Over half of pensioners will have nothing to leave after retirement
Claiming your pension is supposed to mean you have worked all your life to earn a secure future, which you are now free to enjoy at your leisure, but it seems that a great deal of those workers hoping to retire this year will have to keep the purse strings tight in order to get by – meaning they will have little to nothing left over for their families when they die.
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Simply put, spiralling living costs, essential bills and, in many cases, care expenses, mean that the pension pot is being drained dry, leaving no inheritance for the next generation, and the idea of enjoying a stress free retirement with holidays and hobbies is fast becoming an unattainable dream for a large percentage of the working public. This will come as a shock to many of the children of this generation, who may have been relying on their inheritance payout to keep them afloat in their twilight years – following reckless spending throughout their lives. A study by Prudential has revealed that over a quarter of respondents who were retiring this year were under the impression that they would not be able to leave a penny to their children in their wills. A further 22% didn’t know if they would have enough money to fund their lifestyles in retirement. Worryingly, only 39% of those asked were confident in their future plans.
Increasing prices for essentials, such as food, petrol, and heating, are causing lots of people to put off retirement in order to make some more money to see themselves into retirement. The study, called Class of 2011, revealed that 56% of men looking to retire were expecting to leave something for their children, whilst just below half of women could say the same.
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Other research has also shown that the average expected retirement income for the year 2011 comes in at £16,600, and pinpoints the regions that are looking more positively about retirement than the national average. 67% of Scottish retirees were confident in their ability to leave an inheritance when they reach pension age this year, compared to just 43% of those in Wales who felt the same.
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