31% of over-65s worried about retirement income

A new report on retirement income has revealed that 15% of people are still working past 65 with many concerned they have enough income to retire completely. SunLife’s ‘Finances After 50’ report found that those working past 65 have more money, bigger savings, and bigger pension pots, but were more likely to be worried about their financial futures than younger generations. The survey of 3,000 people over the age of 50 found that of the 15% of people still working past 65, 24% were working full time. Some 39% were working part time and 27% worked for themselves. Some 18% had more than one job. The research also revealed that over 65s who are still working and therefore, still earning, were less confident that they will have enough money for their retirement. Overall, 31% of over 65s were worried about being able to fund their retirement. Some 40% of over 65s who were still working were not confident they have enough in their savings investments and pensions to provide them with enough income for retirement, compared to 30% of those over 65s who were retired or not working. On average, those still working past 65 had a monthly income of £2,688 (£715 more than those who were retired or not working) and had £185 more left at the end of the month. Some 94% of those working had savings (compared to 87% of those not working) and they had almost twice as much saved as over 65s who are retired or not working - £119,211 per household compared to £64,455. Those working were also more likely to have a private pension and have more in their pot than over 65s who were retired or not working (£177,560 on average compared to £120,682). Men were more likely to be working past 65 than women (16% compared to 11%), and across the UK, the numbers varied with just 8% of over 65s in Yorkshire and Humberside still working and 10% in the North West compared to 15% in Wales, 16% in Scotland, 19% in London, 20% in the North East and 24% in the West Midlands. Other regions had fewer over 65s working than the UK average – in the South West 14%, in the East Midlands 13% and in East Anglia 12%. Simon Stanney, equity release director at SunLife said: “Obviously we don’t know what type of lifestyle in retirement these people are hoping to have, which could well be behind their fears that they will not have ‘sufficient income’ to support it , however, if they are worried, there are other ways to bolster retirement income.”

31% of over-65s worried about retirement income

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