As the Association of British Insurers warned last week that living beyond 100 will become the norm by 2100*, research from later-living experts McCarthy & Stone reveals many over-60s have no idea how they are going to cope financially.
McCarthy & Stone, which has launched a free mini-guide to financial planning for later life to help people plan for their retirement, conducted research among 1,000 retired people aged over 60 and found:
- Nine per cent of respondents have no idea how they are going to cope in the future, which if compared to the population of over-60s living in the UK, equates to over 1.2m people**
- 25 per cent have not made a will
- 48 per cent have never talked to their family about their money, pension, savings or future housing and care needs
McCarthy & Stone’s new financial planning guide provides a variety of information, including a financial planning checklist, advice on state benefits that people might be entitled to and options to help them fund their retirement, including equity release and downsizing. It also gives advice on issues such as making a will and appointing a power of attorney.
Ali Crossley, Executive Director of McCarthy & Stone, said: “As experts predict that life expectancy will continue to increase, people cannot afford to bury their heads in the sand about the way they will manage financially in their retirement years. They need to discuss these issues with their family and put clear plans in place.
“Our new free guide provides a concise overview of the key financial issues and options that people should consider when planning for retirement, plus organisations that can provide further help and advice. We believe it will be invaluable for many older people who feel daunted by the financial implications of retirement.”
The guide follows a number of financial services that have recently been launched by McCarthy & Stone including a Pension Annuities Service, an Equity Release Service, a Lasting Power of Attorney Service and a Guaranteed Funeral Plan.
The guide can be obtained by calling +44(0) 800 – 919 – 132 or by e-mailing email@example.com .
Notes to Editors
McCarthy & Stone Money provides financial planning services to people in later life. The company offers a range of financial services that are tailored around the customer to enable them to make the right choices when making important decisions about how to support their retirement lifestyle:
- An annuities comparison service.
- An equity release service in partnership with Age Partnership.
- Later Life Planning services such as Will writing and the preparation and registration of a Lasting Power of Attorney (Property & Finance), as well as thoughtful and cost-effective support with planning a funeral.
- A Free Benefits Advice that offers customers support to help understand which benefits they are entitled to and how much financial support they can expect to receive.
*Otto Thoresen sets out a five point plan to tackle the UK savings gap in his speech to The Actuarial Profession Life Insurance Conference in Brussels (PDF). http://www.abi.org.uk
**14,275,000 over 60s in the UK in 2011 (Office of National Statistics, UK Population Report, 29 March 2012). 9% of this group equals 1,284,750.
The research was conducted for McCarthy & Stone by OnePoll
For more information:
Andrew Baud, firstname.lastname@example.org, +44(0)20-3397-3383 or +44(0)7775-715775
Julian Hargood, email@example.com, +44(0)20-3397-3383 or +44(0)7521-907919
Catherine McNulty, firstname.lastname@example.org, +44(0)20-3397-3383 or +44(0)7943-855078