on eBay and renting out property, to private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell while others are even modelling for art classes,” said Atkinson.
“What our research has shown more than anything is that people aged 50+ do not see themselves as old, quite the opposite. Most feel younger both mentally and physically and for many, turning 50 has had a really positive impact on their lives, giving them the push they needed to try something new.
“So whether that is starting a new job, starting a new business or being a bit more creative about earning cash, there are plenty of thing that retirees can do if they are concerned about their finances.”