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Over 55s not ready for retirement

April 24, 2007 by admin  
Filed under News, News-Banking

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Millions of Britons aged 55 or over have not even begun to think about life after retirement.

That is according to new research by Abbey which found that around two million people in this age group have given it no thought at all.

In addition, 4.5 million people have not made plans for what they will do once they stop working.

This statistic is worrying many observers who say that many people are going to head into retirement and face a financial crisis due to their wayward banking.

The next generation is not looking much better either, with 1.8 million people between the ages of 45 and 54 not having considered retirement.

“This research shows the potential retirement time bomb that the 50 plus generation are facing,” warned Reza Attar-Zadeh, head of savings at Abbey.

According to Abbey’s study, one million people over the age of 55 feel that they will have to work through their retirement as they have little money put aside.

Added to this, 1.5 million in the same generation say that their home is their only form of financial insurance to see them through their twilight years.

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